- November 11, 2016
- Posted by: Mega Immigration
- Category: Study In Canada, Study Visa
Education Loan to Study in Canada for Indian Students
Students from India are increasingly choosing to study abroad in Canada. Although there are many institutes and universities in India but most of the Indian students are choosing to study overseas for higher education. The cost of studying in these countries varies depending upon the university, course and duration of course and cost of living of the country.
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Who can Apply for a Education Loan to Study in Canada?
Any Indian planning for higher education in Canada can apply for education loan to study in Canada. Students can get loans from almost all major nationalized banks like State Bank of India, Federal Bank, Axis Bank, HDFC Bank, ICICI Bank, Punjab National Bank, Corporation Bank, Indian overseas Bank, Bank of India etc. These banks offer up to 85% of the course fee for overseas education against security.
When a loan is more than 5lakhs, an applicant will be required to have a Cosigner. A cosigner is a person who has to sign a loan with an applicant. The cosigner assumes equal liability for the loan. A cosigner may be any of the following relatives like Father, Mother, Brother, Sister (married) or Spouse, where such Cosigner’s income would be considered in determining the loan eligibility.
Eligibility to apply for Education Loan to Study in Canada
- An applicant must be a citizen of India
- A cosigner must be a citizen of India
- A cosigner must provide documentary proof to establish their relationship with the student.
- The applicant must have secured admission to foreign university or Institution.
For which courses do Banks generally provide education loan to study in Canada?
The students who are aspiring to study in regular undergraduate, postgraduate or doctoral programmes offered by reputed institution are eligible for an educational loan to study in canada. Generally the short-term courses are not considered for educational loans. Most of the banks do not offers loan for vocational courses. You must confirm with your bank if your chosen course is covered by your bank loan.