Education Loans For MBA in Canada through GoStudy

Succeed in your pursuit of MBA in Canada with an education loan for MBA in Canada through GoStudy. GoStudy is the paramount choice for education loans in India!

MBA, undoubtedly, it is no less than an expensive affair. The most challenging part is that top-rated universities in Canada have an extremely high fee structure. GoStudy funding is the best option for your MBA in Canada. At GoStudy, we have the most competitive education loan offerings for Indian aspirants. This is how we can assist Indian students looking for the best education loan for MBA in Canada through GoStudy with the most competitive deals.


9

Factors that get you an education loan for MBA in Canada through GoStudy

1

Selection of the University

There are plenty of top-rated universities offering the best MBA programs and courses. GoStudy can help you find the best MBA University with extremely beneficial educational loan options.

2

Academic Profile

Another factor is your academic profile which should be always excellent. Ensure you have no or a few backlogs for an education loan in India for MBA in Canada through GoStudy.

3

Collateral and Non-Collateral

At GoStudy, we offer you both collateral and collateral-free loan offerings based on your academic profile and financial status.

4

Employment Prospects in Canada

Being the most in-demand post-graduation degree, it offers excellent employment opportunities in Canada.

5

Future-Oriented Courses

GoStudy can provide you with the best platform for future-oriented programs. GoStudy has the most demanding programs for ambitious candidates for jubilant careers.

6

Simple Processing & Easy Approval

After evaluating your academic profile, GoStudy can let you deal with easy processing and approval of an education loan for MBA in Canada for Indian students through GoStudy.

7

Get up to 100% coverage

Nearly all of the costs you need to pursue an MBA degree in Canada will be covered by educational loan offerings at GoStudy.

8

Future Career Opportunities

GoStudy evaluates both the academic profile and financial status of students before approving an education loan for MBA in Canada.

9

Competitive Loan Interest Rates

Generally, the interest rate is approximately 0.5% - 1% lesser through GoStudy which is the lowest in the market.


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Education loans for MBA in Canada through GoStudy

Education loans are the most preferred funding option when it comes to financing higher studies in international countries like Canada. The cost of studying MBA in Canada varies according to the university and cost of living. Of course, there are good MBA universities in India, but Canada offers superior career opportunities with high living standards that attract Indian students to study there. Not every Indian student can afford to live and get educated in Canada. This is how an education loan in India for MBA in Canada through GoStudy comes to the rescue. Many financial institutions, private funding centers, and public banks have a wide range of education loans to offer at varying interest rates. We at GoStudy, can allow you to get the best student loan at the lowest interest rate based on your profile, financial ability, and other factors. There are generally 2 types of education loans a candidate can get if he/she wants to study MBA in Canada:

  • Secured education loan
  • Unsecured education loan

Secured education loans for MBA in Canada demand an applicant to attach an asset with the loan application. An asset can be property (land or house), insurance policies, FDs, etc. It comes with a low-interest rate, a long repayment period, and the approval of higher loan amounts.

On the other hand, there is an unsecured education loan for MBA in Canada for Indian students through GoStudy. With it, there is no need to attach any collateral or security. But it has a higher interest rate and a shorter repayment tenure. GoStudy offers both loan options, making a pathway for students to advance their careers in Canada.

Education Loan MBA in Canada
Education Loan MBA in Canada

Interest rates for education loans to study MBA in Canada through GoStudy

Every financial institution has a different rate of interest and repayment period when it comes to collateral education loans.

  • Public banks offer lower rates of interest with a 15-year repayment period.
  • Private banks come with longer repayment periods (up to 20 years) but comparatively higher interest rates.
  • Non-banking Financial Companies have very high interest rates with the shortest repayment tenure of up to 10 years only.

Talking about the collateral-free education loan for MBA in Canada for Indian students through GoStudy, these are:

  • Public sector banks have the lowest loan amount to offer up to 7.5 lakhs.
  • Private banks have the longest repayment periods with a higher interest rate only for selected colleges.
  • NBFCs come with a very higher interest rate with the shortest repayment tenure i.e., only 10 years, but only for selected colleges
  • International lenders offer higher interest rates.

GoStudy is the right platform for you when you want to pursue your dream of studying MBA in Canada, as we offer the most affordable interest rates without any worry.

Check out the table for interest rates for education loans for MBA in Canada charged by some well-known financial institutions in India:

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%

The formula used to calculate EMI on an education loan is as follows:

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

What are the costs covered in education loans for MBA in Canada through GoStudy?

