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Education Loan For Bachelors in Canada Through GoStudy

Take your career to paramount heights with the aid of education loans for Bachelors in Canada through GoStudy, India’s leading education loan provider!

Getting an education loan for Bachelors in Canada through GoStudy is one of the best ways for accomplishing your future goals. Several banks and NBFCs readily provide education loans for Bachelors in Canada through GoStudyLoans for Indian students. GoStudyLoans can make getting a loan effortless. Our teams of experts are working from Delhi, Pune, Coimbatore, Mumbai, Hyderabad, Chennai, Cochin, and Trivandrum to help you get the best education loans.

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Factors that can Help you Get an Education Loan for Bachelors in Canada through GoStudy

1

Meritorious Academic Profile

Students with good academics and less backlogs can get an education loan for Bachelors in Canada through GoStudy easily.

2

Potential University for Studying

At GoStudyLoans, we have negotiated and got banks to include most of the institutions in their panel.

3

Relevant Programmes for the Future

Education loan for Bachelors in Canada through GoStudy comes with future-oriented programmes and degrees.

4

Work Opportunities in Canada

Courses that have a higher employment rate are included for students to have a better scope.

5

Low-Income Profile

GoStudyLoans can help you avail the best education loan for Bachelors in Canada through GoStudy, even with a low-income profile.

6

Quicker Sanction and Disbursement

With GoStudyLoans, get faster loan processing and quick disbursal.

7

Loans that Fit your Career

GoStudyLoans helps you avail education loans for Bachelors in Canada based on your career graph and scope.

8

Quick Loan Processing

Over time, GoStudyLoans has built strong relationships with banks allowing us to leverage our association and get the loan processed faster.

9

Lower Interest Rates on Loans

When you take a loan through GoStudyLoans, we can get you a 0.5% to 1% lower interest rate than the market.

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Education Loan for Bachelors in Canada through GoStudy

Going for higher studies abroad is becoming commonplace today. As a result, we are seeing a lot of students taking loans to complete their education. Most of all, the students choose Canada to pursue their higher studies. The reason being Canada is a welcoming country with a world-class education system and prestigious universities.

Taking an education loan for Bachelors in Canada through GoStudy is easier said than done. You need to provide the banks with a lot of documentation and proof along with pursuing a good course from a reputed university. Navigating through all these challenges can get stressful. However, at GoStudyLoans, we can help you cruise through the entire process of taking an education loan for Bachelors in Canada through GoStudy and get the results. Studying in Canada is not only about paying the tuition fees and getting an apartment on rent. You also need to consider other living expenses, the cost of buying the equipment for studies, getting books, insurance, etc.

Today education loans can cover all these expenses, provided you know where to go. With GoStudy’s services towards education loan for Bachelors in Canada through GoStudy, you can get the best funding for all your needs.

Interest Rate for Education Loan for Bachelors in Canada through GoStudy

Financial institutions and banks charge interest rates on the loan amount they lend to the borrowers. The same applies to the education loan for Bachelors in Canada through GoStudyLoans for Indian students. Every bank has a base rate of interest that is applicable to the borrowers with the perfect profile. The final interest rate on loan can increase from the base rate on the basis of credit scores (student and co-applicant), income, savings, and capability to repay.

As a result, the interest rate on education loan for Bachelors in Canada through GoStudy can differ based on the profile. Plus, the interest rate for a collateral loan will be lower than an uncollateralized loan. With all these conditions around the interest rate determination, GoStudyLoans can help you understand things better. Our experts can assess your profile and suggest the most suitable loan product to fulfill your needs. Our experts can clear all your doubts on the topic of education loan for Bachelors in Canada through GoStudy.

Moreover, with a non-collateral loan, the interest rate is flexible. It can change periodically based on your overall credit score and profile. Here are the banks giving education loan for Bachelors in Canada through GoStudy and the interest rates they charge.

The banks use the following formula to calculate the EMI on a loan.

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

Based on this, you will get to know the EMI of education loan for Bachelors in Canada through GoStudy.

