Education Loan for Study in Canada
Get accustomed to the benefits, cost and opportunities
to study in Canada
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Do you aspire to study in Canada? Pursuing academics in Canada is a dream for many students. The country is quickly becoming a preferred study destination. It is known for its education system, cultural diversity, and student life with a high possibility of migration. But the cost of education there always causes concern. This is where an education loan for study in Canada comes in handy. Opting for such a loan is a great way to finance your education there.
Types of Education Loan for Study in Canada
There are mainly two types of education loans to study in Canada. Both are discussed below:
- Secured Loans
A secured education loan for Canada has collateral, which includes property, FDs, or other assets. Secured loans are cheaper but come with high interest rates and have a long repayment tenure.
- Unsecured Loan without Co-Applicant
Yes, you heard right! Unsecured loans without a co-signer are also available. Such loans are especially for master’s degree courses in leading universities like University of Toronto, University of Waterloo, etc.
- Unsecured Loans
An unsecured education loan to study in Canada comes without collateral security. Hence, they are easy to access, and do not have a strict approval process. But the loan amount is low, the interest rate is high, and sort repayment tenure
Choosing a loan can be hassle But we make it simpler
Eligibility Criteria of Education Loan for Study in Canada
Before applying for an education loan for studies in Canada, you need to check the eligibility requirements, which can vary. Reach out to Qck Loans to know the criteria. The basic eligibility criteria to apply for an education loan for Canada:
- Your age should be 18 years and above
- You must be an Indian citizen
- You must have an admission letter from a recognised Canadian university
- The course must be valid
Documents Needed for Education Loan for Study in Canada
The documents required to apply for an education loan to embark on your academic journey in Canada can vary. Contact Qck Loans to know which documents you require for your application. The following are some basic documents you need to apply for an education loan to study in Canada:
- A duly filled-out loan application form
- Entrance exams results
- Qualifying exams marksheets
- Admission Letter
- Statement of cost of education
- Passport-size photographs
- Residential Address proof like Adhaar, utility bill, etc.
- Identification proof like Adhaar, PAN, Voter ID, and Passport
- Your bank account statement for the last 6 months
- Parents/guardians’ ITR for the last 2 years
- Additional documents asked by Qck Loans
Cost of Studying in Canada
The cost of pursuing studies in Canada is approximately 16–20 lakhs, but the cost can range based on your tuition fees and city. Although an education loan for Canada is there, that will cover only the education cost. Below is the cost of studying in Canada based on different categories:
- Tuition Fees
Tuition charges vary approximately from CAD 15000 to CAD 35000 a year for international students.
- Living Expenses
Living costs depend on which city your university is. Living expenses can vary approximately from CAD 10000 to CAD 15000 a year, which includes rent, groceries, travel, utilities, and so on.
- Health Insurance
Having medical insurance is crucial, as an international student in Canada. Health expenses can vary from CAD 600 to CAD 800 yearly.
- Other Expenses
Books, study materials, stationery, supplies, VISA processing charges, application fees, etc., can amount to approximately CAD 1000 to CAD 2000 per year.
Eligibility Criteria of Studying in Canada
The eligibility requirements vary from one educational institute to another. As a student, meeting the criteria is necessary. Listed below are some basic criteria:
- Age Requirement
The age criteria vary from program to program. The minimum age criteria to study in Canada is 18 years or older. However, a few programs might have extra age-related criteria based on the course.
- Educational Qualification
Every university has set educational requirements. You need to meet the educational criteria for getting admission. You need to submit your 12th-grade marksheet if you want admission in an UG course or your bachelor’s degree marksheet for a PG program. Additionally, many educational institutes need you to fulfill the merit score benchmark. For example, many Canadian universities accept students with over 75% marks.
- English Proficiency Test
Since English is widely spoken in Canada, you need to prove your proficiency in the language. IELTS, TOEFL, and PTE are accepted English Proficiency Exams. Check the score criteria on your preferred university’s website and try to acquire that score.
- Entrance Test
Like CUET in India, educational institutes in Canada have set specific entrance tests for students. You need to appear for these standard entrance examinations to gain admission to your dream university. Your marks will help you ascertain your options for studying overseas in Canada. The Graduate Record Examinations (GRE) are especially for bachelor’s degree courses, whereas the Graduate Management Admission Test (GMAT) is for master’s degree programs.
Part-Time Jobs in Canada
An academic permit in Canada lets you work part-time when you are still studying. Several students benefit from this chance of earning some money and covering basic expenses. Your education loan for study in Canada will only cover your academic-related expenses. For covering other expenses, you need to work and gain experience while balancing your studies.
You can also join internships and gain work experience before actually seeking a job. You can work in libraries, restaurants, cafes, departmental stores, administrative offices, etc. Both off-campus and on-campus part-time employment opportunities are available. You can work as a translator, tutor, babysitter, dog walker, cleaner, or take up freelance gigs.
Click below to learn more about part-time jobs available in Canada.
What to do After Completing Studies in Canada?
Post-completing your studies with an education loan for Canada, you can search for ways to establish yourself in the country. Listed below are two ways:
- Post-Graduation Work Permit (PGWP)
If you have finished an educational program whose duration is over 8 months, you are eligible for the PGWP. It has the same validity as that of your course duration—a 3-year validity. It is a good way to extend your stay and gain valuable work experience, which opens doors to more jobs.
- Permanent Residency (PR)
When you have earned ample work experience through the PGWP, you can apply for PR. Getting the status takes time and has certain requirements. You need to fulfill those criteria during the course of your application. Therefore, consider other options for extending your stay while your PR application is in process.
Our free tools will help you out
Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
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Everything you need to know
Canada is a dream study destination for many people. It is famous for its incredible education system and universities, apart from healthcare and tourist places. The country offers a special Indian Card Status that allows you to continue your studies without a study permit. That is the reason Canada is popular among Indian students.
Yes, of course! You can apply for an education loan from Qck Loans and pursue your dream of embarking on your academic journey in Canada.
The amount of an education loan for Canada is based on your course type and university. UG courses cost approximately CAD 20,000 to CAD 35,000 per year. On the contrary, PG courses cost around CAD 20,000 to CAD 40,000 annually, and Ph.D. courses cost CAD 10,000 and CAD 25,000 yearly on average.