Education Loan for MS in Canada Through GoStudy

Get an education loan for MS in Canada through GoStudy from the experts and pursue your higher education without worry!

GoStudy can help with an education loan for a masters in Canada, both secured and unsecured. GoStudy's exclusive education loan offers do not require collateral or a co-signer; instead, they consider the applicant's career path and academic success. GoStudy, represents major banking providers and NBFCs across India to offer the best education loan for MS in Canada for Indian students. Our expert teams operating in Bangalore, Chennai, Hyderabad, Mumbai, Delhi, Pune, Trivandrum, and Cochin can help you with everything you want!


9

Factors That Get You an Education Loan for MS in Canada Through GoStudy

1

Appropriate Age

You must be within 10 to 35 years of age during your application for the best education loan for MS in Canada through GoStudy with exceptions based on the excellence of the profile!

2

Strong Academic Record

An excellent academic track record facilitates speedy loan approval.

3

Admission to the Right University

GoStudy is associated with most Canadian universities for the best education loan for masters in Canada.

4

Co-Applicant's Regular Source of Income

If you are going for an unsecured education loan in India for MS in Canada through GoStudy, you must have a co-applicant with a regular source of income.

5

Future-Focused MS Programme

The MS course you choose to pursue in Canada shall also determine eligibility for an education loan for MS in Canada through GoStudy. GoStudy covers more than 90% of the courses.

6

Proper KYC Details

With GoStudy, it becomes easier for you to avail of an education loan for masters in Canada, as our experts help you get the loan based on your KYC instead of your income proof.

7

No Co-signer Requirements

Students can qualify for the best education loan for MS in Canada through GoStudy on their own without Cosigners.

8

Low Rates of Interest

GoStudy helps students avail the best education loan for masters in Canada at the lowest interest rates which is 0.5% to 1% lower than the prevailing market interest rates.

9

Streamlined Education Loan Procedure

At GoStudy, you can expect a simple education loan in India for MS in Canada procedure along with free assistance.


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Unsecured Education Loan for MS in Canada Through GoStudy

An unsecured education loan for a masters in Canada for Indian students through GoStudy is also known as a non-collateral loan. Banks and other lending organizations offer unsecured education loans for MS in Canada for Indian students through GoStudy only after evaluating the borrower's creditworthiness or collateral. You will get this loan only if you satisfy the eligibility criteria for an unsecured education loan for MS in Canada through GoStudy. Note that credit scores play an important role here.

The interest rate is usually higher for a non-collateral education loan for master's in Canada through GoStudy. Suppose you have GoStudy at your service. In that case, do not fret about the high-interest rates, as we can help you find the right lending organizations offering loans at affordable interest rates. Since you do not provide any collateral to the lending organization for loan approval, the loan repayment period will be shorter than a secured education loan for a masters in Canada for Indian students through GoStudy. It can be risky to avail of an education loan for MS in Canada for Indian students through GoStudy. You need to make a certain amount of repayment during the MS course period, and co-applicant income is one of the greatest evidence for loan approval.

Education Loan for MS in Canada
Education Loan for MS in Canada

Interest Rate for Education Loan for MS in Canada Through GoStudy

When you secure an education loan in India for MS in Canada through GoStudy, you need to pay back the principal loan amount and the additional amount charged for the loan. This is the interest rate for your education loan for MS in Canada through GoStudy, which depends on various factors like loan amount, period, rate range of the lender, and the co-signers creditworthiness.

The maximum duration for an education loan for a masters in Canada for Indian students through GoStudy is 10 to 15 years. Nevertheless, you must consider shorter loan duration to have fewer interest payments, though the EMI amount might go up in such circumstances. Consider using an EMI calculator to calculate the total interest payment you will have to make. This will help you decide on the loan duration and repayment plan.

Here is a list of the rate of interest offered on education loans for MS in Canada for Indian students 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% 9.5%
Unsecured Education Loan (Others) 11.75% 11.50%

To calculate the monthly installment on the best education loan for MS in Canada through GoStudy, use this mathematical formula:

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 covered in an Education Loan for MS in Canada Through GoStudy?

The best education loan for MS in Canada through GoStudy covers the total expenditure of a student's MS education in Canada. However, it might vary from one institution to another, and the cost of the MS program. Costs covered by the best education loan for masters in Canada through GoStudy include:

  • Tuition fee for each academic period
  • Accommodation charges, including transportation and utilities
  • Mandatory fees involve student activity fees, residence hall activity fees, recreation fees, new student fees, and student center fees.
  • Cost of books and other supplies; laboratory costs; computer or laptop expenses.
  • Miscellaneous expenditures like expenses for communication and leisure

Students can avail of an education loan in India for MS in Canada through GoStudy of up to 50 Lakhs and above for all the top Canadian universities. The loan amount sanctioned will depend on the job potential post-course completion, choice of university, and MS program. The entire procedure to avail of an education loan for MS in Canada through GoStudy is transparent and hassle-free. GoStudy's representatives ensure that every student's needs are met.

