Education Loan

Education Loan to study in Canada 2023

Education Loan to study in Canada 2023

Education Loan to study in Canada 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you willing to study in Canada?  If yes then you are on the right platform, because in this blog I will tell you about the list of banks that are providing education loans to study at prestigious Canadian Universities. Canada is the place, where every student wants to complete their higher education. Because, Canada has a lot of well-known universities, highly qualified scholars, and professors. So, the students that are willing to complete their any degree at Canadian University, and worrying about expenses, so they have to read this blog carefully to get all the details related to the banks that are providing education loans to the students to study in Canada, with least interest rates. These loans cover all the academic, and non-academic expenses of the students.

Education Loan to study in Canada 2023
Education Loan to study in Canada 2023

List of Banks Providing Education Loans to Study in Canada 2023

Below I have provided a list of banking groups that provide education loans to study in Canada, along with their offered interest rates, and maximum loan amounts;

Bank Name Rate of Interest (Subject to Change) Maximum Loan Amount
SBI 8.15% – 8.65% ₹1 Crore
HDFC Bank 9 – 14% ₹20 Lakhs
Axis Bank 11.20% – 13.20% ₹7.5 Lakhs
Punjab National Bank 7.30% – 9.20% ₹10 Lakhs
Bank of Baroda 8 – 10% ₹80 Lakhs
ICICI Bank 7 – 11% ₹90 Lakhs
Canara Bank 7 – 10% ₹40 Lakhs
Allahabad Bank 7 – 11% ₹20 Lakhs
Syndicate Bank 8.25% – 11.25% ₹2 Crores

Eligibility Conditions

The students that are willing to study in Canada, and that want to apply for an education loan, must have to comply with the following discussed eligibility conditions;

  • Applicant must be an Indian national.
  • Applicant must have a minimum age of 18 years.
  • Applicant must have completed the admission process at the university in Canada, where he/she wants to study.
  • Co-applicants must have an account in any Indian banks
  • Co-applicant must have strong financial backgrounds.
  • Applicant must have an excellent academic career.

Required Credentials

Applicants that are willing to apply for an education loan to study in Canada must have to attach the following necessary documents, along with their application form;

  • Admission letter issued by the Canadian university/institution.
  • Two Passport size photographs.
  • Evidence of income of the assurer.
  • All Academic Transcripts (certificates and mark sheets).
  • Documents of passing tests (GMAT, GRE, IELTS).
  • Evidence of residency of both student, and assurer.
  • Bank Statement of last year of borrower’s bank accounts.
  • Students also have to check the list of required documents for which they are applying for the loan.

How to apply for the loan?

Applicants that are willing to apply for an education loan to study in Canada must have to follow the following given steps ;

  • Select the course for which you are going to apply
  • Also, estimate the precise tuition fees you are essential to pay for that course
  • Make a comparison of the several types of education loans you can apply for and select the one which provides all of your educational expenses
  • After selecting the appropriate education loan, fill out the application form carefully on the official website of the relevant bank or by visiting the nearest branch of the bank
  • The bank administration will reach you with all the additional information as soon as your loan gets permitted
  • After you sign the final legal responsibility form the bank will transfer your loan amount to your account

Loan Coverage

Different banks provide different loan coverage schemes, before applying for an education, an applicant must have to take a look at the expenses that are covered in an education loan. Studying in Canada is much more expensive. So, applicants must have to choose an education loan that provides all the academic, and non-academic expenses of the students. Generally, banks provide a loan that covers the following expenses of the students while studying in Canada;

  • Tuition fee
  • Travel expenses
  • Cost of buying books and other study material
  • Laboratory fee
  • Hostel fee
  • Purchase of a laptop (If required for the course)
  • Expenses for project work or study tours.

Refunding Method

After the completion of the course, the banks provide 6 months of relaxation before refunding the duration. At this time, there will be no interest rate applicable on the loan. After these 6 months, students have to pay back their loan amount through monthly or quarterly installments.

Paying Before the 6 months Ends

If the students are willing and able to pay the loan, 6 months before its ends, they are allowed to repay their debt, and the good thing is that you will repay your debt in that duration without any applicable interest rate.

Eligible Courses to study in Canada

Banks provide chances to students to get education loans for different courses such as undergraduate, graduate, and postgraduate degree programs. Banks also offer education loans for SPP degree programs. National banks don’t offer any education loans for any vocational, short-term, or diploma courses to study in Canada.


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