After you have cleared your GRE /GMAT/SAT, and your GPA score is good you start chasing banks for education loan for abroad. Getting study loan for Canada is easier these days with banks keeping this country on preferred destinations among students. Canada is among the top-rated locations for students willing to give their career a new height with foreign education. How do I apply for education loan for Canada? If this is your question let us answer basic queries of first-time applicants.
Check your eligibility for study loan for Canada
In order to apply for the education loan for abroad from Indian banks and NBFCs, following are the criterion on which you must fit well-
- Indian citizenship
- 18 years of age to be the primary borrower
- Meritorious academic record
- Confirmed offer letter from deemed and recognized foreign institute/ college/university
- Technical or professional course get preference
Compare among different lenders
| Comparison | Public Sector Banks | Private Banks | NBFCs |
| Example of the Lenders | SBI, BOB | Axis Bank, ICICI | Avanse, Incred |
| Loan Amount (INR) | Limited by 80% – 100% of collateral or Maximum 100% cost of study. | Up to INR 35/45 Lakhs Unsecured | Up to INR 35/45 Lakhs Unsecured |
| Interest Rate Range | 9.05% to 11% | 11.00 – 13.00% | 11.00 – 13.00% |
| Processing Fees (INR) | INR 10,000 +GST (Refundable/Non Refundable) + Optional Insurance+ Mortgage Fees – 0.2%+Legal Verification +Valuation | 1.00 % Fixed (Non Refundable) +Insurance (Non Collateral) | 1.00 % Fixed (Non Refundable) +Insurance (Non Collateral) |
| 80 E Tax Benefit | Yes to all | Yes to all | Yes to all |
Check your options for best study loan for Canada
HDFC Credila Education loans
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| Pros- | Cons- | ||
| · Quick processing
· 80 E Tax Benefit · Unsecured loans for selected Universities |
· % Fixed (Non Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges
· Up to 4% of the prepayment charges during moratorium tenure |
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Avanse Education loans Canada |
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| Pros- | Cons- | ||
| · Quick processing
· Lower rate of interest · 80 E Tax Benefit · lesser paperwork · provides loan for e-learning as well |
· 1% Fixed (Non Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges
· High rate of interest · No pre-payment allowed in first 6 months |
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SBI Global Ed-Vantage |
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| Pros- | Cons- | ||
| · Limited by 80% – 100% of collateral or Maximum 100% cost of study
· 9.05% to 11% rate of interest · 80 E tax benefit |
· INR 10,000 +GST ( Refundable/Non Refundable) + Optional Insurance+ Mortgage Fees – 0.2%+Legal Verification +Valuation
· Higher processing time · 15% margin required for foreign studies |
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Explore Scholarships
There are different institutes and organizations that provide scholarships for studying Canada. For example, you get scholarship apart from education loan for abroad, from Tata Endowment. The scholarship amount goes from INR 1,00,00- INR 10,00,000. You must check eligibility and conditions for availing these scholarships.
EduLoans for study loan for Canada
EduLoans provides easy education loan for abroadby personalized solutions to students. We understand your urgency and ensure faster loan disbursement. For Canada Eduloans knows the importance of the education loan disbursal for the GIC account as well as the fees payment to get a CDC payment.Our associated lending partners include top private banks, public banks and some of the best NBFCs will help you get the best study loan for Canada.