Studying in Canada is a dream for many Indian students because of its quality education, diverse culture, and good career prospects. According to the Economic Times, about 2.26 lakh Indian students went to Canada for higher studies in 2022.
However, studying abroad can be extremely expensive, and many students need financial assistance. An education loan is a great option to cover these expenses. It can help pay for tuition, living expenses, and other costs. In this article, we’ll explain the benefits of getting an education loan to study in Canada and how to apply for one.
What are the top universities in Canada?
Canada is home to some of the best universities in the world, offering world-class education in engineering, business, science, and various other fields. Here are some top universities that Indian students often prefer-
1. University of Toronto – It’s known for its research programs.
2. McGill University – It’s famous for its medical and law programs.
3. University of British Columbia (UBC) – It’s excellent for engineering and computer science courses.
4. University of Alberta – It offers various courses, including science and business.
5. McMaster University – It’s recognised for its health science courses.
These universities have excellent faculty, great infrastructure, and global recognition. Studying in any of these universities can boost your career opportunities.
How can an education loan for Canada help?
An education loan can help cover the cost of studying in Canada, including tuition fees, accommodation, books, and travel expenses. With a student loan, you don’t have to worry about paying for your education upfront. You can focus on your studies and repay the loan after completing your course.
Repayment typically starts six months to a year after graduation, giving you enough time to find a job and begin earning. Education loans also offer flexible repayment options, allowing you to repay in monthly instalments based on your income.
What are the benefits of applying for a student loan for Canada?
There are several benefits of applying for a study loan for Canada. These include-
1. High loan amount – You can avail of loans up to Rs. 75 lakhs without collateral. With collateral, the loan amount can go up to Rs. 2 crore, covering all your educational expenses.
2. Attractive interest rates – Education loans often come with attractive interest rates, making it easier to manage your finances during your studies.
3. Pre-admission sanction – You can secure funding even before finalising your admission with a pre-admission sanction. This gives you peace of mind and confidence as you apply to different universities.
4. No margins on education loans – With zero margin money requirements, the entire cost of your education can be covered by the loan. This means you don’t need to contribute any amount from your own savings.
5. Loan for various courses – Education loans are available for a wide range of courses, whether you are pursuing an undergraduate degree, postgraduate degree, or even specialised vocational training.
What documents are required to apply for a study loan for Canada?
To apply for an education loan, you will need to provide the following documents to the financial institution.
1. ID proof
– Passport
– PAN card
2. Academic documents
– Available semester mark sheets/transcripts
– 10th and 12th grade mark sheets
– Entrance exam scores (GRE, IELTS, TOEFL, GMAT)
– Degree certificate
3. Financial documents
– Form 16 for the last two years
– Salary slips for the last three months
– Bank statements for the last six months
– ITRs for the last three years
– Balance sheets and profit and loss accounts
How to apply for a student loan for Canada?
It’s very easy to apply for an education loan for Canada. Here’s how you can do it-
Step 1 – Visit your preferred lender’s website.
Step 2 – Fill out the online education loan application form.
Step 3 – Submit the required documents.
Step 4 – Once submitted, the lender will verify the documents.
After verification, the sanctioned loan amount will be disbursed into your account promptly.
Parting thoughts
An education loan can ease the financial stress of studying in Canada. It allows you to focus on your studies while covering essential expenses. At Tata Capital, we offer online student loans with easy repayment options.
Our loans are designed to help you pursue your dream of studying abroad without financial stress. Whether it’s tuition fees or living expenses, we’ve got you covered. To apply for a loan, visit the Tata Capital website or download our app today and make your dream of studying in Canada come true.
11 October 2024
4 mins read
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