Discover top international student loan options in the Canada

Canada is preferred as a study destination for Indian students due to its globally esteemed education system and relatively affordable costs. Also, Canada is seen as an excellent country for Indian students for its healthcare, safety, and overall quality of life.

Many banking and non-banking institutions offer low-interest loans for Indian students wanting to study in Canada. To check if you’re eligible to get a study loan for Canada, you need to tick out these eligibility standards:

1. Be an Indian citizen.
2. Have an academic record of education.
3. Have a decent academic history.
4. Already be enrolled at one of the universities in Canada recognized by the bank.
5. Be at least 18 years old.
6. Be admitted into a programme that prepares them for a job after finishing their studies
7. Have collateral security if they are applying for a secured loan.

Note: The listed criteria are basic ones for Indian students going to Canada universities but to apply for a particular university, it is best to check their respective eligibility criteria.

The banks that offer student loans check your ability to repay the loan after completing your education. To do that, they confirm that you are a legal student who has been accepted into a reputed university in Canada.

1. Aadhar card
2. PAN card
3. A valid passport
4. Certificates and Marksheets of 10th and 12th grade
5. A copy of the admission letter from the applied institute
6. Documents of qualifying exams (GRE, IELTS, etc).
7. 1-year statement of the student’s bank account
8. Guarantor’s income proof.

Note: Make sure to check the list of papers needed with the bank, as the requirements can vary based on the bank's rules for student loans in Canada

It is always a good idea to check what your loan covers, besides the tuition fees. Many loan programs now help with more than just tuition fees—they can cover various expenses in Canada like:

1. Tuition fee
2. Travel expenses
3. Study materials
4. Laboratory and library fees
5. Accommodation (on-campus or off-campus).
6. Laptop
7. Other expenses (study tours, thesis, project work etc)

In India, there are generally two types of student loans for studying in Canada:

1. Secured Education Loans: To apply for a secured education loan, you need to have collateral like apartments or government bonds. In India, government or public banks rank among the primary sources offering secured international student loans specifically designed for studying in Canada.
2. Unsecured Education Loan: Students who do not have any collateral as a guarantee can apply for an unsecured education loan for Canada from NBFCs.

Canada is considered to be one of the most affordable places for Indian students to study. The tuition fee for Canadian universities costs up to C$20,000 - C$30,000/year. The cost of accommodation and other living expenditures may vary according to the locations but an average estimate is C$15,000/ year.

Canada has some of the best universities for international students. Here’s how Indian students are constantly opting to study in Canada.

1. Understand the terms of the loan.
2. Double-check the college you choose.
3. Check the tax benefits that you are applicable for
4. Check the loan processing time beforehand
5. Check the buffer period that the loan can offer.
6. Apply for a loan at least 3 months prior to your scheduled visa interview.

Lorien isn’t just an education loan platform, it takes care of your entire study abroad plans in Canada. Here is why Lorien is your best buddy for your abroad dream:

1. We Help students in getting loan that covers 100% university fees and cost of leaving.
2. We charge ZERO fees for our services
3. No margin money
4. We provide immediate monetary help during emergencies
5. We offer customized packages for your education loan
6. We help you compare the best education loans possible
7. We keep track of your loan application and bargain for the best price
8. We provide loans with no collateral

Canada is widely chosen by Indian students for higher education because of its world-class study options. While they offer a number of courses, here are the most chosen ones.

1. Computer Science and Information Technology
2. Engineering
3. Business and Management
4. Health Sciences and Medicine
5. Environmental Sciences
6. Media and Communication Studies
7. Hospitality and Tourism Management
8. Social Sciences and International Relations

Indian students who wish to pursue higher education in Canada need to submit a few documents. The specific requirements can vary for each student, but here is a list to take note of:

1. Offer letter from a designated institute
2. A valid passport
3. Proof of minimum funds (at least CAD 10,000)
4. Bank statements
5. Educational loan documents
6. Education Loan confirmation letter
7. Passport-sized photos
8. Medical certificate
9. Proof of English Proficiency (IELTS, TOEFL, etc.)
10. SOP explaining the choice of institution and course