Education Loan for Canada

Students can obtain an education loan of up to 1.5 Cr to study in Canada. Students can also take education loans to pursue UG or PG diploma in Canada. To study in Canada, you will have tuition fee expenses plus around 6 lacs per annum as living expenses. The living expenses will have to be deposited as GIC(guaranteed Investment Certificate)

You can obtain funds for your studies as well as GIC for Canada by choosing from different types of education loans like unsecured education loans or secured education loans.

Unsecured Education Loan for Canada

Lenders can offer up to 75 lacs of unsecured education loans for Canada. However, you will require to select a STEM course in a well-established university or have a good co-applicant for the maximum amount of loan.

Parameter	Details
Loan Limit	Up to 75 lacs
Expenses covered	Study Costs Tuition fee Admission fee Examination fee Expenses for books, or laptop Expenses for study tours Living expenses Accommodation or hostel cost Food costs Caution fee 1-year living expenses as GIC will be disbursed Other Expenses Expenses for travel Health insurance expenses Miscellaneous expenses
Eligible courses	All UG courses UG diploma courses All eligible PG courses including MBA PG diploma courses All courses are eligible provided you get admission into a college or university in Canada
Interest rate	10.5% to 12.5%
Moratorium Period	Course duration + 6 months or 12 months, depending on the lender you are going with
Repayment Duration	Between 10 to 12 years
Repayment policies	Generally, full simple interest is charged in the moratorium period, which should be paid in the moratorium period itself
Eligibility Criteria	The eligible student should be - An Indian national - Should have secured admission into a university in Canada
Co-applicant salary	The salary of the co-applicant should generally be between 4.5 to 6 LPA.

Tips:

- Try to nominate a co-applicant who is financially strong. This can increase your chances of an unsecured education loan for Canada by many folds.

- In addition to a strong co-applicant, you can also look to apply to top universities, which will help you in your eligibility. Universities are a deciding factor in getting an unsecured education loan for Canada.

Top Banks that offer unsecured loans for Canada

The following are the lenders that you can head to for an unsecured education loan for Canada

You might have heard about all the above lenders except EliteScholars, which is an initiative started by WeMakeScholars.

EliteScholars to Study in Canada

EliteScholars is an initiative from WeMakeScholars to fund the education of students wanting to pursue STEM/MBA programs in top countries like the USA, the UK, Germany, and Canada. It can provide a loan of up to 75 lacs at an interest rate of 11 to 11.5%.

Parameter	Details
Loan amount	Up to 75 lacs
Rate of Interest	11% to 11.5%
Accepted co-applicant	Parents, Parents in law, Siblings, Spouse
Moratorium period	Course Duration + 1-year
Repayment Policies	Partial interest of 2999/month should be paid in the moratorium period
Repayment Tenure	Up to 10 years
Processing Fee	0.75% to 1%
Loan Insurance	Mandatory 2% or more

Tips:

EliteScholars consider students who are going for MBA or STEM courses, so choose such courses, to have the best chance at education loan sanction.
EliteScholars do not require you to arrange a financial co-applicant. However, you will require a primary co-applicant, though for the namesake.

How to get an unsecured loan for Canada?

An unsecured education loan usually is sanctioned keeping in mind the below three key parameters.

Co-applicant- To obtain an unsecured education loan you need to have a financially strong co-applicant. A co-applicant who has an annual income of at least 4.5 to 6 LPA.

University or college- The university or college a student is going to is another key criterion for obtaining an unsecured education loan. The better the university is ranked, the better your chances for an education loan.

Academic merit- The academic merit of a student adds to their eligibility of obtaining an unsecured education loan for Canada. You can also give different competitive exams to increase your chances of an unsecured education loan.

Once you are done checking the above parameters, you can apply for an unsecured education loan through WeMakecholars. You can also refer the following video for your easy of understanding.

Apply for an Unsecured Education Loan for Canada

Follow the below steps to apply for an unsecured loan for Canada through WeMakeScholars

Step 1- Request a callback from WeMakeScholars

Step 2- A financial officer will get back to you in no time. He/she will then ask you a few basic questions to check your eligibility for an education loan for Canada

Step 3- He/she will then send you a secure document uploading link where you will need to upload all the asked documents

Step 4- He/she will then connect you to suitable lenders who will carry the next process of your education loan. However, your financial officer from WeMakeScholars will be in touch with you until your loan is sanctioned.