When you apply for an education loan for MBA in Canada for Indian students through GoStudy, ensure you know the fund requirements needed to study there. It is also important to clarify which expenses are covered in education loans or are not. Here is the list of some expenses that are covered in education loans when it comes to studying MBA in Canada:

  • Tuition fees : It is an academic fee for each academic period in Canadian universities
  • Travel expenses : It covers expenses like a parking permit, airfare, monthly bus or train passes, etc.
  • Accommodation fees : These include on-campus or off-campus living expenses.
  • Study material cost : It covers the cost of buying books, electronic media (laptops or computers), stationery, etc.
  • Other expenses : These may include the cost of health insurance, visa application fees, competitive exam fees, etc.

With such expenses covered, a candidate can get a loan amount of up to 80 lacs by choosing any education loan type, like collateral-free or collateral-based. All parameters for approving a student loan may vary according to the profile of every student. The names of some financial institutions that can offer you the best education loan for MBA in Canada through GoStudy:

  • SBI
  • BOB
  • Axis Bank
  • ICICI Bank
  • Avanse
  • Incred
  • IDFC First Bank
  • HDFC Credila

Following are the lists of the Costs Covered by Education Loan in Canada for MBA through GoStudy:

Things covered under MBA 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)

Collateral-Free education loan for MBA in Canada through GoStudy

Collateral-Free Education Loans

Why should you worry about getting the best education loan for MBA in Canada through GoStudy with collateral if you have a collateral-free education loan option? No collateral is needed, but you will need to pay a higher interest rate. It has a shorter repayment duration. But there is a limitation of this student loan with no collateral. It owes to the higher risk of recovery for lenders. In an unsecured education loan, you will only get up to 7.5 lakhs, which is definitely not enough to fund the MBA course. But with GoStudy, you can make it possible with the help of our experts. Its processing time is up to 5 to 7 days. If you are capable of showing a higher credit score with income proof, then there are some chances of getting approval. Below listed are some documents you need to submit to the bank to apply for the best education loan to study MBA in Canada without collateral through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passpor

Collateral Education Loans

In a collateral-based education loan, you need to pay a low-interest rate with a long repayment period option. Getting a secured education loan is relatively simpler as the lender demands the asset in the form of security that can be used for a default in repayment. It is also essential to have a good credit score, which is the most common reason for the decline. An asset can be:

  • A house, flat, or apartment
  • A legal residential property without dues or repayment
  • Fixed deposit by a registered non-private or nationalized bank
  • A non-agricultural land
  • Life insurance policies having an amount equal to the amount needed for sanctioned education loan

The processing time for these loans can be up to 15 days. With GoStudy, you can make it faster than usual. Documents required for a secured education loan in India for MBA in Canada through GoStudy may depend on the financial institution or the loan amount you need.


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Collateral for Education Loan for MBA in Canada through GoStudy

Collateral is a form of security that you need to pledge to the lending institution against the loan amount. In certain cases where your financial portfolio is not strong or is a bit on the weaker side, collateral is required to approve the loan.

The list of accepted documents for the SBI education loan is mentioned below:

  • Property Title Deed and Registered Sale Agreement
  • Original Registration Receipt for the above-mentioned agreement
  • Allotment Letter by Municipal Corporation/ Any Authorized Government body like MHADA, CIDCO, HUDA, JDA, GIDC ETC (if applicable)
  • Encumbrance Certificate (EC) to be submitted for the previous 30 years. This collateral document is generally known as Link Document.
  • Valid Copy of the municipality-approved building plan or plot layout.
  • Latest property tax bill or Latest electricity bill bearing the same address.

University-wise pre-approved amount for education loan to study MBA in Canada Through GoStudy

We can find many universities in Canada offering different education loan options for students depending on their eligibility criteria, profiles, selection of the course, etc. Depending on whether you want a secured or unsecured education loan, many banks and financial institutions in India give you the best education loan for MBA in Canada through GoStudy. Check out the table below, which gives you the list of universities having pre-approved education loan offers:

List of Universities accepted by Unsecured Education Loan for MBA in Canada

GoStudy’s Unsecured Pre Approved Education Loan Amount for MBA in Canada

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 an education loan for MBA in Canada Through GoStudy

Getting an education loan with collateral is simpler and faster. But when you are going to apply for the best education loan for MBA in Canada through GoStudy without collateral, it is important that you fulfill a co-applicant requirement. You must show a co-applicant that acts as your guarantor in case of no collateral. Your co-applicant must have a monthly income of more than INR 35k in the case of a private bank. When it comes to NBFCs, your co-applicant must earn INR 20k per month. But the exact income requirement may differ according to the amount of an education loan you want to have. The list of co-applicants of an applicant that are accepted in many banks and financial institutions is mentioned below:

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

The age and relationship of a co-applicant also affect the creditworthiness of a candidate when it comes to getting an education loan for MBA in Canada through GoStudy.

