There are numerous ways to get loans to study in Canada. In India, you can apply for education loans through private banks, nationalized banks, cooperative banks, NBFCs, and international lenders. In most cases, loans cover full tuition fees, living costs, flight charges, and other miscellaneous expenses, given that you meet specific bank requirements, mainly a Letter of Acceptance (LoA) from the university you have applied to, type of university, course type, etc.
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Top 10 Indian Banks for Educational Loans to Study in Canada
The table below lists the top 10 Indian banks that can provide educational loans to study in Canada. The list includes nationalized banks, private banks, NBFCs, Cooperative banks, and other private lenders. Compared to different lenders, the interest rates for educational loans from the public sector or nationalized banks will be relatively lower, and they will also offer a better moratorium period. The interest rates generally depend on the loan amount and the bank chosen, with an average rate ranging from 8% to 15%.
|
Bank Name |
Bank Type |
Average Interest rate per annum |
|
State Bank of India |
Nationalized bank |
8 – 12% |
|
Punjab National Bank |
Nationalized bank |
9.25 – 12.75 % |
|
Bank of Baroda |
Nationalized bank |
8 – 14 % |
|
ICICI Bank |
Private bank |
9.5 – 14.25 % |
|
HDFC Bank |
Private bank |
9.5 – 13.25 % |
|
Axis Bank |
Private bank |
9.5 – 12.75 % |
|
Union Bank OF India |
Nationalized bank |
8 – 13 % |
|
Canara Bank |
Nationalized bank |
9.25 – 11.25 % |
|
MPower Finance |
Private Lender |
10 – 17 % |
|
Saraswat Co-operative Bank |
Cooperative Bank |
8 – 10 % |
Eligibility Criteria for Educational Loan to Study in Canada
To be eligible for an education loan to study in Canada, you must meet the following requirements:
- Must be an Indian citizen
- Proof of identity and permanent address, such as aadhaar, Voter ID, PAN Card, or Passport
- Proof of educational qualifications, such as mark sheets, certificates, etc.
- A Letter of Acceptance (LoA) from the university you are admitted
- Proof of language proficiency is obtained through tests like IELTS, TOEFL, etc.
- Statement of study cost provided by the institution
- Proof of identity and address of co-applicant or guarantor
- The co-applicant or guarantor must have a good credit score and a stable income
- Provide proof of finance from the guarantor, such as salary slips, bank statements, etc.
- Collateral, such as property documents, fixed deposits for higher loan amounts
Requirements to study in Canada
The requirements to study in Canada are as follows:
- Must be enrolled in a Canadian Designated Learning Institute (DLI)
- Proof of sufficient finance to support yourself in Canada
- Letter of Acceptance from a Canadian university
- Proof of no criminal record
- You must demonstrate your intent to leave Canada after studies
- Proof of language proficiency in English or French
- SOP, educational transcripts, LORs, and other supporting documents
- Medical certificate and health insurance
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