GoStudy Partnered Education Loan to study in Canada

Secure unparalleled education and fund your study with the best education loans through GoStudy to study in Canada.

At GoStudy, our main motive is to assist them with some of the best education loans through GoStudy to study in Canada. Our offices are everywhere, starting from Hyderabad, Chennai to Pune, Bangalore, Trivandrum and Delhi, Cochin, etc., to help you fund your dreams. Our financial partners ensure the most comprehensive education loans to study in Canada through GoStudy.


9

Factors That Can Get You An Education Loan to study in Canada through GoStudy

1

Excellent Academic Profile

You need to have an excellent profile in academic background with proven credentials to procure an education loan to study in Canada through GoStudy.

2

University Choice

Your choice of university in terms of job prospects can directly impact the education loan to study in Canada through GoStudy.

3

Future Focused Programmes

GoStudy has covered 90% of the most intriguing and popular programs from Canadian universities in terms of your future job prospects.

4

Extensive Opportunities in Canada

Immense opportunities in Canada await the most brilliant minds, and we help you with this by fetching you an education loan for Canada in India through GoStudy.

5

No Income Proof is Required!

Simply based on your KYC, you can easily avail of compelling education loans to study in Canada through GoStudy.

6

Easy Sanction & Disbursement

You do not need to go through hectic loan processes and legalities as we help you with the faster sanction and easy disbursement of the loan.

7

Comprehensive Education Loan Product

GoStudy can help you procure cheaper and lucrative education loans to study in Canada so you can study worry free.

8

Loan Processing on Priority

With splendid experience under the belt, GoStudy partnered credit managers can process your loans in no time.

9

Lowest Interest Rates In The Market

Take advantage of the interest rates which are 0.5% to 1% cheaper than other providers through GoStudy!


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Education Loan to study in Canada through GoStudy

The harsh rise in the costs of studying and staying abroad and the never-ending expenses have forced students to get more inclined towards taking education loans. Well, when you opt for an Education loan to study in Canada through GoStudy, it not just helps you accomplish career expectations easily but that too in the most hassle-free and safer way. Education loans through GoStudy to study in Canada are equipped with multiple benefits that cover all your expenses, save substantial money, and always make sure that you are funded well on time when it comes to education and accommodation. Education loans through GoStudy for Canada in India are made more unique and easy by the initiatives adopted by GoStudy and its financial partners.

Coming to education loans to study in Canada through GoStudy, you would probably hear two different kinds of loans- secured loans and unsecured loans. Although you would come across another category named partially secured loans, the aforementioned two kinds are most prevalent among all. The rising demands for reliable and hassle-free education loans have led many banking organizations and NBFCs to start offering interesting and money-saving schemes for various Canada education loans in India through GoStudy. The diverse categories of expenses covered under these loans range - right from your Academic Fees, Rents, Traveling, Foods, Shopping, etc., while you are trying to pursue your career accomplishments. An education loan for Canada in India through GoStudy can cover all your expenses, fund your study and stay without interruption and take your career to the next level.

Alongside the primary expenses of education and university fees, there are many more added expenses that you may need to incur as well. GoStudy can help you find the best education loans to study in Canada through GoStudy, which can compensate for any kind of expenses ranging from the buying of any electronic gadgets and study materials prior to traveling & other traveling expenses for making it to Canada for study.

Education Loan to Study in Canada
Education Loan to Study in Canada

Interest Rate For Education Loan To Study in Canada through GoStudy

Interest rates on the loan repayment are charged on any amount of loan students acquire from any banking institution. The case is similar for education loans to study in Canada through GoStudy, where banking organizations or financial lenders charge an interest rate on the sanctioned education loan amount. The credit score, course selection, co-applicant income, and job prospects, to name a few, will decide the interest rate that is to be levied on the loan. The better your portfolio is, the better your chances of securing higher loan limits for education loans through GoStudy to study in Canada. The interest rate for an unsecured education loan in Canada is comparatively a little higher than a secured loan. However, with GoStudy, you will be able to get the most competitive rates on both secured and unsecured that are available in the market to ensure that your dream of studying abroad comes true. Our team of experts ensures that you get all of your queries cleared regarding Education Loan through GoStudy for studying abroad in Canada.

Unsecured Education Loan through GoStudy for studying abroad in Canada has better and more flexible interest rates with GoStudy, and it may change over time based on the program profiling and credit due. A simple interest formula with monthly rest is being improvised to calculate the interest rate on the education loans to study in Canada through GoStudy.

Below are the interest rates they are offered on education loans through GoStudy to study in Canada without Collateral:

Type of Education Loan

Education Loan Rate of Interest As Per Market

Education Loan Rate of Interest in Canada 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 following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan to study in Canada 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 to study in Canada through GoStudy?

