Education Loan In Canada
Canada stands among the top five study-abroad countries around the world. It has become the first choice for international students due to the excellent quality of education, the open and tolerant society, and the variety of opportunities available. The country is home to some of the world's best universities, making it a primary hub for international students. As an overseas student, IRCC (Immigration, Refugees and Citizenship Canada) assume that students will pay for their education on their own while living in Canada. Although, with their own money and the help of their family, students might be able to pay only a portion of the entire cost of attending a university in Canada. Low-interest Canadian student loans are available at many banks and non-banking organisations in India to aid students in paying the other portion of their expenses. This makes it simpler for students to accomplish their goal of studying abroad. Over the years, the procedure to apply for a student loan in Canada has improved immensely, making it easier for students to obtain Canada student loans.
Eligibility Criteria Of A Study Loan For Canada
There are several distinct aspects when taking Canadian student loans. The first step in obtaining an education loan is determining a student's loan eligibility. It is critical to review the requirements once students have decided to apply for a loan. To be qualified for an education loan in Canada in India, the following conditions must be met:
1. The applicant must be an Indian citizen.
2. The student must possess an academic record of previous years of education.
3. The student must have been admitted to one of the universities in Canada recognised by the bank.
4. The student must be at least 18 years of age. If the student is below the age of 18, the parents will have to apply for a student loan.
5. The applicant should have been admitted into a programme that prepares them for a job after finishing their studies in order to repay the loan.
6. The student must have some kind of collateral security if they are applying for a secured loan.
Documents Required For Canadian Student Loans
UniCreds offers students a list of various documents required to complete their education loan procedure. All the documents are based on the student's profile and the profile of their co-applicant, and any property or asset they may give as collateral. However, below are some of the documents that international students must have in order to secure Canadian student loans.
1. KYC Documents: Aadhar card, PAN card, Passport
2. 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).
3. Financial Documents: Statements of borrowers' bank accounts, one-year statement of the bank, guarantor’s income proof.
Cost To Study Abroad In Canada
Canada is a highly affordable place to study when compared to many other countries. For tuition, you'll probably need between C$20,000 - C$30,000 each year. This range is simply an average and will change depending on the university and programme you are enrolled in. Depending on your region and personal needs, the price of accommodation, food, and other living expenditures may vary, but C$15,000 per year is a common estimate.
Things That Canadian Student Loans Cover
This is one of the most crucial criteria to make when applying for Canadian student loans. To find the student loan that best meets your needs, it is always a good idea to do your research thoroughly. Since different Canadian student loans cover different charges, always confirm with the bank about the other costs that are covered under the loan. The following are a few of the costs:
1. Tuition fee (if any).
2. Travel expenses.
3. Cost of buying books, stationery and other study material.
4. Laboratory and library fees.
5. Accommodation (on-campus or off-campus).
6. A laptop (if required for the programme).
7. Miscellaneous expenses such as study tours, thesis, project work, etc.
Types Of Canadian Student Loans Available To Study Abroad
There are two types of Canadian student loans. Each loan varies based on the type of security the student promises.
Secured Education Loans For Canada: Candidates for these private student loans in Canada must pledge specified types of assets as collateral security for their college loans. Government or public banks are some of India's largest lenders of secured international student loans Canada. For individuals wishing to borrow a student loan to study in Canada, secured loans are one of the most advantageous education loan schemes.
Unsecured Education Loans For Canada: Candidates for unsecured education loan for Canada or non-collateral education loans for Canada are not required to put up any security. The majority of unsecured education loans are provided by private, non-banking organisations known as NBFCs (Non-Banking Finance Companies). These loans are typically taken out by students who do not have any assets that may be used as collateral.
Tips For Choosing The Best Canadian Student Loans
Every student has access to a variety of educational loans from hundreds of lenders. Students frequently struggle to decide which loan to get when presented with a variety of options. Finding the ideal loan could be a difficult task. Therefore, researching early will help you avoid the challenges you might encounter when requesting a student loan in Canada. Here are some other suggestions to make the procedure simpler:
1. Make sure to carefully check the processing fees for your loan.
2. Consider the total amount of possible income tax exemptions when comparing loans.
3. Before requesting a loan, look up the lending margin.
4. Be mindful of how long it takes to process a loan.
5. Look closely at the terms of the loan repayment.
6. A longer term will allow you to plan your repayments in advance.
7. Apply for a loan at least 3 months prior to your scheduled visa interview.
Why Choose UniCreds?
UniCreds makes securing education loans easier than any other platform. Here are a few reasons why UniCreds is the best choice for a student loan in Canada:
1. Up to 100% assistance that covers tuition and living expenses
2. No Margin Money
3. In the event of an emergency or unique demand, swift sanctions are warranted.
4. Financing solutions tailored to your needs
5. A comparison of student loans
6. Tracking of loan applications
7. Education loans without collateral for Canada.
8. Services delivered right to your door
9. Approvals of loans without the use of paper
Frequently asked questions for student loan in Canada
Provincial or territorial student aid is available in addition to Canada Student Grants and Loans. There are only territorial grants and Canada Student Grants and Loans available. There are no grants or loans for Canadian students. These jurisdictions run their own financial aid schemes for students.