Below, you will find the list of financial organizations that offer an education loan for masters in Canada through GoStudy:

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

Following are the lists of the Costs Covered by Education Loan for MS in 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 MS in Canada Without Collateral Through GoStudy

Education loan scheme for MS in Canada through GoStudy is ideal for fetching loans of more than 20 lacs and abroad studies. However, that is a form of secured loan, and you need to pledge collateral. Unsecured education loans through GoStudy come under the student loan scheme and are ideal for students wanting to study in India. There are four different institution lists falling under the education loan scheme, which are AA, A, B, and C lists for technical and non-technical courses. AA list represents the top tier universities in India, like IIM, where you can get loans up to 40 lacs, and the C list comprises 92 universities for which you can get funding from 7.5 lacs up to 30 lacs. Up to 4 lacs, you need not pay any loan margin, but there is a 5% loan margin on the amount from 4.5 lakhs to 7.5 lacs. There are no processing fees on the loan amount, however, which is a bright side to be considered.

GoStudy is known to offer secured education loans mainly; however, their new offering of unsecured education loan for MS in Canada through GoStudy is pretty unique to meet your educational expenses. GoStudy’s unsecured loans are offered without any form of collateral and are ideal for students who want to enroll in some of the best universities. Owing to the nature of unsecured loans, you may need to spend a bit more on interest rates compared to secured education loans, but the holistic structure, moratorium period, and easy repayment options make it a good choice. You can also opt for loans of higher amounts than 7.5 lacs, but a tangible form of collateral security will be needed in that case. Education loan for MS in Canada without collateral through GoStudy will require a co-borrower to complete the application process, and several factors are taken into consideration. The co-borrowers income and the borrower’s projected income will be checked before sanctioning the loan. At the same time, the creditworthiness of both the borrower and co-borrower will be checked for deciding the loan approval.

Creditworthiness through a stringent credit score check is done prior to the loan approval, and it is relatively tough to qualify if you do not maintain a strong credit score of more than 750+. Below listed are some documents you need to submit to the bank to apply for an education loan for MS 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 Passport

Collateral for Education Loan for MS in Canada Through GoStudy

Collateral loans are secured education loans you can take by pledging something with greater financial value than the loan amount. The collateral you pledge for an education loan for a masters in Canada for Indian students through GoStudy serves as security. This protects the lending organization against money loss if you cannot pay back the loan amount. In case of default, the lending organization can sell off the asset to get back the loan amount.

The best education loan for MS in Canada through GoStudy with collateral comes at a lower interest rate than an unsecured education loan. As a borrower, you can offer anything as collateral, like immovable property, fixed deposit, or insurance policy against the loan. The approval rate for such loans is usually higher, but the student does not need to make any repayment while studying. The repayment period for such loans is higher than for unsecured education loans. Parental income is also not necessary for non-collateral education loan approval. Most private and public financial institutions and banks offer the best education loan for masters in Canada through GoStudy. Note that the sanctioned loan amount can vary based on collateral value. Accepted collateral for the loans are:

  • 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 for MS in Canada Through GoStudy

Many financial organizations and banks in India offer the best education loan for masters in Canada through GoStudy. Canada is globally recognized for providing top-quality education at affordable rates. With extensive post-study job potentials, immigration opportunities, and excellent quality of life, Canada stands out as one of the most popular MS study destinations for Indian students. Canada’s impeccable education system, with 28 universities ranking in the QS World University Rankings 2022 and 32 in the World University Rankings 2022, is why Indian students choose to study here.

Below, you will find the list of universities pre-approved by banks for an education loan in India for MS in Canada through GoStudy:

List of Universities accepted by Unsecured Education Loan through GoStudy

GoStudy’s Unsecured Pre Approved Education Loan Amount by banks

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

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Co-Applicant for Education Loan for MS in Canada without Collateral Through GoStudy

It is possible to get an education loan for MS in Canada through GoStudy without a financial co-applicant and not without a primary co-applicant. The primary co-applicant, co-borrower, or cosigner is the individual, preferably your parents or any immediate family member, who shares the loan repayment responsibility with you. Having a primary co-applicant is mandatory to obtain an education loan for a masters in Canada through GoStudy.

The financial co-applicant can also be the same individual serving as your primary co-applicant, or you may have some other individual to serve as your financial co-applicant as per the situation. You will need a co-applicant only when you get an unsecured education loan for a masters in Canada for Indian students through GoStudy. That's because you do not get a payment-free moratorium period when you borrow a collateral-free education loan from a private lender. You need to pay the interest to the lender during the moratorium period. Now, since you will be in Canada for your MS program and you also won't have any source of income, these payments need to be made by your co-applicant.

