Education Loan for Canada Without Collateral through GoStudy

Boost your dreams of studying in Canada with an education loan for Canada without collateral through GoStudy.

Are you looking for the best education loans for Canada without collateral to fund your dreams? Look no further than a GoStudy partnered non-collateral education loan for Canada. Our professionals ensure the process for non-collateral education loans for Canada through GoStudy is hassle-free. With offices in Coimbatore, Pune, Mumbai, Hyderabad, Chennai, Trivandrum, Cochin, and Delhi, GoStudy is always there for you.


9

Factors That Get You A Canada Education Loan Without Collateral through GoStudy

1

Fine-Tuned Academic Portfolio

Possessing a fine-tuned academic portfolio is of the utmost importance for procuring an unsecured education loan for Canada through GoStudy.

2

University Choice Matters

Your choice of university is very important, for the best offers on an education loan for Canada without collateral through GoStudy!

3

Prospective Academic Courses

The Prospect of academic courses in getting significant employment is a key parameter, and GoStudy covers 90% of the best courses available for you.

4

Endless Opportunities in Canada

The endless ocean of opportunities in Canada is one of the most important reasons for getting a non-collateral education loan for Canada through GoStudy.

5

Loan Without Income

GoStudy makes it possible for you to get a Non-Collateral Education Loan for Canada simply with your KYC.

6

Faster Sanction & Disbursement

Break free from the legalities of a collateral loan process and get an education loan for Canada without collateral through GoStudy based on your profile.

7

Creative Education Loans

We offer you the most creative and comprehensive loan products keeping in mind your future prospects, not just your financial profile.

8

Talented Team of Experts

Our highly skilled and talented team ensures you get the best loan schemes to cater to your personalized requirements.

9

Lowest Interest Rates In The Market

GoStudy offers the lowest rates of interest in the market, which are at least 0.5% - 1% lesser than other market loans.


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Unsecured Education Loan for Canada through GoStudy for Abroad Studies

Education loans are one of the most integral parts of education these days, with rising numbers of students wanting to study abroad in their dream universities across the globe. Taking education loans, such as an education loan for Canada without collateral through GoStudy, is apparently one of the wisest decisions students can make to shine their future prospects. Canada, with endless scopes and rising employment, is one of the best places for students to pursue their dream careers and kiss the summit of success.

However, when it comes to taking education loans, the first thing that may strike you is pledging an immovable asset as collateral security. This is where most students are disheartened and leave their dreams untouched. However, the good news is that we offer unsecured education loans for Canada through GoStudy. These loans cover the majority of the expenses that range - right from the Tuition Fee, Accommodation Costs, Travel, Food, Shopping, etc, when you are in Canada. With GoStudy, opt for the best Education Loan Canada Without Collateral to meet your requirements and shape your career dreams.

Nevertheless, the aforementioned expenses are not the only ones you need to take care of. With proper documents, you can even qualify for an education loan for Canada without collateral through GoStudy that can take care of other necessary expenses such as the buying of electronic gadgets and books prior to your travel & other travel-related expenses for making it to Canada.

Education Loan for Canada Without Collateral
Education Loan for Canada Without Collateral

Interest Rate For Education Loan To Study in Canada Without Collateral through GoStudy

For every loan sanctioned, financial lending institutions come with an interest rate for the repayment of the loan. Against the disbursement of an Education Loan for Canada without Collateral through GoStudy to meet your requirements, these interest rates are charged by lenders on the actual loan amount sanctioned. The credit score, co-applicant, income, age, and university are some of the parameters that judge the eligibility of your unsecured loan. The interest rates of these education loans for Canada without collateral are always on the higher mark compared to that of the secured loan interest rates in Canada. However, GoStudy makes sure that you are offered the least and most competitive interest rates on unsecured loans to help you shape your dreams of studying abroad. All your queries regarding Education Loans for Canada Without Security through GoStudy are always answered in detail and assisted by our trusted professionals.

The rate of interest for the Non-Collateral Education Loan for Canada through GoStudy is very flexible and lower & can periodically alter or may change depending on your credit score and the program profiling. The interest rate for these unsecured education loans is calculated using the Simple Interest method with clear transparency.

Below are the interest rates that are offered for education loans for Canada without Collateral through GoStudy:

Type of Education Loan

Education Loan Rate of Interest As Per Market

Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

Adding to that, the below formula is used for calculating the EMI based on the interest rate for Education Loan for Canada without Collateral through GoStudy:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What Are The Costs That Are Covered In An Education Loan Without Collateral In Canada through GoStudy?

