Education Loan for MBA in Canada through GoStudy Without Collateral

Getting an education loan for MBA in Canada through GoStudy without collateral, is the most imperative decision towards your career.

Your search for a perfect financial partner ends here with the help of GoStudy education loan services. GoStudy has covered all the major banks under one umbrella, and we provide the best services with the help of our expert team. Our team supports you with the best interest rates all over India in cities like Chennai, Bangalore, Mumbai, Hyderabad, Delhi, etc. You can get in touch with any of our team members to avail of our services.


9

Factors that help in getting an Education Loan for MBA in Canada through GoStudy Without Collateral

1

Academic record

The chances of availing an education loan for an MBA in Canada through GoStudy without collaterals are higher with good academic records.

2

Selection of University

GoStudy provides a comprehensive list of all the top universities.

3

Infinite opportunities

The future of MBA from a prestigious institution in Canada is absolutely bright and prosperous.

4

Scope of the course

The number of students applying for a postgraduate course in Canada is higher than in any other country.

5

Proof of Income not required

With the help of GoStudy, you can get a Non Collateral Education Loan for MBA in Canada through GoStudy simply on the basis of KYC verification.

6

Fasten your Sanction & Disbursement process

Avoid the legalities of collateral evaluation & get an unsecured loan based on your profile.

7

Unique Education Loan Product

GoStudy focuses more on your education profile and potential rather than focusing on your financial status.

8

Priority Education Loan Processing

Since, GoStudy has processed loans for various students in the past, your application for an unsecured education loan for MBA in Canada will be fast-tracked

9

Lowest Interest Rates In The Market

With GoStudy, you get access to the lowest interest rates, which are usually lower than the common interest rates provided in the market.


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Education Loan for MBA in Canada through GoStudy

Millions of students opt to pursue specialization courses in Canada. Hence, education loans have become extremely common among aspirants. This is one of the wisest financial decisions one can make, ensuring that we have access to funds solely responsible for supporting the cause as Canada has grown to be one of the most favored countries for pursuing higher education. There are many prestigious institutes that provide excellent quality education to students all over the globe.

While preparing to shift from one country to another, many obstacles hinder the journey of a potential student. One of the biggest hindrances is the expenses that are involved in the journey. We absolutely agree that the expenses are huge for any student who wants to study in Canada, and when you are taking hefty education loans, it becomes difficult to provide collateral such as a mortgage. But here is the good news! You can apply for an unsecured education loan for MBA in Canada through GoStudy. These expenses will cover all your costs, including travel, accommodation, lifestyle, etc.

Education Loan MBA in Canada Without Collateral
Education Loan MBA in Canada Without Collateral

Interest Rate For Education Loan To Study MBA in Canada through GoStudy without collateral

Interest rates play a very important role in the selection of any financial institution for applying for an education loan without collateral for an MBA in Canada through GoStudy . The interest rates vary according to the type of education loan you have chosen. Generally, the interest rates for education loans for MBA in Canada through GoStudy are higher than the secured education loans, but the documentation process in secured loans takes a lot of energy and time. When you decide to move abroad for your further studies, it becomes even more difficult to search for interest rates from various financial institutions that provide education loans for MBA in Canada through GoStudy . Therefore, we are providing all the information about the interest rates of different banks under one roof of GoStudy.

Although the interest rates of an education loan for an MBA in Canada through GoStudy without collateral are a bit higher, there is still a gateway of GoStudy, which will provide you with the lowest interest rate present in the financial market. Below is a comprehensive table of various financial providers with their market rates compared with the interest rates provided by the 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% 9.5%
Unsecured Education Loan (Others) 11.75% 11.50%

Furthermore, the following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan for MBA in Canada through GoStudy without Collateral:

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 expenses covered in an education loan without collateral Through GoStudy?

