Study Loan for Canada: Eligibility, Process, and Documents

The number of students who dream of studying abroad is increasing every year. The process becomes effortless than ever to pursue higher education from top universities. Also, most scholars prefer to go to Canada for further learning. In addition, the study loan for Canada makes the path easier for those who do not have sufficient funds. It can be valuable for scholars to achieve their dream without facing funds issues. Although, many students still get stuck to avail of loans due to a lack of knowledge. 

Canada is a hub for numerous students to turn their dream into reality. The desire of scholars to learn from top universities makes them motivated. Most learners often seek education loan for Canada to ease the journey in terms of expenses. With this blog, students can understand all things about study loans in Canada requirements, processes, eligibility, and more. 

What Is the Eligibility Criteria to Get Study Loan for Canada?

Students who desire to study in Canada often face expense related problems. Thus, they rely upon taking the educational loan for Canada to dodge the issues. Although, knowing the eligibility to get grants from banks and non-banking is vital for scholars. It can be complicated to avail of the loan without having knowledge of this. So first, learners should understand the eligibility criteria process from the mentioned pointers of study loans in Canadato ease the process. 

• Students must have an acceptance letter from Canadian University for the desired program. 

• Scholars must be above 18 years of age else, their parents have to apply for astudy loan for Canada.

• The courses students have applied for must be job oriented and full-time degrees. 

• Past academic records can help ease the loan process but are not compulsory. 

• To Avail secure loan, students have to submit collateral security.

These are some of the crucial eligibility criteria students should follow to availofan education loan for Canada. It can be valuable for scholars to ensure these pointers before seeking grants. After understanding the eligibility, the next thing students should know is the necessary documents to ease the loan process. 

What Are the Documents Required to Get Education Loan for Canada? 

When students know whether they are eligible for availing student loan for Canada. It can be valuable for scholars to know the other requirement as well to ease the entire process. The next step after being eligible for the grant is students have to know the required documents for this process. Knowing this in advance can be beneficial not to face any issues. To understand the study loan for Canada requirements, read the below section.

• Proof of Admission or Acceptance Letter from the Canadian University
• Loan Application form
• Passport Size Photographs
• Qualification Exam Scores
• Past Academic Documents
• Bank Statement of the Past One Year
• Income Proof
• Caste Certificate, if required

Students should keep these documents in mind to ease the loan process. It can be valuable for scholars to prepare this list for the study loan application. Doing this is helpful for learners to dodge the problems which come in this stage. To know more effectively about loans, knowing the kinds is necessary.

Types of Educational Loan for Canada

When thinking of taking loans for study in Canada, students should have knowledge of the types of educational loans. It is because this leads scholars to know for which finance kind they have to apply. There are two common types of education loan for Canada thatstudents can opt for based on their requirements. To know more about loans, scholars can read the below section. 

1. Collateral Loan

This type of study abroad loan for Canada requires from candidate to provide collateral. Here collateral means a security that is equal to the loan amount. It is why these loans are also called security loans. There are different collateral used to get educational loan for Canada which contains tangible and non tangible assets. Most banks provide secured loans in India. However, the loan amount can vary as per the value of the collateral security.

2. Non-Collateral Loan

In non-collateral loans, students do not have to submit or provide a type of security to the lender to avail of the study loan for Canada. Here candidates have to submit the co-applicant income proof to get this grant. Also, unsecured education loans are offered by NBFCs to students. It can be fruitful for scholars to take loans without providing security. 

These are the two crucial types of loans students can avail of which suits their requirements. Knowing this can be valuable for scholars to apply for grant that matches their needs. Although, taking loans from different providers makes a distinction for student loans of Canada. However, understanding the process of getting a loan is essential. Students can read the way to avail of loans from the upcoming section. 

How to Get Study Loan for Canada? Process

Many students do not have proper knowledge about the process of getting a loan to go to Canada. In this case, they can take help from our experts to ease this step. Apart from this, scholars should understand the study loan for Canada requirements to avoid last minute rush. It can be valuable for learners to get admission to the desired university without money problems. To know the process to avail of the loan, read the below pointers. 

Step 1: First, students should acquire an acceptance letter from the Canadian University. 

Step 2: Students should research the banks and make a list of all by checking their eligibility and required documents. 

Step 3: After that, scholars can filter and compare to choose the suitable banks for getting the best student loan Canada interest rate.

Step 4: Students should prepare a list of expenses of the program, daily living, cost of living and other outlay to finalize the loan amount. 

Step 5: Apart from mentioned points, students can fill out the application form with the proof of required loan amount. 

Following the above mentioned five steps can be valuable for scholars to avail of disbursement letter education loan. Students should also not wait until for last minute as this process is time taking. Also, they can choose a finance provider that offers fast processing period than others. There are a number of lenders which offer educational loans. Thus, students should check in between different loan providers. 

Many students have doubts regarding how to repay the education loan for study in Canada. They can know this from the below section to clear these doubts. 

How to Repay Student Loans for Study?

After knowing the process to get loans for study abroad, the next vital thing is to understand the way to repay this. The lenders give the option of repayment during the course period and after the 6 months of degree completion. There are some banks that will not charge student loan Canada interest rate from them. Apart from this option, scholars also get the option of a repayment period of a maximum of 20 years. 

Best Educational Loan Providers of Study Loan for Canada

There are various loan lenders containing banks that offer loans for Canada going aspirants. It can be valuable for scholars to know about them to avail of grants. Students can know about providers from the mentioned pointers. 

SBI Education Loan

SBI offers the ed-vantage study loan for Canada and other overseas destinations. It can be valuable for scholars to take loans from the State Bank of India because they provide interest rates as low as 8%. Students can cover up to 90% of the entire amount of all expenses containing tuition and cost of living overlay. Apart from this, SBI offer loans of up to 1.5 crore to scholars.

HDFC Study Loan for Canada

HDFC Bank offers 100% amount of the academic expenses as student loan for Canada. It can be fruitful for scholars to avail of loans because they have a lower turn back time. HDFC Bank also offers flexible repayment options to ease the journey for scholars. However, this bank provides loans of up to 36 lakhs. 

ICICI Educational Loan for Canada

ICICI Bank offers student loans of Canada to pursue higher education. Also, they provide a platform which includes various expenses to ease the journey of scholars. It can be valuable for learners to take loans from ICICI to purchase GIC. In addition, students can also get help for in flight expenses, travel cards and forex services. Apart from this, scholars can avail of education loan for Canada of up to 1 crore. 

These are the top education loan providers that can help students to make their dream into reality. It can be valuable for scholars to take loans from the above mentioned banks. Taking a loan from NBFSs can be slightly expensive as their interest rates are higher. So, it can be valuable for scholars to choose the suitable options that work for them.

If you are still confused and do not make a decision between study loan for Canada, then taking help from Gradding.com can be valuable. Getting assistance from us can be fruitful not to face problems. Read the below section to know more effectively about how our experts can help scholars in the loan process. 

How Gradding Consultant Help in Study Loan for Canada Process?

Students who desire to go abroad for further education often face issues related to complex processes and funds. While some scholars compromise with their dream, and many prefer to take help from us to take admission to the top known university. It can be valuable for students to ease the complex process and avail of the study loan for Canada. Our study abroad consultants have the expertise to guide scholars. So they can turn their dream into reality without facing money problems. Also, students can take help to ease the loan process.

So why are you still waiting and compromising on your dreams? Take help from our study abroad consultants to ease the loan process. We adhere to providing better support to students by supporting them throughout each step till admission.