When you opt for an Unsecured Education Loan for Canada through GoStudy, it covers all the necessary expenses comprehensively when you are in Canada. These expenses are namely tuition fees, accommodation, food, travel & other expenses abroad. Our partner financial institutions ensure all the expenses are taken care of, and they act as your financial friends rather than just lenders. Below listed are the areas that are covered for an Education Loan Without Collateral for Canada through GoStudy:

  • Tuition Fee
  • Living Expenses
  • Books
  • Laptops
  • Travel Tickets
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Visa Application Fee

An Education Loan Without Collateral for Canada through GoStudy can fetch you up to 50 lacs of INR for admission to the top universities in Canada. However, the amount of loan sanctioned will depend on the university choice, program choice, and the prospect of a job after course completion.

Following are the lists of the Costs Covered by Education Loan Without Collateral for Canada through GoStudy:

Things covered under Education Loan through GoStudy

Costs Covered by Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Education Loan for Canada Without Collateral Through GoStudy

Non-Collateral Education Loan for Canada through GoStudy parameters can change depending on the applicant's profile. But the entire process is completely transparent, flawless, faster, and convenient, helped by professionals to ensure all your ends are met. Below is a list of the financial lending institutions that offer education loans in Canada without collateral through GoStudy:

  • IDFC First Bank
  • ICICI Bank
  • Axis Bank
  • HDFC Credila
  • Avanse
  • Auxilo
  • Incred

You would have the perfect chance of easily qualifying for an Unsecured Education Loan for Canada through GoStudy if you have an offer letter of admission from any top university in Canada. Other criteria for an education loan for Canada without collateral through GoStudy are the course attended, choice of the university, and future job prospects upon the successful completion of the course. Financial institutions may grant you up to 50 lacs of Unsecured Education Loans for Canada through GoStudy, depending on your financial and academic profile both. In the case of a Non-Collateral Education Loan for Canada through GoStudy, the creditworthiness of the candidate may decide the parameter of sanction and disbursal. The higher your credit score is, the better the chances of sure approval of an Education Loan Without Collateral for Canada through GoStudy.

The below list of documents is required to initiate a Non-Collateral Education Loan for Canada through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • A co-applicant Income Proof is also not required in many cases
  • PAN Card
  • Academic Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

Collateral For Education Loan In Canada through GoStudy

When you can easily qualify for a non-collateral education loan for Canada through GoStudy, you don’t need to go through any other loan hassles. But just to inform you, the below-listed collateral documents are required for collateral education loans in Canada. Notice carefully.

Any immovable property or asset that you keep as a pledge against the loan amount disbursed and accepted by the financial lending institution is known as collateral. There can be many different types of assets. The loan where you pledge collateral against the loan amount is known as collateral or secured loan. If your financial profile isn’t up to par and you are not eligible for an Education Loan for Canada without Collateral through GoStudy, this is the kind of loan you need to opt for. If this is the case where you are not qualifying for a non-collateral education loan for Canada without security through GoStudy, you may check out these accepted collateral documents:

  • House/Flat/Apartment - A personal residential property that has no dues/any standing loan on it
  • Any other legal residential property with no dues or repayments
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end of the manager of the institution assigning it in favor of an education loan in Canada without collateral through GoStudy.
  • Surrender Value Certifications of Life Insurance that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

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University-Wise Pre-Approved Amount For Unsecured Education Loan To Study In Canada through GoStudy

The rising demands for students approaching collateral-free education loans have led to most Indian banks and NBFCs offering comprehensive schemes for unsecured education loans for Canada through GoStudy. Canada is the home to the top 10% of the most designated universities for postgraduate studies, and hence, ample numbers of lenders are there to offer you comprehensive loan schemes. With the whopping numbers of more than 50,000 students approaching Canada each year and that also growing substantially, you will not fall short of lenders offering Education Loan To Study in Canada Without Collateral through GoStudy. Below universities listed are pre-approved by the banks for an unsecured education loan to study in Canada through GoStudy.

List of Universities accepted Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount by Other Providers

Algoma University 40 Lakhs (Approx)
Dalhousie University 40 Lakhs (Approx)
Acsenda School of Management 40 Lakhs (Approx)
Concordia University 40 Lakhs (Approx)

Co-applicant for Canada Education Loan Without Collateral through GoStudy

To make sure of your chances of being eligible for an unsecured education loan for Canada through GoStudy, keeping a co-applicant is of the utmost importance. Financial institutions will always ask for a co-applicant even if you have surplus assets, wealth, and a sound financial profile. This is to ensure the safety of the loan amount disbursed, as when a student goes to study abroad, he/she will not be able to repay the loan immediately and will have no source of income by that time. The main parameters deciding the loan eligibility and creditworthiness of the co-applicant are the credit score, net worth, income source, asset availability, and financial history.

In short words, the role of a co-applicant is to offer security to the bank loan that in case the applicant is unable to repay back under unforeseen circumstances, the co-applicant can repay back the loan on time.