An unsecured education loan for MBA in Canada through GoStudy encompasses all the expenses that are required when you shift from your country to Canada. These expenses include travel, shopping, and lifestyle expenses. An education loan for an MBA in Canada through GoStudy helps you cover all your expenses and lightens your burden. A list of expenses covered by an unsecured education loan for a MBA in Canada through GoStudy is mentioned below:

  • Course fees
  • Accommodation cost
  • Visa application
  • Laptops
  • Medical expenses
  • Travel expense
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Stationary

Various banks provide non-collateral education loans for MBAs in Canada through GoStudy. These banks check your financial profile, academic background, economic stability, net income, and various other factors of applicant and co-applicant. Depending on these factors, an education loan for MBA in Canada through GoStudy without collateral is granted. The sanction of your unsecured education loan for an MBA in Canada through GoStudy also depends on the choice of your university, as the employability factor depends on the placement ratio of your university. Below are the names of a few banks which provide an education loan for an MBA in Canada through GoStudy:

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

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)

Unsecured Education Loan for MBA in Canada Through GoStudy

When you have an excellent financial profile or a stable economic status, then it becomes easier for the bank to grant an education loan for MBA in Canada through GoStudy . Many other parameters determine the sanction of a loan, like your employability factor, which mainly depends on your choice of institution. The credit and CIBIL score of the co-applicant also determines the sanction of an unsecured education loan for MBA in Canada through GoStudy . If you stand strong in all these factors, then you can claim an education loan without collateral for MBA in Canada through GoStudy of up to Rs. 50 Lakhs.

  • Government IDs of applicant and co-applicant
  • Academic background of the student
  • PAN Card
  • Score of competitive exams
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

Collateral For Education Loan In Canada Through GoStudy

A collateral education loan requires a lot of hassle and documentation process; therefore, you may go for a non-collateral education loan for MBA in Canada through GoStudy. But if you want to secure a lower interest rate, then you can opt for an education loan.

Collateral is an asset that you can keep as a mortgage against an education loan for MBA. Collateral can be kept as a mortgage against an education loan in any form, but it should not have any outstanding loan amount attached to them. When you apply for an Education loan to study in Canada with collateral through GoStudy, the process for loan sanction becomes easier from the side of the bank as the trust and reliability factor on the applicant. There are certain common collaterals that can be kept as a mortgage against your education loan:

  • Cash deposit in savings bank account
  • Fixed deposit
  • Any other legal residential property with no dues or repayments
  • Residential flat/apartment
  • Land
  • Surrender Value Certifications of Life Insurances that are equal to the amount that is required for sanction

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University-wise pre-approved amount for unsecured education loan to study in Canada

It is observed that most students move to Canada for their higher studies because of the environment that is offered by the prestigious institutes present in Canada. Therefore, it creates a huge demand for the education and finance department. There are many financial institutions that cater to the demand and supply of financial aid to students by providing an unsecured education loan for an MBA in Canada through GoStudy. Also, there are many institutes that provide excellent postgraduate programs for students all over the world. Below is the summation of all the universities which provide an unsecured education loan for an MBA in Canada through GoStudy:

List of Universities accepted by Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount

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 the Education Loan to study MBA in Canada through GoStudy Without Collateral

The expenses to study abroad in Canada are very high; therefore, even if you belong to a financially stable family, it is very important to have a co-applicant for two reasons. One is the kind of support you can get with the help of an economically strong co-applicant, and the other is that the involvement of a co-applicant will smoothen your process for loan sanction. The economic background of the co-applicant is checked and verified before the application for an unsecured education loan for MBA in Canada through GoStudy. You should be well prepared with the documents of the co-applicant. The documents include income proofs, government IDs, CIBIL scores, and credit history.

Your relationship with the co-applicant will also decide whether the co-applicant has creditworthiness or not. Below is the list of co-applicants that are generally accepted by various banks for the application of an education loan for an MBA in Canada through GoStudy without collateral:

  • First cousins
  • Siblings
  • In laws
  • Spouse
  • Parents
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan for MBA in Canada through GoStudy Without Security

You should check the eligibility criteria before applying for a non-collateral education loan for MBA in Canada through GoStudy. For example, one must have a confirmed offer letter from the side of University that cannot be revoked under any circumstances. There are certainly other important eligibility criteria that are very easy to fulfill. These criterias are mainly divided into four points which will be mentioned below.

  • Citizen of India
  • Minimum age of 18 years
  • Admission to prestigious institutions
  • CIBIL score should be met
  • Should have a financially stable co-applicant

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Documents required for Education Loan for MBA in Canada through GoStudy Without Collateral

There are certain common documents that are required for the processing of an education loan without collateral for MBA in Canada through GoStudy . The list of documents varies from one bank to the other bank, but the general list remains the same. You can consult GoStudy to smoothen the process of documentation and verification. A list of commonly required documents is given below for your reference:

  • KYC of applicant
  • KYC of co-applicant
  • Proof of income of the co-applicant
  • Relationship with co-applicant
  • Student’s Educational Documents
  • University Course Details
  • Documents of fee structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Income tax return of applicant and co-applicant
  • Government-id proofs
  • Bank Statement for Months of Co-Applicant

You can consult with the bank for the specific list of documents that are required from the bank’s side.

