Canada is one of the top destinations when it comes to pursuing higher education. The country is the first choice of majority students due to the various advantages it has to offer.
The cost of education in Canada is quite budget-friendly and less compared to other overseas destinations. The educational institution in the country offers courses at various levels. They are namely,
• UG Diploma
• PG Diploma
• Bachelor’s degree
• Master’s degree
Cost of education in Canada
The major cost to study at an overseas university is the tuition fees. Here we have mentioned the average tuition fee required for a different course in Canada.
| Sr.No. | Study program | Average annual fee |
| 1 | Undergraduate program | $13,000 to $20,000 |
| 2 | Postgraduate master’s degree | $17,000 to $25,000 |
| 3 | MBA | $30,000 to $40,000 |
As mentioned above, it is the average cost to study in Canada however to get the details relating to any course at any university, it is recommended to go check the university website. Even if the expenses to study in Canada is quite budget-friendly, students do apply for an education loan for Canada.
Living Expenses in Canada
To show the living expenses required while studying in Canada, students must open a GIC account well in advance at any of the mentioned banks like Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank or Canadian Imperial Bank of Commerce. An amount of CAD 10,200 should be released towards the GIC account by the student, and they should retrieve the GIC certificate for the same.
Types of education loans accepted by the Canadian Embassy
The Canadian embassy accepts two types of overseas education loans i.e., Secured Education Loan and Unsecured Education Loan. Students can avail any of these loans from any financial institution like Nationalized Banks, Government Banks, NBFCs and International Lenders.
The financial institution has divided the Canadian universities into two categories. The nationalized banks offer an education loan for study in Canada up to 7.5 lakhs whereas the private banks offer up to 40 lakhs. This differs according to the university category. International lenders offer an overseas education loan for the complete amount as mentioned in the offer letter while NBFCs offer an overseas education loan between 20 to 25 lakhs. In the case of the secured education loan, the loan amount completely depends on the current market value of the property.
Steps to avail an education loan to study in Canada
Follow the mentioned steps to avail an overseas education loan to study in Canada:
• Frist and foremost, the applicants must fulfil the academic requirement as per the university criteria.
• On the basis of the offer letter, students must proceed to apply for an overseas education loan.
• Get a checklist from the financial institutions for the list of documents required to be submitted and begin with the documentation process.
• The financial institution checks the documents and sanctions the loan application within the span of 2 to 3 weeks.
• After sanction, an overseas education loan to study in Canada, the bank disburses the tuition fee for the first semester.
We hope you have got a brief idea about an education loan for abroad studies process for Canada, if you have any more queries do get in touch with ELAN loans
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