Step 5- you will receive the sanction letter within the time promised by your financial officer.

Disadvantages of going directly through banks for an Unsecured Education Loan

Here are the disadvantages of applying for an unsecured education loan directly through banks!

Rate of interest will be higher than when you go through WeMakeScholars
A lot of charges like the type of interest charged in the moratorium period will be hidden from the students
You might face a lot of issues in the repayment duration like a sudden increase in ROI
You might face problems with disbursement if you go directly through banks

You can avoid all the above issues by going through WeMakeScholars!

Why go through WeMakeScholars for Unsecured Education Loan?

WeMakeScholars is an organization that was started to provide unbiased education loans to students planning to pursue higher education in India or abroad. It was started with the support of the Ministry of IT, govt. of India under the Digital India campaign. Below are some of the benefits of going through WeMakeScholars for an Unsecured education loan.

Better interest rates: Going through WeMakeScholars for an unsecured education loan reduces interest rates by up to 2%

Faster Education Loan process: We process an unsecured education loan within 7 working days after the submission of documents. There have been cases where we sanctioned an unsecured education loan in 2 days

Multiple options: We are partnered with 14+ banks(Public/Pvt) and hence chances of your loan rejection at WeMakeScholars are very low

Negotiation: We make sure that the lenders disburse the amount for GIC before the students apply for Visa

End-to-end support: We support students from the time of the start of the education loan process till the repayment of the loan.

Cashback: You will receive a cashback of ₹3000 in your first disbursement when you go through WeMakeScholars

Do not miss out on the above-listed advantages by going through WeMakeScholars!

Documents required for a loan without collateral for Canada

Check your education loan eligibility and apply for a loan without collateral for Canada by arranging the following documents

Application form

WeMakeScholars financial officer will provide the form. Submit the form by filling it out and signing it along with your 2 photographs.
Documents for proof of identity of the applicant

- Passport
- Aadhar card
- PAN card
Required documents for proof of residence

- Aadhar card
- Voter ID card
- Ration card
- Utility bills(electricity bill, gas bill)

Academic documents of the applicant

- Marksheets of your studies in 10th, 12th and degree
- Fee structure for the course
- Admit proof
- Scorecard of exams like IELTS
- University rank
Required documents for the co-applicant

- 6 months bank account statement of the salaried co-applicant
- Business transactions of 1 year for self-employed co-applicant
- Personal Asset and Liability statement

Documents required for financial co-applicant

Salaried

- 3 months payslips
- Form 16 for the last 2 years
- Last 2 years ITR
- ID card of the employer

Self-employed

- Business address proof
- Last 3 years ITR
- Balance sheet and profit and loss account

Other required documents

- A letter in which your co-applicant declares that the leftover expenses will be taken care off by him/her(WeMakeScholars financial officer will provide the format)
- Notarised joint affidavit of student and co-applicant in the standard format of the bank

Additional documents

- If you have paid fee to the university, provide a receipt of it, if you want to include that in the loan amount.
- Statement of any pending loans from the past 1 year
- In case you have had any gap in your studies, explain it in a letter, whose format will be provided to you by your financial officer.

The above is a general list of documents for an unsecured education loan for Canada. However, the exact list may differ from case to case. To get an accurate list of required documents, request a callback from WeMakeScholars today!

Repayment plan for unsecured loans in Canada

Lenders offering unsecured education loans will usually ask you to pay interest in the moratorium period. However, your EMIs will only start after the moratorium period. Learn through the below example to calculate your EMIs.

Let us suppose that you have taken an education loan of 70 lacs for a course period of 2 years. Your moratorium period will be of 3 years and your repayment duration will be of 12 years excluding the moratorium period.

Here’s how much you will pay yearly!

Timeline	EMI	Interest portion	Principal portion	Loan Outstanding
End of year 1	126402	96246	30156	8854090
End of year 2	126402	92083	34318	8465697
End of year 3	126402	87346	39056	8023693
End of year 4	126402	81956	44446	7520678
End of year 5	126402	75820	50581	6948230
End of year 6	126402	68839	57563	6296766
End of year 7	126402	60893	65509	5555379
End of year 8	126402	51851	74551	4711657
End of year 9	126402	41560	84842	3751473
End of year 10	126402	29849	96553	2658753
End of year 11	126402	16522	109880	1415202
End of year 12	126402	1355	125047	0

If you find it tough to calculate your EMIs, ask your financial officer from WeMakeScholars to do it for you.

