Teenagers and youth are nowadays aware of everything. They are well-read, know what they want to pursue. In short, they are self-aware and know about what are the best choice for themselves. Most of the students are now planning to apply to an overseas university to pursue their higher education. This allows them to get international exposure. There are various financial institutions offering education loan in India for study abroad, when it comes to financing an overseas degree.
One of the top destinations, Canada is the first choice of students for pursuing higher education overseas. Canada is considered to be one of the budget-friendly countries as a result of which more and more students opt to study there. Apart from being affordable on the pocket, it is also known worldwide for offering excellent education and ample work opportunities for the students.
Canada offers four types of courses at the higher education level. They are an Undergraduate Diploma, Postgraduate Diploma, Bachelor’s degree, and a Master’s degree. The cost of studying in Canada is quite less as compared to other overseas destinations like the USA, UK, and Australia. An average tuition fee of an undergraduate program lies somewhere between $13,000 to $20,000, for postgraduate courses it is between $17,000 to $25,000 and for MBA it is $30,000 to $40,000.
Apart from tuition fees, another required amount is living expenses. An average amount of CA$10,000 is required annually to live as a student in Canada. This includes the rent of the accommodation, groceries, transport, extra activities, and other expenses.
The Embassy accepts two types of education loan for studying in Canada, Secured Overseas Education Loan and Unsecured Overseas Education Loan. There are government and private banks along with NBFCs and International Lenders who avail these two types of education loan. Some of the financial lenders are as follows:
• State Bank of India: Nationalized Bank
• Bank of Baroda: Nationalized Bank
• ICICI Bank: Private Bank
• Axis Bank: Private Bank
• Avanse Education Loan: NBFC
• MPower Finance: International Lender
In order to study in Canada, students will require a Canadian study permit which is also called a student visa. For this, students are required to apply at the Canadian Embassy. The cost to apply for a student visa is around CA$150. After receiving the letter of acceptance from the university, students can proceed to apply for a student visa to study in Canada.
So, these are some of the insights that you should know while making an online loan application for abroad studies to pursue higher education in Canada. If you still have any more queries, you can consider connecting with us at ELAN loans and we will assist you in your overall application process.
ELAN Loans is a specialized wing working in the education loan sectors for many years now. Our mission is to provide affordable funding options, end-to-end guidance while education loan sanction process before admission, first-hand assistance in showing ‘proof of funds’ to the universities. Check out our website and book a free counselling session with us today.
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