Education loans for studying in Canada
Canadian study permits often involve a Guaranteed Investment Certificate and proof of first-year funds, so the sequence of loan sanction and fund transfer matters as much as the amount.
What lenders will look for
- Letter of acceptance from a designated learning institution
- Proof of funds for the study permit
- Co-applicant income documents in most cases
- Collateral for secured routes
Funding your studies in Canada
Education costs
Include tuition, the GIC amount where applicable, living costs in your province, insurance and travel. Provincial living costs differ significantly.
Secured vs unsecured
Both are widely used. Unsecured loans suit moderate totals and strong co-applicant income; secured loans help when the total cost is high or a lower rate is the priority.
Co-applicant
Usually required by Indian lenders, with income documents assessed alongside your academic profile.
Collateral
Property and deposits are accepted. Where the study permit needs early proof of funds, confirm the lender can release the GIC portion on your timeline.
Loan amount
Lenders can cover tuition, living expenses and the GIC component within their policy for your institution and programme.
Repayment
Tenures of up to twelve years are common. Repayment normally begins after the moratorium.
Moratorium
Typically course duration plus six months, with interest treatment varying by lender.
Disbursement
Tuition is remitted to the institution; the GIC portion, where funded, is handled separately per the lender's process.
Documents you'll need
- Letter of acceptance and fee schedule
- Passport and study permit documents
- Academic transcripts and language test scores
- GIC and proof-of-funds paperwork
- Co-applicant income and bank documents
Questions about studying in this destination
Related reading
Guides on documentation, collateral valuation and choosing between banks and NBFCs.
Estimate your EMI
See what a loan of this size would cost each month after your moratorium.
Preliminary assessment only. Final eligibility, interest rate and loan terms are determined by the lender.