Secured Education Loan for Canada

Secured education loans of up to 1.5 Cr can be offered to study in Canada at an interest rate that ranges between 9.2% to 10.05%.

Parameter	Details
Loan Limit	Up to 1.5 Cr, Can try for a higher amount with a better collateral
Expenses covered	Costs for study University fee Admission fee Examination fee Buying books, or a laptop Fee for lab or library Living expenses Hostel or accommodation cost Food expenses Deposit of 1-year living expenses as GIC Other Expenses Travel expenses Insurance Miscellaneous
Eligible courses	All UG and PG courses UG diploma courses PG diploma courses
Interest rate	9.2% to 10.02%
Moratorium Period	Course period + 1-year
Repayment Duration	Up to 15 years
Repayment policies	Simple interest is charged in the moratorium period, which is not mandatory to pay in the moratorium period
Eligibility Criteria	Should be an Indian national Must have got admission into a university in Canada through entrance exam or merit
Types of Collateral	Immovable House Flat Non-agricultural land/empty plot Liquid security FD Govt bonds LIC policy
Value of collateral (In case of a collateralized loan)	2 times the value of collateral, if the university student is going to is among the top in the world

Tips: Co-applicant in case of a secured education loan is mostly for namesake and hence a strong financial co-applicant is not required. However, you will require collateral that is at least 125% of the loan value that you are asking for. Request a callback from us now to understand the intricacies of a secured education loan for Canada.

Top Banks offering Secured Education Loan for Canada

Below are the lenders that offer attractive secured education loan schemes for Canada

- SBI
- BOB
- Karur Vysya Bank
- IDFC Bank
- Axis Bank
- ICICI Bank
- Incred
- Auxilo
- Avanse
- HDFC Credila

How to get a Secured loan for Canada?

A secured education loan can be obtained if you have eligible collateral to pledge for it. The collateral you are planning to pledge should at least be 125% of the loan amount.

Apply for a Secured Education Loan for Canada

Follow the below steps to apply for an Education loan to study in Canada through WeMakeScholars.

Step 1- Request a callback from WeMakeScholars

Step 2- A financial officer from WeMakeScholars will call you and will ask you a few basic questions to check your loan eligibility

Step 3- He/she will then send you a document checklist, which you will have to submit to the nearest branch of the bank, where you are suitable for an education loan

Step 4- The next steps in the process will be taken by the assigned lender. However, you can also talk to your financial officer at any time of the process to clear off any doubts.

Step 5- Your loan will be sanctioned in the time promised by your WeMakeScholars financial officer.

Disadvantages of going directly through banks for a Secured Education Loan

Going directly to banks for an education loan has many disadvantages which are listed below.

- Inaccurate information about the education loan process
- Incomplete list of documents
- You will have to pay multiple visits to the bank to get the complete list of documents
- You won’t be able to get pre-Visa disbursement for GIC
- The education loan process will be longer than usual
- Education loan sanction chances will be way slimmer than when you go through WeMakeScholars

Why go through WeMakeScholars for a Secured Education Loan for Canada?

Here are the reasons for you to process your education loan through WeMakeScholars rather than going directly through banks.

Transparent process: We believe in establishing trust with the students and hence provide all the information to the students regarding the education loan process without hiding any kind of charges

Tax benefits: Students generally are unaware of the benefits under certain sections like 80E which exempts your tax on an education loan.

Faster Loan Process: We can process a Secured education loan in 21 working days after the submission of documents, which is 50% lesser time than when you go directly through banks.

End-to-end support: We help students throughout the education loan process until the full repayment. We assist students even when they are in a different time zone.

Cashback: Students going through us receive a cashback of ₹3000 after the first disbursement.

Students interested in an education loan with benefits from sanction to repayment can request a callback from WeMakeScholars.

Documents required for an Education Loan with collateral for Canada

In addition to the above documents(except the financial co-applicant documents) listed in unsecured section, you will require the below-mentioned collateral documents.

Collateral documents

- Basic Title deed
- Sale agreement/will deed/gift deed(should be registered)
- Original registration receipt
- Allotment letter by the municipal corporation/ authorized govt. authority
- 30 years link document or the previous sale deed is enough if you have been owning the property for more than 30 years
- Property tax bill(latest) and electricity bill with the same address
- Copy of municipality-approved building plan or plot layout

The list of collateral documents varies with the state you are applying from. The above-given list is a general list of documents and you can refer to the documents required for the state you are applying from.

