Studying in Canada is one of the first steps that many Indian students take before considering settling in that country. Canada remains sparsely populated, has the world’s tenth-largest economy and boasts of average household disposable income per capita higher than many. This makes it a good place to work. Studying in Canada means getting an education loan for abroad. Here are some key tips that will give you a wholesome idea for getting a Canada student loan.
Student loan special factors
Canada being a different country has its own set of rules. Indian students going to study there must know these norms, before they apply for a student loan. Students usually require a Certificat d’acceptation du Québec (CAQ) for study in Quebec, and the student loan for Canada. Students under the age of 18 years can’t apply for education loan to study in Canada. From an eligibility point of view, it is mandatory for students to give IELTS or an equivalent exam and score above a certain threshold in all sections to get a study loan for Canada. There are minimum scores i.e. at least 65% marks in Class 12th or equivalent.
From an Indian education loan perspective, there are a few boxes you as a student must tick. You should be below 26 years of age, possess good academic grades, your parents should have a stable income source and have a guarantor or show security. If you take a personal loan, there is no need to have a guarantor or security. A personal loan for education is granted for up to Rs 25 lakh amount, with a maximum loan tenure of 6 years at Tata Capital.
Cost of study
As somebody looking for an education loan to study in Canada, you will need to know what is the approximate amount of money that will be required. The general cost to study in Canada will include tuition fees, accommodation, visa, and insurance.
If an education loan for abroad finances all of it, it is a great deal. Tata Capital provides lets you tailor the education loan based on your needs so that it can cover tuition fees, hostel charges, cost of books, etc. Studies show that an average Indian student requires about Rs 25-30 lakh for a year’s study.
Documents required for a student loan for Canada
There are some documents requirements for applying for an education loan. Once your Canada student loan is approved in India, you can go there and study with full peace of mind. Dealing with an Indian loan provider will be helpful.
Among the documents required, you will be asked to submit photo identity proof (of both the student and parents), marks sheets and certificates (from 10th standard), Canada education admission letter, bank statements for the past six months, salary slips and income tax returns if you are employed (or parent/guarantor), course prospectus, breakup of fees, etc. Foreign travel documents will also be required to be submitted.
Once the application process for education loan for abroad is complete, you can expect to get the loan approval very soon and pursue your ambition of getting Canada education.