Study Loan for Canada
Students who are looking for a study loan or an education loan for study in Canada can get their loan sanctioned by providing all the documents that are required for further processing. We usually advise the applicants to contact a bank that is nearer to their residence for speedy processing.
For the purpose of pursuing higher studies abroad, Canada and the USA are competing with each other. The cost of studying in Canada usually depends on the applicant’s university, their course, duration of the study and also the cost of living. However, applicants have an opportunity to study in a lot of good universities in India. But the excellent career opportunities drive students to study abroad. There are very few students who afford to live as well as study in Canada. Therefore, there are various banks and other financial institutions that are offering study loans to students who want to pursue higher studies in Canada.
Process for applying for an Education Loan
Getting a loan sanctioned is a time taking process, so to avoid any mishappening and rush, we advised students to apply for a loan quite early.
For that, you have to first Compare the loan offered by different banks based on these parameters:
- The Interest rate
- The Processing fee
- Expenses that are covered under the study loan
- Processing time of the Loan
- At last, Prepayment terms and duration
Therefore, After selecting the bank, you have to fill the application form and must check all the requirements offered by the bank. The rejection phase also comes when there is the inability to show sufficient funds. So, it is always recommended that students should approach minimum two-three banks for loans. For any queries related to study loans, you can contact or visit the website of Dialabank.
Documents Required for study loan for Canada.
Here’s the list of documents that are required for a study loan for Canada.
- The Letter of admission
- The Loan Application Form
- Two passport size photographs
- Fee structure of the whole course
- PAN Card
- AADHAR Card of student or parent
- Proof of identity: Driving Licence/Aadhar/ Passport or any photo identity
- Proof of residence: Passport/ Telephone Bill/ Driving Licence
- Proof of income: includes salary slips/ Form 16 of Parent or Guardian.
- Bank account statement of Student/ guarantor’s for last 6 months
- IT return or IT assessment order that is of previous 2 years particularly of Parent/ Guardian
- Parent or Guardian’s brief statement of assets & liabilities
Courses for which banks provide a loan study loan for Canada?
Students who wish to pursue their undergraduate, master’s degree or research programs only in established institutions can be funded by the banks. They also provide loans for SPP programs. Nationalised banks do not offer study loans for vocational/ short-term or diploma courses. The banks always think about getting their amount back from the student, so they prefer to disburse loans only for job-oriented courses.
Eligibility criteria to apply for study loan for Canada
Students should check the eligibility criteria before proceeding. There are Some factors that all banks considered during study loan:
- The applicant must be a citizen of India.
- The applicant must hold a secured admission in a well-reputed and highly recognised foreign university/institution.
- The age of the applicant must be either above 18 years, or their parents have to apply for the loan.
- Secured admission of an applicant in a professional course.
- To know more about study loans for Canada, visit the website of Dialabank.
FAQ about Study Loan for Canada
✅ What about International students getting study loans for Canada?
Yes, although options are limited to domestic students, and private student loans are available. Also, eligible students must attend a university along with a student loan program that is supported by a private lender only.