Process & Procedures For Unsecured Education Loan for MBA in Canada through GoStudy

The process of loan application starts by contacting the representatives present at the office of the GoStudy. There are many students who apply for an education loan to study MBA in Canada through GoStudy without collateral, and therefore, there is a huge demand for various financial institutions to provide financial support to the students who dream of studying abroad. The representatives at such financial institutions provide assistance on a virtual call to all those students who are unable to visit their branch. You can share the details about your course curriculum and the economic background of the co-applicant so that we can help you with the best guidance for applying for a non-collateral education loan for an MBA in Canada through GoStudy.

A list of documents is provided by the lender, which specifies all the requirements for the sanction of your education loan for an MBA in Canada through GoStudy without collateral. After you provide them with all the documents, the verification process starts, where all your documents are reviewed in the first round, which takes a time duration of 6-7 days, and thereafter, your application for an unsecured education loan for MBA in Canada through GoStudy is processed for sanction.

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

After the successful application of an education loan for an MBA in Canada through GoStudy without security, the process moves to the next part. The documents are successfully verified and reviewed from the bank’s side. After that, the application form Is forwarded for the sanction process. If your documents are correctly verified, then your sanction process speeds up. This sanction letter is an official record of your education loan for an MBA in Canada through GoStudy without collateral; therefore, it is extremely crucial that you keep the sanction letter secured. This letter will be required during your admission process to the University of Canada. It will have all the details like the tenure of the loan, name of the applicant, name of co-applicant, name of the guarantor, rate of interest, moratorium period, and the repayment period.

After the sanction letter is granted, the process of loan disbursement starts. The disbursement process takes a minimum duration of 10 days if all the process, like application, review, and sanction, takes place in an appropriate timeline. The disbursement of an education loan for an MBA in Canada through GoStudy without security is transferred directly to the account of the selected University. The rest of the expenses, like travel, shopping, and lifestyle, are transferred directly to the applicant's bank account so that they can be utilized correctly. The disbursement of an education loan to study MBA in Canada through GoStudy without collateral completely depends on the mutual agreement between the lender and the borrower.

Moratorium Period For Education Loan Without Collateral for MBA in Canada through GoStudy

The moratorium period is also known as the holiday period. It is basically a break given to the applicant before the process of repayment starts. As the expenses are huge when you take an education loan for MBA in Canada through GoStudy without collateral, therefore you get a suitable time before your employment to prepare for the repayment. While you are studying in an MBA college, you are given a break from the repayment till six months after your course completion or after you get fixed employment. In this period, you can choose to go for partial simple interest, where the minimum amount is Rs.2000 to be paid monthly, or you can choose to pay only interest every month to lighten your burden in the repayment duration. You must contact your bank and understand the moratorium period provided by the respective bank for an unsecured education loan for MBA in Canada through GoStudy.

Repayment of education loan for MBA in Canada through GoStudy

When your repayment process starts, there are various options through which you can repay your loan. You can even choose your education loan for MBA in Canada through GoStudy without security for a shorter duration, depending on your financial situation. If you choose a shorter tenure for repayment, then the interest paid for the education loan to study MBA in Canada through GoStudy without collateral becomes smaller. Below we have mentioned different types of repayment options for Non-Collateral Education Loan for MBA in Canada through GoStudy:

  • EMI
  • Simple Interest
  • Partial Simple Interest
  • Full Moratorium period

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

After taking an education loan for MBA in Canada through GoStudy without collateral, you are eligible for deductions on your EMI. You Can easily claim a deduction of interest on your education loan for an MBA in Canada through GoStudy without security by applying within the tenure of eight years from the date of repayment. If your repayment starts and you haven’t applied for tax benefits within the timeline of eight years, then you become ineligible for deduction under section 80E of the IT act. Please note that if your tenure payment is beyond eight years,, you are also not eligible under section 80E of the IT act. The deductions are made only on the interesting part of your loan amount and not on the principal of your education loan to study MBA in Canada through GoStudy without collateral.


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