About Study Loan for Canada from India
Students who want to pursue their careers and higher studies in Canada can easily apply for an education loan. A recent UN survey states that Canada is ranked as the most preferred international destination for education globally because of its peaceful/ safe and friendly environment. Also, Canada provides the most secure study environment with high quality of life, studies. Therefore, Indian students are going to Canada in huge numbers every year for pursuing higher education.
Process for applying for Study Loan
Getting a loan sanctioned for study purposes is a time-consuming process, so to avoid any last-minute rush, we advise that one should start applying for a loan quite early.
Students can compare the loan offers of various banks on these parameters:
- Interest rate
- Processing fee
- Expenses that are covered under the study loan such as tuition fee, examination fee, laptop etc.
- Loan processing time
- Prepayment terms and duration
Therefore, After selecting the particular bank, just fill the application form and check the requirements in detail offered by the bank. For further information regarding Study Loan, customers can visit the website of Dialabank.
Documents Required for Study Loan
The list of the documents that are required for the education loan are mentioned below:
- Admission or an offer letter from university/institution.
- Loan application form.
- Passport size photographs
- Academic documents including certificates and mark sheets
- Documents of qualifying exams such as GMAT, IELTS
- Residence proof
- Bank account Statements
- Guarantor’s Income proof
Eligibility criteria to apply for Study Loan for Canada from India
The eligibility criteria that students should follow for study loan for Canada are as follows:
- The student must be an Indian citizen.
- The student must have secured admission to a particular university/institution.
- Student must be of minimum 18 years otherwise their parents will apply for the loan.
- Also, student should have secured admission in a course.
- Before the disbursement student should have Confirmed admission to particular colleges.
Types of lenders offering Study Loans to study in Canada
There are four types of lenders that offer education loans for further study in Canada and it is for Indian students:
- Public-sector banks
- Private-sector banks
- NBFCs i.e. Non-banking financial companies
- International lenders
How to get a Study Loan for Canada from India
- Firstly, the student should check their loan eligibility
- Secondly, Get free loan counselling for comparing the education loan
- The lender and the application should be selected online on our platform.
- Next, Get the customized document checklist.
- Documents should be submitted either online or picked up from the home by our member.
- Then, Property & other legal evaluation is done
- Finally, Get your loan sanction letter just after the lender’s approval.
Repayment of Study Loan for Canada from India
Repayment can be started just after a period of 1 year or six months, only after the completion of the course and once the candidate gets the job. The amount of loan has to be repaid in 5 – 10 years after the repayment starts.
