Overseas Education Loan Process for Canada


Canada being one of the topmost study overseas destination, every year thousands of study abroad aspirants move to Canada for pursuing their higher education. The cost of education for pursuing a degree or a diploma course in Canada is quite affordable as compared to that of other study overseas destinations like USA, UK, Australia etc. However, majority of the international applicants choose the option of education loan for Canada to fund their Canadian degree. 


Canada offers various types of courses, right from undergraduate and post-graduate degree to undergraduate and post-graduate diploma courses in almost all the subjects. 

Cost of Education in Canada:

For an undergraduate program, the yearly cost of studying in Canadian institution for international students falls between CA$14,000 to CA$26,000 whereas when it comes to a postgraduate program, the cost ranges from CA$14,000 to CA$24,000 for a year. Read on to know education loan in India for study abroad at Canada.

Education Loan Process for Canada:

As per the Canadian Visa Immigration Norms, there are two types of overseas education loans that are accepted for a student visa:
•    Unsecured Overseas Education Loan (Non-Collateral Loan)
•    Secured Education Loan (Collateral Loan)

Below are the steps involved in an overseas education loan process for Canada: 

Step 1: 

To initiate an education loan process for Canada, international applicants are required to appear for the English language proficiency tests like IELTS. On applying at the institution, the students will receive an offer letter for pursuing the desired program at the university. Meanwhile, the student also begins with the documentation process of an overseas education loan.

Step 2: 

After submitting the required documents and university offer letter to the financial institution, the bank will sanction the loan letter and initiate with the disbursement process of an overseas education loan.

Step 3: 

Now, student will be required to do the payment of the first instalment of the tuition fee to the university after which the university will send a Letter of Acceptance (LOR) to the candidate.

Step 4: 

For showing the living expenses, student must open a GIC account as it is the proof of living expenses for Canada for pursuing higher education. It is a short-term liquid investment for a time span of one-year that is offered by the Canadian banks with guaranteed rate of return. For opening of a GIC account, student can choose any one of the banks out of six i.e., Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank and Canadian Imperial Bank of Commerce. After opening of an GIC account, the payment of GIC amount is required to be made and the students will get the certificate for the same.

Step 5: 

Now, it is time to fill the visa application form and submit the same to the Canadian Embassy for the approval of a student visa to study in Canada. On getting the visa approved, student is ready to fly to Canada for pursuing higher education.

This was a brief process of education loan for studying in Canada. If you want to apply study loan for abroad studies, reach out to an experienced loan advisor like us and we will resolve all your doubts.

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