Eligibility criteria for education loans to study MBA in Canada through GoStudy

Are you willing to know whether or not you are qualified to get an education loan in India for MBA in Canada through GoStudy? Here is the list of eligibility criteria that you need to meet before applying for an education loan in any financial institution:

  • You must be an Indian citizen.
  • Your age must be at least 18 years at the time of application.
  • You must be a graduate of a recognized college or university in India with at least 60%
  • At the time of application for an education loan, you must have an admission offer from a Canadian university or college offering an MBA program.
  • You must have a good CIBIL score.
  • You must have a co-applicant with you if you are interested in a non-collateral education loan for studying MBA in Canada.

Note: The eligibility criteria requirements may vary from one financial institution to another.


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Documents required for education loans to study MBA in Canada through GoStudy

When it comes to applying for an education loan for MBA in Canada for Indian students through GoStudy, a candidate needs to submit some documents as mandatory. The documentation can differ from candidate to candidate, as well as, from one financial institution to another. But you must know the basic documentation needed when you are eager to get a student loan for a Master’s Degree in Business Administration. If you have any confusion regarding the documents checklist, we at GoStudy, can help you realize what is needed the most. The below-mentioned is a list of documents you need to submit:

  • Completed loan application
  • Letter of admission with the course details, fee structure, and university details
  • PAN card
  • Aadhar card
  • Proof of residence
  • Voter ID
  • Academic records up to most recent education
  • Bank account statement from the last 6 months
  • Passport size photographs
  • IT return statement
  • KYC details

In case of no collateral education loan, there may be some other documents that you must submit, which include the KYC and proof of income of a co-applicant. Based on the education loan type, documents may differ.

Process & Procedures for an education loan for MBA in Canada through GoStudy

Canada is a dream country for Indian students. Due to many interesting career options available in Canada, almost every student in India wants to go to Canada for higher studies like MBA. If you fall in the same category, you should know the right procedure to apply for an education loan for MBA in Canada for Indian students through GoStudy. When you approach any of the funding partners in India, they explain their application processes clearly to avoid any problems in the end. This is why you must be familiar with the right procedure before applying for an education loan. Here is the stepwise procedure you should be well-acquainted with:

  • Make a list of banks, NBFCs, or other financial institutions, which provide education loans for MBA courses in a particular Canadian university, you wish to apply for
  • In the next step, you should decide on the amount of loan needed for an MBA program in a Canadian university/college
  • You must check the available options in terms of interest rates, maximum loan amount, collateral, etc., before finalizing the application.

Banks and financial institutions have different criteria to check your eligibility criteria. But they need a proper list of documents to submit, and the processing time they generally need is 5 to 7 days. Once they review and approve your education loan in India for MBA in Canada through GoStudy, they will disburse the loan amount at the earliest.

Sanction & Disbursement of Education Loan for MBA in Canada through GoStudy

If you are eligible and have submitted the documents correctly, no one can stop you from getting an education loan approval. The education loan for MBA in Canada for Indian students through GoStudy can be sanctioned and disbursed within 10 to 15 days (maximum time). After signing your loan agreement for MBA in Canada, the bank or financial institution disburses the amount. You will get the loan amount in installments or lump sum according to the agreement. In some cases, your tuition fees will get paid directly to the respective Canadian university. You should follow all the rules and regulations related to the Sanction and Disbursement criteria of a particular bank or financial institution.

Moratorium Period for Education Loans for MBA in Canada through GoStudy

Now talking about the repayment period for the best education loan for MBA in Canada through GoStudy, it is also an important factor to know that you should not miss at all. It begins one year after the completion of an MBA program or 6 months once you secure a job, whichever is earlier. The relaxation period you get with this education loan option is termed a moratorium. The duration of the moratorium period must be enquired about before applying for an education loan in India when it comes to studying MBA in Canada. Make sure you understand all the necessities and conditions before proceeding with the application process.

Repayment Option for Education Loan for MBA in Canada Through GoStudy

The period of repayment is normally 10 years but can be extended beyond that as well according to the terms and conditions of a bank or any other financial institution in India. Depending on the financial profile of an application, repayment options can vary, and it depends on the loan provider and what they will offer. Generally, an average of 12 months to 180 months can be approved, but it may change.

The various categories of repayment options for Education Loan for studying MBA in Canada:

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

Tax Benefit for Education Loans for MBA in Canada under Section 80E of IT Act Through GoStudy

There is a tax benefit for an education loan for MBA in Canada for Indian students through GoStudy. It is known as the education loan tax exemption policy. You can claim the interest you have paid on the educational loan as a deduction. You or your co-applicant can claim this deduction. Keep in mind; you can only claim this tax benefit once the repayment starts. You can claim it only for higher studies like MBA and if it is taken from banks/funding institutions in India.


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