The list of individuals who can serve as a co-applicant for your unsecured education loan for MS in Canada for Indian students through GoStudy is as follows:

  • Spouse
  • Parents
  • Parents-in-law
  • Siblings
  • Paternal uncle and aunts
  • Maternal uncle and aunts

Eligibility Criteria for Education Loan for MS in Canada Through GoStudy

As the borrower of the best education loan for MS in Canada through GoStudy, you must clearly understand the eligibility criteria for the loan and qualify for the same. Note that specific eligibility criteria for the best education loan for masters in Canada through GoStudy can differ as per university or college. Still, the basic structure of eligibility rules remains the same. Requirements for education loans in India for MS in Canada through GoStudy are as follows:

  • Eligible Indian citizens above 18 years of age.
  • Excellent academic background
  • Should have secured admission at a recognized Canadian university with relevant documents to serve as proof.

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Documents Required for Education Loan for MS in Canada through GoStudy

As an applicant for an education loan for MS in Canada through GoStudy, you must provide all necessary documents and your loan application form when applying for the loan. You need to submit the documents below to avail of an education loan for a masters in Canada through GoStudy:

Documents for the Student or Primary Applicant

  • Residence proof like a driving license or electricity bill
  • Personal identification proof like a voter ID card or an Aadhaar Card
  • Birth certificate as age proof
  • Marksheets of class 10, 12, graduation
  • Previous academic records
  • Passport copy
  • Admission proof like a conditional admission letter, offer letter, or acceptance letter
  • Score sheets of examinations like the GRE and GMAT
  • Recent passport size photographs-2

Documents for the Co-Applicants

  • ID proof
  • Residence proof
  • Passport-size photographs-2
  • Bank documents like account statements and bank passbook copy
  • Income proof like salary slips

Process & Procedures for Education Loan for MS in Canada through GoStudy

It is very easy to get an education loan for a masters in Canada for Indian students through GoStudy, but the entire procedure can be lengthy. Hence, it is excellent to start with the loan application procedure minimum of 6 to 7 months before starting your MS program in Canada. First, you need to find the banks that offer education loans for MS in Canada for Indian students through GoStudy, along with their documentation and eligibility requirements. Next, calculate the money you will need to study MS in Canada. Now get your acceptance letter from a Canadian university of choice.

Compare the different alternatives offered by varied banks in the category of best education loan for MS in Canada through GoStudy and choose the best one. Once you have chosen a bank to get the best education loan for a masters in Canada through GoStudy, determine the loan amount and complete your loan application form.

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

If your loan is approved, your chosen bank will provide a loan document at this stage. You need to go through this entire document thoroughly before signing it. This document is the sanction letter affirming the approval of your education loan in India for MS in Canada through GoStudy. It will have all the basic details of the loan, like your course name; university name; amount sanctioned as an education loan; your name, your co-applicant name; interest rate on loan; loan repayment tenure, and moratorium period. Once you agree to all the terms in this sanction letter, your chosen bank will finally distribute the loan amount, either to your concerned bank account or the Canadian university of choice, for tuition fee payment. Loan disbursement is made in Indian Rupee, which can either be in parts or full, as discussed by both parties.

Moratorium Period for Education Loan without Collateral for Canada through GoStudy

As per the education loan scheme or model of the RBI, students are to be granted a moratorium before their loan repayment starts. All the government banks in India have this obligation to give a payment-free or grace or moratorium period to the students going for an education loan for MS in Canada through GoStudy. However, this grace period is not free of interest for students getting an education loan for masters in Canada through GoStudy from a private lending organization. Borrowers should pay simple interest on their principal loan amount for the entire moratorium period. You need to repay this interest along with the education loan amount in the form of easy EMIs.

Repayment of Education Loans for MS in Canada Through GoStudy

As far as repayment of the education loan amount is concerned, it depends on your chosen loan option. This is among the most important factors to consider when applying for an education loan for masters in Canada for Indian students through GoStudy, as you might not be able to work while studying in Canada. The loan repayment period generally ranges from 10 to 20 years and can vary as per the loan amount.

Different repayment options for an education loan for MS in Canada for Indian students through GoStudy include:

  • Simple Interest
  • Partial Simple Interest
  • EMI
  • Full Moratorium Period

The list below highlights the different repayment varieties and moratorium options available at varied financial organizations in India:

Tax Benefit for Education Loan for MS in Canada under Section 80E of IT Act Through GoStudy

An education loan in India for MS in Canada through GoStudy is eligible for tax deductions on the loan interest as per Section 80E of the Income Tax Act, 1961. Students availing education loans for MS in Canada can enjoy tax deductions for 8 consecutive years- from the year when the loan was taken to 7 consecutive years - till the loan interest is completely paid off, whichever takes place first.


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