Education

Financing Your Dream of Studying in Canada: A Guide to Loan Options

Canada has become one of the top destinations for international students due to its high-quality education system, multicultural environment, and opportunities for career growth. However, studying in Canada can be expensive, especially for post-graduate and master’s programs. Luckily, there are various loan options available to students who want to finance their studies.

In this article, we will discuss the various options of education loan to study in canada to get your dream of studying there realized.

How much does it cost to Study in Canada, for PG Programs & Master’s programs?

The cost of studying in Canada varies depending on the university and the program you choose. According to the Canadian Bureau for International Education, the average tuition fee for international students in Canada is INR 16,00,000 (CAD 26,565) per year. This amount can go up to INR 30,00,000 (CAD 53,130) per year for post-graduate and master’s programs in top-ranked universities.

In addition to tuition fees, international students also need to consider the cost of living, which includes accommodation, food, transportation, and other personal expenses. The cost of living in Canada varies from city to city, but on average according to Visa Norms, it is INR 6,00,000 (CAD 10,000) per year.

Which loan should you choose, Secured or Unsecured, considering the cost of study in Canada for Various Degrees?

When it comes to choosing Education Loan For Higher Studies Abroad, students have two options – secured and unsecured loans. A secured loan requires collateral, such as a property or a vehicle, whereas an unsecured loan does not require any collateral. Here are some factors to consider when choosing between secured and unsecured loans:

Secured Loan:

  • Lower interest rates compared to unsecured loans
  • Higher loan amount
  • Longer repayment period
  • Requires collateral
  • Longer processing time
  • Processing Fee is less

Unsecured Loan:

  • No collateral required
  • Faster processing time
  • Lower loan amount
  • Higher interest rates
  • Shorter repayment period
  • Processing Fee is High

Now that we have discussed the types of loans, let’s look at the most preferred degrees/programs international students choose to study in Canada, and which financial institution should you choose to get the loan approved in a jiffy.

PG Diploma – International Students and mainly Indian Students choose Canada as their study abroad destination for doing PG Diploma only. The duration of the program is 1 year; thus, the cost of education and living will be around INR 16,00,000 (CAD 26,565). This amount can be easily sanctioned by the NBFCs.

But you may question, why should Students choose NBFCs over Public & Private banks.

NDFCs have become a popular choice for students who want to finance their studies in Canada. Here are some reasons why students should choose NBFCs over private banks:

  • Streamlined application process – NBFCs have a straightforward application process that makes it easier for students to apply for loans.
  • Attractive interest rates – NBFCs offer competitive interest rates that are lower than private banks.
  • Flexible repayment terms – NBFCs offer flexible repayment terms that take into account the student’s financial situation.
  • No collateral required – All NBFCs offer loans without collateral, making it easier for students to get loans.
  • Serving Interest during Moratorium – NBFCs give options of partial interest payment. This option is not available in Private Banks.

Master’s Degree – Now when it comes to a master’s degree, the average cost of education and living is around INR 35,00,000 per year. The duration of the degree is 2 years; thus, the loan won’t be possible from an NBFC for everyone, but only for the applicants whose profile is really impressive in terms of their academics and their Parents Income Criteria.

Considering the cost of studying master’s in Canada, students may only have the option to opt for a secured loan, which is offered by many Best Bank For Overseas Education Loan. The pros of a secured loan are a higher loan amount, lower interest rates, and a longer repayment period. However, students should also consider the risks involved, such as the possibility of losing the collateral in case of default.

As cost-effective as Canada is as compared to other study abroad destinations, studying in Canada can be an expensive affair for some, but there are various loan options available to help finance your education. When choosing a loan, students should consider the cost of studying in Canada, the type of loan, and the lender. NBFCs offer attractive interest rates, flexible repayment terms, and a streamlined application process, making them a popular choice among students.

Additionally, students should consider whether the loan covers both tuition fees and living expenses. With proper research and planning, students can make their dream of studying in Canada a reality.

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