Education loans to study in Canada through GoStudy can cover almost 90% - 100% of the expenses in most cases, which include education, traveling, and shopping budgets. The expenses that get compensated are your course fee, accommodation and rent, food, travel & other expenses. Our trusted and experienced financial partners ensure every need of the students in terms of fund allocation are taken care of intricately and that the remittance is done in a hassle-free way without interruptions. Below is the list of the cost covered in an Education Loan Without Collateral for Canada through GoStudy:

  • Academic or Course Fee
  • Living Expenses
  • Books
  • Computer or Laptops
  • Traveling Tickets
  • Health Insurance Plans
  • Any Electronic Gadgets
  • Other Application Expenses
  • Competitive Exam Fees
  • Visa Processing Fees

By taking comprehensive Education loans to study in Canada through GoStudy, a student can qualify for higher loan amounts of up to 50 lakhs depending on certain defining parameters. Some factors that decide the right loan amount eligibility are the university choice, course choice, and post-completion employment prospects.

Following are the lists of the Costs Covered by Education Loan 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)

Non-Collateral Education Loan through GoStudy for Canada

Nevertheless, the various parameters for Non-Collateral Education Loan through GoStudy for Canada can vary depending on individual candidates. To top it all, the process is fully transparent & hassle-free with their representatives available to make sure every need is taken care of. Below is a list of the financial institutions that provide an education loans to study in Canada through GoStudy:

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

If you can get an admission offer letter from any of the top Canadian universities, you have substantial chances of procuring a higher-valued unsecured Education Loan to study in Canada through GoStudy. Some other parameters that can directly affect or enhance the eligibility for an education loan through GoStudy to study in Canada without collateral are the programs attended by candidates and the future career or employability prospect post-program completion. With GoStudy, you can easily procure education loans for Canada up to 50 lakhs. Nevertheless, a very strong financial profile and academic background are required to secure the loans. The sanction quantum and disbursal of the non-collateral Education Loan for Canada are determined by the creditworthiness of the candidate. The higher your credit score is, the higher the chances of procuring a higher loan amount to study in Canada.

Below listed documents are required to initiate the process of obtaining a Non-Collateral Education Loan to study in Canada through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter of Admission
  • Co-Applicant and their income proof (not requirement in many cases)
  • Academic Papers or Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport
  • PAN Card

Collateral For Education Loan In Canada through GoStudy

When you acquire GoStudy’s assistance, you will not have to face any complicated formalities or other hectic loan processes, as experts can help you attain the best education loan to study in Canada through GoStudy. As mentioned earlier, there are a couple of fundamental types of education loans through GoStudy to study in Canada, but let us now glance at the collateral or secured Canada education loans in India through GoStudy.

Collateral loans can save substantial amounts of money for you with better interest rates, longer loan tenure, and higher loan values. Collateral loans are when you keep any form or assets as security against the loan amount, such as immovable property, gold, or fixed deposit, which in turn the lender accepts. Based on the primary requirements and candidate profile, these categories of assets or pledges may vary for individual cases. Canada education loan through GoStudy in India comes with an easy process, so there is nothing for you to worry about. These collaterals or secured loans are the best options if you have a strong financial portfolio, a better credit score, and assets to pledge. Individuals who cannot qualify for an unsecured education loan to study in Canada through GoStudy are also recommended to go with the collateral education loans. Let us glance at some important documents that are accepted as collateral security:

  • House/Flat/Apartment - Any residential property with no outstanding dues/any existing loan
  • Any form of legal property with no credit dues on repayments
  • FD by a registered NBFC or a nationalized bank, with an affirmation letter from the manager in favor of the education loan to study in Canada.
  • Surrender Value Certifications of LIC equivalent to the sanctioned loan amount
  • Non-Agricultural land falling under legal parameters

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University-wise pre-approved amount for Education loan to study in Canada through GoStudy

Most Indian banks and leading NBFCs offer the best and the most comprehensive Canada education loans in India through GoStudy due to the increasing demands of students wanting to get funds for pursuing their dream careers in Canada. Canada has an advanced economy and boasts some of the finest universities, for which the financial lenders are comfortable in lending you impressive education loans through GoStudy to study in Canada with ease. With the rising number of students, which is now more than 25,000+ wanting to study in Canada, falling short of lenders offering suitable education loans through GoStudy for Canada in India is out of the question. Below is the list of universities that have been pre-approved by the banks for an unsecured education loan to study in Canada through GoStudy

Canada Universities

Pre-approved unsecured education loan amount to study in Canada through GoStudy

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 in India through GoStudy

To ensure 100% approval chances of both secured and unsecured education loans, you need to make sure you have a co-applicant in place. It does not matter whether you have substantial wealth, assets to pledge, and a brilliant credit score, but still, lenders will most times ask for a co-applicant because while studying abroad being funded with an education loan to study in Canada through GoStudy he or she will have no income source, hence a co-applicant acts as a security to the financial lender. The co-applicant's creditworthiness is judged by their age, relation with the applicant, income, credit score, assets value, and financial portfolio, to name a few.

Co-applicants work as a form of guarantee to the loan where in any case if the student is unable to repay, the co-applicant can take responsibility and repay the education loan through GoStudy for Canada in India.