Repayment Plan for Secured Education Loan in Canada

Before taking a secured education loan, you need to be aware of the EMIs that you will have to repay. Here’s an example that will help you in learning to calculate your EMIs. Secured Education loan lenders won’t ask you to pay interest in the moratorium period.

Let us suppose that you have taken an education loan of 20 lacs at an interest rate of 9.7% P.A. Your course duration is of 2 years and a grace period of 12 months. You will have to repay the loan in 12 years after the moratorium period.

Here’s how much you will have to pay yearly!

Timeline	EMI	Interest portion	Principal portion	Loan Outstanding
End of year 1	28974	19044	9931	9931
End of year 2	28974	18036	10938	2220347
End of year 3	28974	16927	12048	2081984
End of year 4	28974	15705	13270	1929586
End of year 5	28974	14359	14616	1761730
End of year 6	28974	12876	16098	1576848
End of year 7	28974	11243	17731	1373214
End of year 8	28974	9445	19529	1148924
End of year 9	28974	7464	21510	901885
End of year 10	28974	5282	23692	629789
End of year 11	28974	2879	26095	330094
End of year 12	28974	232	28742	0

Students in the repayment phase come across problems such as an increase in the ROI and have no one to talk to about it. That is the reason you should not process your education loan directly through banks.

What are the Expenses to study in Canada

The expenses to study in Canada are lower than in other top countries while also offering education of similar quality and identical return on investment.

These expenses can be managed either through scholarships or by taking an education loan

- Tuition fees
- Living expenses including the 1 year GIC amount
- Miscellaneous expenses

Scholarships for studying in Canada

Students can look for scholarships before applying for an education loan. Below are the most popular scholarships offered for students wanting to study abroad.

When taking an education loan, living expenses will have to be deposited as Guaranteed Investment Certificate(GIC) in banks like Nova Scotia, CIBC, SBI Canada, or ICICI Canada before applying for Visa. The tuition fee will also have to be transferred to the university before applying for Visa. Also, take an education loan through WeMakeScholars, as we will educate you about all the tax benefits of an education loan.

Guaranteed Investment Certificate

The Canadian government wants to make sure that you have at least 1-year living expenses and hence asks you to deposit $10,000 CAD as GIC which you can do in banks such as Nova Scotia, CIBC, SBI Canada, or ICICI Canada. It takes up to 1 week to create GIC, hence plan your education loan accordingly.

If you are taking an education loan from SBI or ICICI then they will create the GIC in those respective banks. If you are going through any other bank, then you will have a choice to create GIC in any of the given banks. The GIC amount will be transferred to you on a monthly basis after you go to Canada, along with the acquired interest.

Reimbursement process upon arriving in Canada

After you arrive in Canada, you are required to personally visit the respective Canadian bank in which you've opened your Canada GIC account, along with certain documents for a final verification procedure (KYC) and to activate your GIC account.

Post verification, a personal bank account (for daily banking purposes) will be created in the student’s name and 2,000 CAD will be deposited into this account, initially, for you to use. The balance amount of CAD 8,000 CAD will be deposited into a non-redeemable GIC account and will be given to you in regular installments. For Ex: If you are getting the 8,000 CAD in 12 installments over the next 12 months, each month 667 CAD (along with interest) will be deducted from the GIC and will be deposited in your bank account.

Lenders offering Pre-Visa disbursement

The students need to carefully analyze the lenders offering education loans for Canada as they will need them to disburse the amount before applying for a Visa. The lenders though are aware that students who will require pre-Visa disbursement for studies in Canada will still hesitate to disburse the amount.

That is where WeMakeScholars comes to your rescue. We at WeMakeScholars talk to the lender and convince him/her to disburse the amount for GIC and for tuition fees. Request a callback from WeMakeScholars to know more.

Special Education Loan Schemes For Education Loan for Canada

Apart from the secured and unsecured education loan schemes that we have gone through in the above article, below are a few Education Loan Schemes specifically designed for Canada.

ICICI Education Loan for Canada

ICICI bank offers up to 50 lacs of education loans for students going to the universities of Canada. The interest rates range between 10.5% to 12.5% and the student can repay the amount in about 10 years after the moratorium period.