Below is the list of co-applicants for Non-Collateral Education Loan for Canada through GoStudy that lenders accept:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan for Canada Without Security through GoStudy

Non-Collateral Education Loan for Canada through GoStudy comes with easy requirements that are hassle-free and takes no time to acquire. As the foremost eligibility criteria for an unsecured education loan for Canada through GoStudy, candidates must acquire a firm/unconditional/confirmed offer letter offered by the Canadian university of their choice. This proves that the student has successfully met all the admission criteria and that the admission cannot be revoked at any point in time. Alongside, a few more education loans without collateral for Canada through GoStudy requirements are as follows:

  • A citizen of India who is at least 18 years old.
  • Has a valid co-applicant or a co-borrower, working in India or anywhere in the world, or self-employed in India. The person should be either Parent, Parent-in-law, Spouse, Siblings, Maternal & Paternal Uncles & Aunt.
  • The minimum CIBIL score for an education loan without collateral for Canada must be met

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Documents required for Education Loan for Canada Without Collateral through GoStudy

The documentation process for Canada Education Loan Without Collateral through GoStudy may vary depending on the individual applicant case, but eventually, the checklist almost stays the same. GoStudy experts make it convenient and hassle-free for you to get the loan, and the entire process seems like a cakewalk. The below list of Education Loan Without Collateral for Canada through GoStudy documents is as follows:

  • Student’s KYC
  • Student’s Educational Documents
  • University Course Details & Fee Structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant

Additional documents may be required for obtaining a Non-Collateral Education Loan for Canada through GoStudy, which is dependent on the sole discretion of the financial lender and varies from case to case.

Process & Procedures For Unsecured Education Loans for Canada through GoStudy

The huge demand for Education Loan To Study in Canada without collateral through GoStudy every year by thousands of students has opened up multiple avenues to explore. This has led the financial lenders to open up multiple schemes for Education loans for Canada Without Collateral through GoStudy. Unsecured Education Loan for Canada through GoStudy starts with the student filling up details such as applicant details, university details, co-applicant details, program details, loan amount, and other important information. Complete and valid identification of the co-applicant is necessary to be submitted to the bank.

Post the first rounds of information & financial checks; a loan offer letter is sent with complete details asking for papers and information to proceed to the next sanction step. The Education Loan To Study in Canada Without Collateral through GoStudy may take anything between 5 to 7 days to process. Upon successful verification and signing of the agreement, the loan amount is sent to the applicant or university through DD, cheque, or electronic transfer.

Sanction & Disbursement of Education Loan Without Collateral for Canada through GoStudy

When the loan is approved, a detailed sanction letter with the course name, university name, education loan quantum, applicant’s name, co-applicants name, guarantor’s name (if applicable), rate of interest, repayment tenure, moratorium period, etc., to mention a few. The letter also has all the terms and conditions mentioned in it. The letter has to be an authentic and complete sanction letter, but not an in-principle letter with all details mentioned in it. In-principle letters are actually not authentic, and they attest that there are pending documents and applicants haven’t fulfilled all criteria yet.

After the sanctioning of the Education Loan for Canada Without Collateral through GoStudy, the funds are sent to the university for the repayment of tuition fees, and a part is sent to the applicant or co-applicant account, whichever is agreed on in the agreement. The disbursal is made in Indian National Rupee (INR) that can either be in part payments or full at once to the account of the applicant or university as set by the protocols of the lender.

Moratorium Period For Education Loan Without Collateral for Canada through GoStudy

The moratorium period is actually the timeline between the sanctioned date and the first EMI date. During this period, the student is abroad pursuing their studies, so they need not pay any EMI and can make a small partial interest payment. Most banks and NBFCs in India offering unsecured education loans for Canada through GoStudy come with moratorium periods. The small fraction of interest paid during this can be as low as 2000 INR, which needs to be paid until the completion of the course and getting employed. Thereby, understand and learn more about the moratorium policies and period before you sign up for the loan.

Repayment of Education loan for Canada Without Collateral Through GoStudy

Education loan for Canada without collateral through GoStudy comes with easy repayment options that can range anywhere between 12 months to 180 months on average. You have the full freedom to choose the repayment tenure based on your preference and convenience but make sure to pay punctually at that time. In certain cases of weak financials and credit background, banks or lenders will decide the repayment period and options for you.

The distinct types of repayment options for Non-Collateral Education Loan for Canada through GoStudy are::

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is not offered by Avanse

Tax Benefit For Unsecured Education Loan for Canada through GoStudy under Section 80E of IT Act

As per Section 80E of the IT Act, in the case of an Education Loan for Canada Without Security through GoStudy, students can claim the full EMI amount to be paid for the specific fiscal year. Applicants, their spouse, children, or any legal guardian who took responsibility for Canada Education Loan Without Collateral through GoStudy can claim these tax benefits. This tax exemption is applicable for all the courses abroad for which the loan is granted to the applicant. The rule does not mention any cap on the tax exemption, but you must make sure to repay within 8 years of interest repayment. The tax benefits under this section are only applicable to candidates who have made their repayment on time, so make sure you do that.


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