Canada, one of the fastest growing study overseas destination is a hub for higher education. Every year hundreds of students migrate to this beautiful country in search of quality education and high standard of living. The country is a home for ample world-class universities and the Canadian Degree is also globally recognized. The cost of education in Canada is less as compared to other study overseas destinations and students also gets up to 3 years of post-study work visa after the successful completion of the program. Canada offers courses at various levels, right from UG Diploma, PG Diploma to bachelors and master’s degree.
Read on to know about an education loan for studying in Canada for the above-mentioned courses.
Cost of a master’s degree in Canada:
The cost of education for a masters course in Canada is quite budget friendly. An average cost for a postgraduate masters program in Canada ranges from CA$14,000 to CA$24,000 for one year. However, it differs from the university to university. To get the details relating to an exact cost of a master degree for a particular program, it is advisable to check the university website.
Types of Education Loan accepted in Canada and Quantum of loan offered for Master degree:
The Canada Visa Immigration Officers accepts two types of overseas education loans for student visas i.e., Secured Education Loan and Unsecured Education Loan. These education loans can be availed from the Government Banks, Private Banks, NBFCs or International lenders. In case of unsecured loan, students can avail loan from the Nationalised banks, Private Banks, NBFCs or international lenders. Nationalised banks offer loan up to 7.5 lacs and Private banks offer 40 lacs for Prime A and 20 Lacs for Prime B universities respectively. NBFC offer up to 20 to 25 lacs of education loan and International lenders like MPower & Prodigy Finance sanctions as per the expenses mentioned in offer letter. For secured education loan, the loan amount totally depends on the market value of the property.
6-step Guide for Education loan for MS in Canada
Applicants can avail an overseas education loan from any of the financial lender institution as per their eligibility criteria. Mentioned below are the steps to avail an overseas education loan for Canada:
- Applicants are required to fulfil the academic requirement according to the university criteria
- After receiving the offer letter from the university, applicants can proceed for the overseas education loan.
- First, the applicants are required to proceed with the loan documentation process and submit the necessary documents to the bank.
- The bank takes up to the span of 15 to 20 days to acknowledge the education loan application.
- Once the loan is sanctioned, the bank disburses the tuition fee of the first semester.
- After the disbursement of the loan amount to the university, applicants can retrieve the Letter of Admission from the university.
Living Expenses to study in Canada:
Applicants must show the living expenses in advance that will be required while studying a master’s degree in Canada. They must open a GIC account to show the same as it is the proof of living expenses for Canada. For the living expenses, applicants must release an amount of CAD 10,200 i.e., approximately Rs. 5,50,000 towards GIC and retrieve the GIC Certificate. GIC is the short-term liquid investment for a limited period. Out of six banks like Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank and Canadian Imperial Bank of Commerce, students can choose any one to open their GIC account.
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