Education Loan for Canada

✓ Up to 75 lacs of Education Loan

✓ Without Collateral

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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.



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.



- 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%.



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


  • 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.
EliteScholars does not require collateral or a strong co-applicant, strong will to study abroad is enough!

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!

WeMakeScholars makes sure that the amount for GIC is disbursed on time!

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


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


- 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!



Interest portion

Principal portion

Loan Outstanding

End of year 1





End of year 2





End of year 3





End of year 4





End of year 5





End of year 6





End of year 7





End of year 8





End of year 9





End of year 10





End of year 11





End of year 12






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%.



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

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


Non-agricultural land/empty plot

Liquid security

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

Compare various public and private lenders and then choose the best offer for an education loan!

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.

Go through secured education loan lenders for lower rate of interest and through WMS for added benefits

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!



Interest portion

Principal portion

Loan Outstanding

End of year 1





End of year 2





End of year 3





End of year 4





End of year 5





End of year 6





End of year 7





End of year 8





End of year 9





End of year 10





End of year 11





End of year 12






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. 

Education Loan for Canada

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.

Learn about the funds you will require for Canada and manage them through an education loan!

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.

Know the list of top universities of Canada by requesting a callback from WeMakeScholars today!

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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Canada has recently made a decision to accept Pearson’s PTE Academic Test for their study permit scheme or Student Direct Stream (SDS)

This move is seen as a significant step towards enhancing the application process for international students. The minimum required score of 60 in PTE is approved for the SDS applications. Applicants who have already attempted the PTE test and who have a scorecard of it can use it for their application.

Beginning on August 10th, PTE Academic will be accepted for all SDS applications, expanding options and maintaining stringent language proficiency standards. SDS offers a streamlined study permit process for students from selected countries. 

The recognition of PTE Academic further solidifies its reputation as a reputable computer-based English language proficiency test worldwide, renowned for its fair and accurate assessment format.

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After the fraud was discovered, the firm closed, and Mishra was found living illegally in Surrey, British Columbia. Canada's immigration minister stated that students knowingly involved would face consequences, while those unaware would receive temporary resident permits. 

The incident highlights the vulnerability of international students to fraud, including "ghost consulting" and other scams. CIC News advises students to verify offers diligently to avoid falling victim to fraudulent schemes.

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For those who missed the opportunity, alternative options are available. 

  • The Global Talent Stream assists Canadian employers in hiring foreign workers for specialized roles.
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Critics have accused Trudeau's administration of failing to effectively address the housing shortage, which has driven home prices to soaring levels in Canada, a nation already struggling with one of the lowest housing availability rates among G7 countries.

The influx of foreign students into Canadian universities and vocational colleges is expected to reach unprecedented levels this year. Government officials have pointed out that this surge in international students is exacerbating the housing crisis, driving up rents in cities and towns already struggling to accommodate their existing residents.

Canada's Immigration Minister, Marc Miller, recently disclosed during a cabinet retreat that the government is exploring various measures to curb the influx of foreign students, including the possibility of implementing a cap on their numbers.

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Canada's Immigration, Refugees, and Citizenship Canada (IRCC) have unveiled plans to implement a Trusted Institution framework for its student visa program by 2024. This framework is a pivotal part of the IRCC's strategy to modernize the International Student Program (ISP).

While specific details are somewhat limited, the core idea behind the Trusted Institution framework is to assess post-secondary institutions based on specific criteria demonstrating their reliability as partners. These criteria include sustainable enrollment, accurate student identification, compliance monitoring, and ensuring a safe international student experience.

Institutions meeting these criteria will be designated as Trusted Institutions. The precise benefits of this designation are still being clarified, but it may include expedited visa processing for their applicants.

Currently, Canadian institutions admitting international students must be classified as Designated Learning Institutions (DLIs). International students require a DLI acceptance letter to apply for a Canadian study permit. The Trusted Institution framework will create a two-tiered system among Canada's DLIs, with some becoming Trusted Institutions.

This initiative emerged from a June 2023 IRCC briefing following a Strategic Immigration Review and ISP examination. Concerns like international student vulnerability, surging application volumes, and the need for greater diversity prompted these changes.

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A notable aspect of this collaboration is the "India Immersion Programme," which will offer Canadian students a deeper understanding of India's culture and history. Additionally, a Pan-India entrepreneurship boot camp is in development to provide insights into one of the world's largest business markets.

The launch of a global research seed fund is another key element of this collaboration, facilitating research collaborations between universities, industries, government agencies, and NGOs in priority countries, including India.

Equity and inclusion are top priorities, mirroring the ethos of both institutions. The partnership also extends to address critical issues such as water sustainability.

Prof. (Dr.) Rhonda L. Lenton, President of York University, and Prof. (Dr.) C Raj Kumar, Founding Vice Chancellor of O.P. Jindal Global University, announced these initiatives, emphasizing the role of progressive universities in addressing global challenges.

This partnership represents a significant milestone in promoting cultural exchange, research, and education between Canada and India.

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"With just three months left for students to travel for the spring batch, there is apprehension that visa processing times may pose challenges," said a representative on Thursday.

