Overview Of An Education Loan In Canada
Canada falls under the top 5 destination countries to study abroad. Because of the excellent quality education accessible, the open and tolerant society, and the chances available, Canada has become the top choice for international students. Some of the world's best universities are located in the country.
Cost Of Studying Abroad In Canada
Studying abroad can be costly, but Canada is one location where high-quality education is available at lower costs than in many other countries. However, while calculating the projected cost of studying in Canada, make sure to factor in expenses such as housing, food, health insurance, and travel in addition to your tuition charge. And to pay for your expenses, Canada student loans will assist you. The table below will provide you with an estimate of the tuition cost of different study programmes on the basis of which you can predict your study loan for Canada.
Average Annual Fee
$13,000 to $20,000
Postgraduate Master’s Degree
$17,000 to $25,000
$7,000 to $15,000
$30,000 to $40,000
The amount you pay in tuition fees is decided by the type of degree you pursue and the institution you attend. To cover this, you'll need between CAD 13,000 and CAD 35,000 per year.
Humanities, Arts, and Education are often less costly, but medicine and engineering are more expensive. If you want to study at a postgraduate level, the tuition is usually more expensive, and the costs vary based on the programme. To cover this cost, there are various Canada student loans that can be acquired based on your programme.
Student Loan In Canada
International students attending a Canadian university may have limited resources because the bulk of financial assistance, scholarships, and grants available at Canadian colleges are directed toward Canadian students. Immigration, Refugees and Citizenship Canada (IRCC) will assume you're going to fund your studies in Canada on your own as an international student. You may only be capable of covering a percentage of the total cost of studying in Canada using your own resources and family assistance, as well as some financial assistance in the form of grants or scholarships (which are not repaid) is available. This is why many international students apply for student loans in Canada to meet the remaining expenditures.
Procedure To Apply For A Student Loan In Canada
To apply for a student loan in Canada, here is the procedure you must follow. International students who plan to study in Canada with the support of an education loan should begin the application procedure at least 6-7 months before the start of their degree. The following is a step-by-step guide to applying for a student loan:
- Investigate the banks that offer international education loans in Canada, as well as their eligibility and documentation criteria.
- Calculate the total amount of money you'll need to study in Canada.
- Obtain an acceptance letter from the admissions office of a particular Canadian university.
- For studying in Canada, you should analyse the many loan choices offered by various banks and choose the one that best meets your demands.
- After you've decided on a bank and a loan amount, you'll need to fill out the loan application form.
- Submit documents such as identification evidence, admission letter security, and collateral documents, among others.
- Once your loan has been approved, the bank will send you a loan document that you must sign.
- The bank will disburse the agreed-upon sum to you after you sign your loan agreement.
Documents Required For Student Loans In Canada
Private student loans in Canada require a set of documents, UniCreds will offer students a brief list that contains all the required documents based on the candidate's profile as well as the profile of their co-applicant. However, below listed are the necessary documents you need for a Canada student loan.
KYC Documents - Aadhar Card, PAN Card, Passport
Academic Documents - Certificates, Marksheets of S.S.C & H.S.C, Degree courses, Copy of admission letter of the Institute along with Fees schedule, Documents of qualifying exams (GRE, IELTS, etc)
Financial Documents: Statements of borrowers bank accounts, One year statement of the bank, Guarantor’s Income Proof.
Things That An Education Loan In Canada Covers
This is one of the most crucial considerations when applying for a Canada student loan. Because banks provide a variety of student loan programmes, it's always a good idea to compare them to see which one best fits your needs. Different programmes cover different expenses, so always check with the bank to see what other expenses are covered under the loan programme aside from tuition fees. The following are some of the expenses:
- Tuition fee
- Travel expenses
- Cost of buying books, stationery and other study material
- Laboratory and library fee
- Accommodation fee (On-campus or Off-campus)
- A Laptop (If required for the programme)
- Expenses for project work, thesis or study tours
Types Of Loans Available For Studying Abroad In Canada
Based on the type of security the applicant is willing to guarantee, Canada student loan is divided into two categories.
Secured Education Loans: Candidates for secured education loans must pledge specific types of assets as collateral security for their college loans. Some of India's largest lenders of secured international education loans are government or public banks. Secured loans are one of the most favourable school loan plans for individuals looking to obtain a student loan to study in Canada.
Unsecured Education Loans: Applicants for unsecured education loans do not have to put up any collateral. NBFCs, or non-banking financial institutions, supply the majority of unsecured education loans (Non-Banking Finance Companies). These loans are often taken out by students who do not have any assets with which to secure a loan.
Tips For Choosing Best Education Loan
To choose the best Canada student loan, here are some tips that a candidate must keep in mind.
- Make sure you double-check the processing fees on your loan.
- Compare loans based on the amount of available income tax exemptions.
- Double-check the lending margin before applying for a loan.
- Keep in mind how long it takes to get a loan approved.
- Examine the terms of repayment.
- Choose a longer term so you can budget ahead of time for your repayments.
- Apply for a loan at least three months before your visa interview.
Why Choose UniCreds
UniCreds makes securing college loans easier than any other platform. Here are a few reasons why UniCreds is the greatest alternative for receiving a Canada student loan.
- Tuition and living expenses are covered up to 100% of the time.
- Money with No Margin
- Swift sanctions are required in the event of an emergency or a one-of-a-kind need.
- Financing options that are tailored to your requirements
- A student loan comparison
- Loan application tracking
- Loans with no security
- Services delivered to your front door
- Loan approvals without the usage of paper