Education Loan for study in Canada.

At some point of time all Indian students have a dream to go abroad to study, the student does not know how difficult and difficult it is to study abroad. 

The most difficult task for a student to study abroad is that he does not get a study loan. Due to debt, 30% of the students are unable to go abroad for studies every year.

From today's article, I will tell you the complete details about how can I get Canada study loan. Where to get Canada study loan, what is Canada study loan interest rate, which bank lends Canada study loan. Is Collateral Required on Canada Study Loan?

Let's start, this article will go ahead by covering one point.First of all, let us know about the loan, what is a loan.

What is Loan?

A loan is considered when money is remitted to another party in exchange for repayment of principal and interest on the loan.

Before any party gets the loan, all the parties agree on all the terms and conditions of the loan.

Let us now know what are the types of loans.

  1. Home Loan.
  2. Gold Loan.
  3. Car Loan.
  4. Study Loan.
  5. Loan against property (LAP).
  6. Loans against insurance policies.
  7. Loans against mutual funds and shares.
  8. Loans against fixed deposits.

          Let's start with Education Loan for Study in Canada.

          Apply For study in Canada. 

          First, you will need to research Canadian colleges and study programs. 

          If you say in simple language, then you will have to do some research on degree and education program related to your study or course.

          You have to keep these things in mind while doing research.

          • Which subject do you want to study?
          • Do you want to do degree or do you want to do diploma.
          • What is the duration of your study course?
          • What is the study course fee structure.
          • Whether you have applied for reliable colleges and universities or not.
          After completing all these formalities, now it is the turn of the loan.

          After completing the research, you will have to do online registration first. After registration, you will get complete information about the complete fee structure.

          Documents to apply for Loan.

          There are certain conditions to be kept in mind before applying for the loan.

          If the loan is taken, then its interest and repayment is being done on time. You will not get the loan if you do not pay the repayment and interest. First of all, you have to repay the old loan taken.

          If you have never taken a loan before, your record is clear, then how to know whether you are eligible for the loan or not?

          For that, you have to check the credit score of your bank account by going to the bank in which you have an account.

          It has to be seen that the credit score of your bank account should be 750 and above.


          Credit Score List

          • 300 - 500      -   Poor.
          • 500 - 680      -   Average.
          • 680 - 800      -    Good.
          • 800 - 1,000   -    Excellent.

          Knowing the bank's credit score, you will then need a copy of your Canada College fee structure.

          One Xerox Your identity proof(Aadhar Card, Voter ID card Etc) and your Passport.

          2 guarantors who will Guarantee your loan.

          List of all the formalities to apply for the loan.
          • Bank Statement.
          • Canada Study Program Fee Scenario.
          • Identity Proof.
          • 2 guarantors.

          How to decide which bank to take a loan from?