Several universities indicated they might wait for a week to assess the situation before deciding whether to issue admission letters for spring or for fall 2024. A spokesperson from an Ontario university mentioned they would wait another week before finalizing plans. Depending on the on-ground situation, they would decide whether to issue admission letters for January, May, or fall 2024, ensuring students don't have to defer admissions due to visa delays.

Some participants noted a lower turnout at the education fair compared to previous years, which they interpreted as a potential fallout of bilateral tensions. They emphasized that despite current concerns, Canada remains an excellent destination for higher education, and political issues shouldn't be a long-term concern.

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Indian students, accounting for 15.3% of all international students in Canada in 2022, are a major focus of this advisory.

It urges all Indian nationals in Canada to exercise extreme caution in light of increasing anti-India activities, politically-condoned hate crimes, and criminal violence.

Specifically, Indian students in Canada are advised to register with the High Commission of India in Ottawa or the Consulates in Toronto and Vancouver using the MADAD portal ( This portal facilitates communication between Indian Missions/Posts and citizens in foreign countries, particularly during emergencies.

The MADAD portal is a vital resource for Indian students abroad, streamlining access to support and assistance from Indian diplomatic missions.

This advisory reflects the Indian government's commitment to safeguarding its citizens overseas, with particular attention to the sizable Indian student population in Canada. It underscores the importance of diplomatic relations in addressing global security concerns.

Last Updated - 25/09/2023

Education Loans on the Rise: Are Indian Students Turning to Canada for Study?

Canada is the second most favored destination for Indian students seeking international education. Specialized Non-Banking Financial Companies (NBFCs) have found a niche in providing loans for overseas education due to this demand. Canadian education is in high demand, with a growing number of Indian students securing visas.

A CareEdge report, 'Canada Stir Unlikely to Hit Specialized Education Loan NBFCs Portfolio,' notes that Canada is the second-largest market for education loans among specialized NBFCs. Visa issuances to Indian students for Canadian education have been consistently increasing.

Indian students accounted for 39.9% of international student visa approvals by August 31, 2023. Canada's appeal lies in its diverse courses, research opportunities, and skill-based training. Better post-study career prospects also motivate Indian students to seek education abroad.

CARE Ratings-rated NBFCs have seen substantial growth in assets under management (AUM) for retail education loans for Indian students in Canada. The AUM increased from Rs. 1,426 crore in March 2021 to Rs. 5,183 crore by June 30, 2023, comprising 19.8% of the overall AUM.

CARE Ratings anticipates this trend will continue as students prefer exploring alternative education destinations over delaying their academic pursuits.

Last Updated - 24/10/2023

Canada-India Diplomatic Row: Visa Processing time to be impacted as Consular Services Halt

A diplomatic dispute between Canada and India is causing significant delays in visa processing for Indian travelers and students bound for Canada.

Canada's Immigration, Refugees, and Citizenship Canada (IRCC) is reducing its India workforce from 27 to just 5 employees. This is in response to India's decision to revoke diplomatic immunity for most Canadian diplomats in Delhi by October 20, 2023. While IRCC will continue to accept Indian visa applications, processing times are expected to lengthen.

In addition, Canadian consulates in Chandigarh, Bangalore, and Mumbai have suspended in-person services for Canadian citizens. However, most Indian visa applications are already processed outside India, with approximately 89% managed through a global network. The five remaining IRCC employees in India will focus on tasks requiring a local presence, such as expedited processing and risk assessment.

As a result, Indian applicants should prepare for delays, slower responses to inquiries, and extended visa processing times.

Canada continues to warmly welcome Indian nationals for temporary visits, work, study, family reunions, or permanent settlement.

Furthermore, in February 2023, IRCC introduced online application status trackers for four new permanent residence application categories, aiding applicants in monitoring their progress. This covers the Canadian Experience Class, Federal Skilled Worker Program, Federal Skilled Trades Program, and Provincial Nominee Program applications.

Last Updated - 24/10/2023

Canada Implements Stricter Verification to Ensure the Safety of International Students from frauds

The Canadian government is taking steps to protect international students and strengthen the integrity of its student program. The Immigration, Refugees, and Citizenship Canada (IRCC) minister has unveiled measures to enhance the international student program's security.

Starting December 1, 2023, post-secondary designated learning institutions (DLIs) will be required to directly confirm the authenticity of each applicant's letter of acceptance with IRCC. This will prevent letter-of-acceptance fraud and ensure that study permits are issued only for genuine letters of acceptance.

In the fall semester of 2024, IRCC will introduce a "recognized institution" framework that benefits post-secondary DLIs offering exceptional services and support to international students. These institutions will receive priority processing for study permit applications.

IRCC will also assess and reform the Post-Graduation Work Permit Program to align it with the Canadian labor market and immigration goals.

Previously, an IRCC task force, in collaboration with the Canada Border Services Agency (CBSA), investigated fraudulent admission letters. This was done to protect genuine students from deportation and maintain the integrity of Canada's international student program.

Last Updated - 06/11/2023