Below is the list of co-applicants for Education Loans through GoStudy for Canada in India that are accepted:

  • Parents
  • Parents-in-law
  • Husband or Wife
  • Brothers or Sisters
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan to study in Canada through GoStudy

The primary requirements of an education loan to study in Canada through GoStudy are absolutely simple and in sync with the convenience of the student. Students need to acquire an unconditional admission letter offer from any prestigious Canadian university to qualify for the best education loan for studying abroad in Canada through GoStudy. This means that the student has accomplished all the eligibility criteria for admission and that the admission offer cannot be revoked at any point in time. Apart from that, there are a few other requirements for an education loan for Canada, which are as follows:

  • Indian Citizen who must be 18 years old.
  • Valid Co-applicant, employed in India or anywhere across the world, or self-employed. They must be any legal guardian, Spouse, Siblings, Maternal & Paternal Uncles & Aunt.
  • The CIBIL for an education loan to study in Canada should be at par.

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Documents required for Education Loan to Study in Canada through GoStudy

The required documents for an education loan to study in Canada through GoStudy are always the same for all candidates except for a few instances. However, some documents may change depending on the profile of the candidate. At GoStudy, our experts make sure it is a cakewalk where we help you understand what is needed. The list of documents that are required for an Education Loan to study in Canada through GoStudy are as follows:

  • KYC of the Student
  • Student’s Academic Documents
  • Course Details & Fee Layout
  • Unconditional/Firm/Confirmed Admission Offer Letter
  • KYC of the Co-Applicant
  • Proof of Income for the Co-Applicant
  • Student ITR - 3 Years (If Applicable)
  • Co-Applicant ITR - 3 Years
  • Birth Certificate
  • Co-Applicant Relationship Proof
  • Bank Statement for 12 Months of Co-Applicant

It is at the sole decision of the provider and the economic stature whether any more documents are needed for the successful sanctioning of an Education Loan for studying abroad in Canada through GoStudy.

Process & Procedures For Education Loan to study in Canada through GoStudy

Owing to the massive demands for education loans to study in Canada through GoStudy, most banking organizations and NBFCs have put in place some of the most comprehensive and affordable education loans through GoStudy to study in Canada. The process starts with the applicant informing about the amount of education loan to study in Canada through GoStudy along with personal details, university/college information, co-applicant details, course attended, course tenure, or other associated details. The co-applicant identity should be clear and checked carefully.

A formal letter for the proposed loan will be sent to the applicant once the first round of checks and verifications, along with document submission, are done. The time to process is usually 5-7 days for an Education Loan To Study in Canada through GoStudy. When the details are reviewed, and the loan agreement is signed, the loan amount is sent quickly through a Demand Draft, through Cheque, or other form of Electronic Transfer.

Sanction & Disbursement of Education Loan to study in Canada through GoStudy

After the loan approval and sending the loan offer letter, the sanction letter will be sent post verification with details such as applicant information, co-applicant details, course names, EMI amount, moratorium time, guarantor details, if any, Rate of Interest, repayment tenure, and all other crucial information. It will also constitute all the terms and conditions pertaining to it. This letter should be a complete sanction letter rather than an in-principle letter since most universities reject in-principle letters as it does not attest to the eligibility of the student.

Upon successful sanction of an Education Loan to study in Canada through GoStudy, the funds are disbursed to the college or university as academic fees or to the applicant, whatever was decided mutually at the time of contract signing. The disbursement is in Indian currency(INR), which may be in parts or as full loan disbursement as decided by both the loan borrower & the lender.

Moratorium Period For Education Loan for Studying Abroad in Canada through GoStudy

A moratorium is the resting period where the student is free from making any EMI payment after the loan sanctioning and until they complete their study and secure a job. Most banks that offer Canada education loans in India through GoStudy come with a flexible moratorium period. During this period, Students can make payments of as little as 2,000 INR, until course completion and entering a job. Hence, carefully inquire about the moratorium period before you sign up for the loan.

Repayment for education loans to study in Canada through GoStudy

Repayment for education loans to study in Canada through GoStudy is easy, and one can select it according to their convenience. Select between the timeline of 12 months to 180 months, as per the ability and convenience. In most cases, students are able to choose their repayment period. However, for students who do not have a strong financial portfolio, banks may recommend an ideal repayment period for them.

The various categories of repayment options for Education Loans through GoStudy to study in Canada:

  • Part Simple Interest
  • Simple Interest
  • Monthly EMI
  • Full Moratorium period

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

Section 80E of the IT Act can fetch a deduction on the entire EMI on an Education Loan to study in Canada through GoStudy for the particular financial year. Spouses, children or brothers and sisters alongside legal guardians taking responsibility for the Loan can claim these benefits. All our courses are eligible for this specific deduction. There is no fixed amount on the rebate figure, but it is advised to make repayment within eight years of paying interest. If you ensure the repayment is within this tenure, you are eligible to claim all the benefits under this section.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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