The student loan application is a lengthy process. You should start applying for the Study Loans for Canada as soon as you get the acceptance letter from the University you have applied to. Student Loan application is a complex, tedious process, and it should be approached carefully. Once you are accepted at a University, you will get an idea of the education and living expenses for Study in Canada.
The next step is to research for the Study Loans for Canada available at the banks. Check out which banks are giving you best deals on study loans and decide. Here are some of the parameters that you can apply to understand the Loan process and decide the best study loans for Canada:
Here is the list of documents required while applying for an Education Loan
Keep in mind that every bank will have different student loan requirements. These are the general documents required for Study Loans for Canada:
There are loans available for bachelors, masters and research programs. The banks prefer to provide loans to the students who are pursuing more job-oriented studies at Universities for obvious reasons. Moreover, it is always preferred that you enrol for a full time course at a Canadian University.
For SDS colleges and Universities, you are required to have CAD10000 in the Scotia Bank of Canada.
There are some basic eligibility criteria to apply for a Study Loan for Canada. You should consider these factors before applying for a loan:
The repayment of Student loans for Canada starts six months or one year after your study program is over. The repayment duration can be five to ten years from then. However, the repayment duration can vary with banks. For Example, SBI Ed-vantage has a repayment duration of 15 years.
Before deciding on a scheme, you should check the inclusions, the expenses that are covered in the loan, and which are not. These are some of the expenses that are included in different types of Study Loans for Canada:
If the loan amount is more than 750000 INR, you are required to provide tangible assets as security deposits to the bank. The securities can be buildings, properties, land, etc. The Parents are always co-borrowers in Study loans in Canada.
Under section 80E, the tax benefits can be claimed on the interest paid on the loan. After the repayment starts, the benefits can be claimed up to seven consecutive years.
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Categories: Canada