Interest Rate 10.75% - 15%
Processing Fee 1.1% - 1.2%
Prepayment Charges 0%
Collateral No
Early Repayment Yes
Time Frame Repayment 0%
Margin Amount 100%
Loan Tenure 10 Years
Living Cost Yes
Interest Rate 11.5% - 16%
Processing Fee 1% - 1.25%
Prepayment Charges 0%
Collateral Yes
Early Repayment No
Time Frame Repayment 0%
Margin Amount 0%
Loan Tenure 10 Years
Living Cost No
Interest Rate 10.95% - 12.45%
Processing Fee 1% - 1.2%
Prepayment Charges 0%
Collateral No
Early Repayment Yes
Time Frame Repayment 0%
Margin Amount 100%
Loan Tenure 30 Years
Living Cost Yes
Interest Rate 8.99% - 13.5%
Processing Fee 0.38% - 1%
Prepayment Charges 0%
Collateral No
Early Repayment Yes
Time Frame Repayment 0%
Margin Amount 100%
Loan Tenure 15 Years
Living Cost No
Interest Rate 11.5% - 14%
Processing Fee 1% - 2%
Prepayment Charges 5%
Collateral No
Early Repayment Yes
Time Frame Repayment 0%
Margin Amount 0%
Loan Tenure 10 Years
Living Cost Yes
One of the most significant reasons why students choose to study in Canada is that it serves as a symbol of trust and excellence when a student receives a degree from a Canadian university. 26 of the universities in Canada are rated in the 2019 QS World University Rankings and 27 of them are ranked in the 2019 THE World University Rankings.
UniCreds offers simplicity in acquiring education loans, unlike any other platform. Here are just a few benefits offered by UniCreds -
In recent years, the cost of college has been rising rapidly and students often struggle to fund their overseas education all on their own. On average, students are graduating with $132,860 (£101,505) worth of debt. This is a sizable amount to pay off for someone who's just about to start their career. Here’s where an education loan comes in. An education loan is the most trusted source of finance for university students. With UniCreds, students can expect up to 100% financing that covers their tuition and living expenses. Moreover, interest paid on education loans from UniCreds is fully eligible for deduction under Section 80E of the Income Tax Act, 1961. This will help ease the financial burden of studying abroad.
An education loan can cover all your educational expenses that include your tuition fees, on-site or off-site accommodation, transportation costs, books, library fees, courseware, and other miscellaneous expenses.
There are hundreds of lenders offering a variety of education loans to study abroad. Finding the perfect education from hundreds of options can be like finding a needle in a haystack. This is why you should start your research much in advance so that you have the time to check out all the options in the market. Apart from this, here are some other parameters that you should consider while choosing your education loan:
Getting an education loan without collateral depends on several factors like loan amount, student’s profile, university, etc. However, if students wish to take an education loan to Canada with collateral, they enjoy lower interest rates. This is because the borrower offers security to the bank (if they fail to repay the loan), the risk that the bank takes is moderate.
Bank Type | Lender | Loan Amount | Interest Rate | Processing Fee | Payment During Study Period |
---|---|---|---|---|---|
Public Banks | State Bank of India | Up to 1.5 Cr | 9.5% to 10% | 11800 | No payment |
Private Banks | Axis Bank | Up to INR 60 Lakhs | 11%-12.5% | Up to 20 Lakhs: 0. More than 20 Lakhs: 750 per Lakh | Simple Interest |
NBFCs | Avanse, Incred, Auxilo | Up to INR 60 Lakhs | 12%-13% | 1-2% of the loan amount | Simple/partial interest |
The general rate of interest on an educational loan to Canada ranges between 11.5% to 14%. The exact rate of interest depends on the student’s profile.