Be sure of choosing the best financial co-applicant you can think of and a top university in Canada for a hassle-free education loan in Canada.

HDFC Credila Education Loan for Canada

HDFC Credila can offer a loan of up to 40 lacs to students going to universities of Canada or community colleges of Canada. 11.25% to 11.5% is the interest to go through HDFC Credila for an education loan for Canada.

If you are seeking a higher loan amount then you can also pledge collateral and hence take a partially secured loan for Canada, or you can talk to a financial officer from WeMakeScholars who will negotiate the loan amount on your behalf.

Education Loan for PG Diploma in Canada

Bank employees hesitate to offer education loans to students going for PG diplomas in Canada as they think that these courses are not eligible for loans. This assumption arises because of the course duration and the fact that the PG diploma is offered by colleges and not reputed universities. However, we would like you to know that you can get an unsecured as well as secured education loan for a PG diploma in Canada that will cover all your expenses including the tuition fee and living expenses.

This assumption about banks is caused by a few bank employees who have half-baked knowledge on this issue. To avoid this issue, you can go through WeMakeScholars for a hassle free loan for Canada. You can also refer the below video for more information on Education Loan for PG Diploma in Canada.

Education Loan for UG Diploma in Canada

Students can obtain a student loan of 20 to 30 lacs to pursue a UG Diploma in Canada, which is the maximum amount of expenses that you may incur in Canada. The lenders will also provide you with a pre-Visa disbursement for creating GIC.

Request a callback from WeMakeScholars to apply for a loan to study UG diploma in Canada.

Education Loan for MBA in Canada

Students looking to pursue MBA can get up to 75 lacs of unsecured education loan and up to 1.5 Cr of secured education loan. However, the loan amount will depend on the requirement of the student and other factors.

Talk to a financial officer to get started with the dream of pursuing an MBA from Canada by taking an education loan. Request a callback now!

SBI Education Loan for Canada

SBI offers up to 1.5 Cr of education loans to students wanting to study abroad at attractive interest rates ranging between 9.5% to 10.05%. SBI also allows the student to opt out of interest payments in the moratorium period.

Universities recognized for Special Loan products

Lenders recognize many Canadian universities and hence they offer special education loan schemes or products for those specific universities. When you go to the specified universities by lenders, you get the maximum amount of loan at a lower rate of interest.

Request a callback from WeMakeScholars to know the list of preferred universities by the lenders and to get started with an education loan.

Education Loan FAQs

Can I get an education loan to study in Canada?

Yes, you can get an education loan for Canada of up to 1.5 Cr based on your profile. To analyse your profile, connect to WeMakeScholars team.
How much loan can I get for education in Canada?

You can get up to 1.5 Cr secured and up to 50 lacs unsecured education loan to study in Canada. We at WeMakeScholars can ensure that you get the maximum amount of loan.
What are the requirements for education loans in Canada?

The students applying for education loans in Canada should be Indian nationals and should have obtained admission into a top university in Canada.
How much funds do I need to study in Canada?

You require tuition fee plus 6 lacs of living expenses per annum to study in Canada. In addition to that, you may also have miscellaneous expenses. To know the exact amount of expenses required to study abroad, contact the WeMakeScholars team.
How much education loan can I get without collateral for Canada?

You can get up to 75 lacs of education loans for Canada without pledging collateral. To know how, connect to WeMakeScholars.
How can I fund study in Canada?

You can go through different scholarships and apply for them to study in Canada or you can apply for an education loan to study in Canada through WeMakeScholars.
Can I get 20 lakhs education loan without collateral?

With a good co-applicant, you can obtain an education loan of up to 75 lacs without collateral for Canada. To know the other eligibility criteria, connect to the WeMakeScholars team.
How much bank balance is required for a Canada student visa?

Canada requires you to disburse 1-year tuition fee to the university and also create a GIC of 1-year living expenses for a student Visa.
Can I get an education loan for GIC?

The education loans provided by public and private banks cover the GIC amount in the expenses. However, pre-Visa disbursement can be a problem if you are going directly through banks. You can contact WeMakeScholars for a hassle-free education loan that offers pre-Visa disbursement.
How much money is required for GIC in Canada?

Students need to deposit one year of living expenses as GIC, which is 6 lacs or 10,000 CAD.

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