📘 All About Study Loan for Canada
Pursuing higher education in Canada is a dream for many Indian students. With world-class universities and work opportunities, Canada offers immense potential. However, the cost of studying abroad can be challenging. This is where a study loan for Canada becomes a key financial tool.
In this blog, Vizzve Finance brings you a complete guide on education loans for Canada, including types of loans, best banks and NBFCs, required documents, and how to apply.
🎓 Why Choose Canada for Higher Education?
Top-ranked universities like University of Toronto, McGill, UBC.
Work permit opportunities post-study.
Friendly immigration policies.
High ROI on education investment.
💰 Types of Study Loans for Canada
Secured Education Loan (With Collateral)
Offered by public sector banks with lower interest rates.
Collateral: Property, FD, etc.
Loan amount: Up to ₹1.5 Cr
Interest rate: 8.5% to 10.5% p.a.
Unsecured Education Loan (Without Collateral)
Provided by private banks and NBFCs.
No collateral required
Loan amount: Up to ₹75 Lakhs
Interest rate: 10% to 13.5% p.a.
🏦 Top Banks & NBFCs Offering Study Loans for Canada
| Lender | Loan Type | Max Amount | Interest Rate (Approx.) |
|---|---|---|---|
| State Bank of India | Secured | ₹1.5 Cr | 8.5% – 9.5% |
| ICICI Bank | Unsecured | ₹75 Lakhs | 10.5% – 12.5% |
| Axis Bank | Unsecured | ₹65 Lakhs | 11% – 13% |
| HDFC Credila | Unsecured | ₹75 Lakhs | 11% – 13.5% |
| Auxilo | Unsecured | ₹60 Lakhs | 11% – 13% |
| InCred | Unsecured | ₹75 Lakhs | 11% – 14% |
📋 Eligibility Criteria
Indian nationality
Admission letter from a recognized Canadian institution
Co-applicant (Parent/guardian)
Strong academic background
Proof of income or collateral (based on loan type)
📑 Documents Required
KYC of applicant & co-applicant
Admission proof
Academic records
Income proof of co-applicant
Collateral documents (if applicable)
Passport and visa
🚀 Loan Process Simplified by Vizzve Finance
Free loan counselling
Profile evaluation
Comparison from 15+ lenders
Application & documentation support
Loan sanction & disbursement tracking
📝 Tips to Improve Your Loan Approval Chances
Maintain a strong academic record.
Apply with a co-applicant with stable income.
Consider secured loans for higher amounts.
Apply early, ideally 3-4 months before visa filing.
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(FAQ) – FREQUENTLY ASKED QUESTIONS
Q1. Can I get a loan for Canada without collateral?
Yes. Many banks and NBFCs offer unsecured loans up to ₹75 lakhs based on your profile.
Q2. Is it better to take a secured or unsecured loan?
If you have collateral, secured loans offer better interest rates. Otherwise, go for unsecured options with NBFCs.
Q3. Can Vizzve Finance help me get better loan deals?
Absolutely. Vizzve partners with 15+ lenders to help you choose the most suitable education loan with minimal hassle.
Q4. How long does it take to get a loan sanctioned?
With proper documentation, unsecured loans can be approved in 7–10 working days.
Q5. Do I need to show funds for a Canadian visa if I have an education loan?
Yes. A sanctioned loan letter is accepted as proof of funds for visa purposes.
Published on : 23rd July
Published by : selvi
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