Canada is known for its top universities and some of the best programs that promise of enticing career and a great future ahead. The road to success in this French and English speaking country is pretty much smooth. In spite of higher cost of education due to inflated tuition fee Canada still attracts a huge population of international students. While choosing the right country to foreign education may seem like a difficult task, wait until you have to decide which bank is best for education loan for Canada.
Despite the fact that it isn’t a very clumsy process, the process in itself becomes too overwhelming because of a range of options for study loan for Canada. For one, this country is the A-listed one in most bank’s annexures, and second, the number of Indians going abroad and securing loan for Canada is ridiculously high. Students who apply for education loan for Canada must first understand the basic rules of admission in colleges and universities there. Those students who are part of International Baccalaureate Diploma Program find it easier to secure admission in Canadian colleges, given that they aren’t otherwise enrolled in other Canadian high schools.
GPA score is important to get admission in Canadian colleges and universities. This score refers to a student getting at least 65% in schooling years or through graduation. Postgraduate courses require you to have a more elaborate student file. Cost of studying and living in Canada can be high for the Indian students but Study loan for Canada is easily available. For default, all international students willing to study in Canada must prove their monetary background or ability to pay the fee. This is where the students and professionals turn to banks and NBFCs to secure study loan for Canada. Financial proof for admission requires students to prove parents’ bank statements, which is essential for visa requirement. After having proven this requirement, you need to know which bank to choose for education loan for Canada. In case you are looking to do Masters study loan for canada you can avail Non collateral loan from banks like ICICI, HDFC Credila, Avanse etc.
Here’s a table describing all kinds of banks, including private banks, nationalized banks and non-banking financial companies which offer loan for study abroad at lucrative rates of interests.
| 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 |
Eduloans for education loan for Canada
Completely Digital or Semi Digital process for education loans for Canada makes it easier for the students and professionals to secure loan from lenders. In the time of pandemic when going out seems like the biggest task, Eduloans urges you to stay at home, while we process your loan application for study abroad loan Canada in simple digital way. Eduloans is a leader in overseas education and we can look to provide the best services for loan for Study Abroad.