Costs Covered in Education Loan for Bachelors in Canada through GoStudy

As you know, there are different types of costs involved when you are studying abroad. The right education loan in India for Bachelors in Canada through GoStudy will cover these expenses. Not every bank will cover all the costs, and you cannot ask the financial institution to change the rules. The best way to move ahead is to choose the education loan product from the bank that covers the expenses you want to cover. And GoStudyLoans can help you with all the details and recommend the institutions you can choose.

The expenses an education loan for Bachelors in Canada through GoStudy can cover include the following;

• Tuition fees or course fees
• Living expenses (food, accommodation, transportation, etc.)
• Books and study material
• Laptop and other equipment relevant to the course.
• Airfare for going to Canada
• Health insurance expenses
• Fees to give competitive exams
• Visa application fee

Among the types of loans you can choose from, collateral-based and non-collateral loans are available. A non-collateral loan is one where you won’t have to pledge any asset to get the loan. All types of banks provide collateral-based and non-collateral loans. However, which type of loan is best for you depends on your profile and credit profile. In any case, the loan you will receive will get you access to the required funds.

Here are some banks that provide collateralized and uncollateralized education loans for Bachelors in Canada through GoStudy.

• HDFC Bank
• Axis Bank
• Union Bank of India
• State Bank of India
• Canara Bank
• UniCreds
• Avanse
• MPower Financing

Following are the lists of the Costs Covered by Education Loan through GoStudy:

Education Loan for Bachelors in Canada Without Collateral Through GoStudy

Students with excellent academic records and those who have secured admission to reputed universities in Canada may not require collateral. Their chances of getting an education loan for Bachelors in Canada without collateral through GoStudy increase because the banks see potential in these students and want to invest in their careers.

Another set of factors determining whether a student requires collateral or not includes their course’s employability and future potential. A student’s and the co-applicant’s creditworthiness also determines the amount of the loan and the sanctioned limit, and the interest rate. Besides finding it easy to secure an education loan in India for Bachelors in Canada through GoStudy, students with better credit profiles have higher chances of getting an unsecured loan.

Here are a few documents required to apply for a non-collateral education loan for Bachelors in Canada through GoStudy.

• Unconditional/Firm/Confirmed Offer letter.
• Income proof of the co-applicant (only required in some cases).
• PAN card
• Documents to show academic record, mark sheets, etc.
• Test scores and mark sheets of the English proficiency test.
• Valid passport.

Collateral for Education Loan for Bachelors in Canada through GoStudy

A collateral-based loan involves the borrower pledging security in the form of an asset with the bank to get the loan. Banks mostly demand collateral for higher loan amounts than the limit they set for uncollateralized loans. The banks cannot accept any type of asset as collateral. Instead, they have a pre-mediated list of assets that are eligible to commit as collateral.

In general, an education loan for Bachelors in Canada through GoStudy with collateral attached will attract a higher loan amount. Also, if the borrower’s profile is not too strong or the borrower does not have enough savings to show to the bank, they can ask for collateral. So, in case the borrower does not qualify for an education loan for Bachelors in Canada through GoStudy, having collateral can get the job done.

However, an uncollateralised loan is better because it does not put the asset at risk. Plus, several banks are ready to give loans without any collateral. Moreover, when you associate with GoStudyLoans, we can easily help you obtain a non-collateral loan.

Moving on, here are the assets a bank can accept to give an education loan for Bachelors in Canada through GoStudy.

• A residential property can be a flat, house, apartment, etc. Note that banks will not accept any property with outstanding dues on the same.
• A fixed deposit in a bank can also qualify as collateral. However, you have to take care of two things here. One, the amount of the FD must be equal to the loan amount. Second, the bank’s manager, where you have the FD, must provide a letter assigning the FD in favor of the bank or financial institution.
• Surrender value certifications of life insurance that is equal to the same amount of the required loan amount.
• Commercial property in the form of a showroom, warehouse, etc. Here too, any property with outstanding dues cannot be accepted.

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University-Wise Pre-Approved Amount for Unsecured Education Loan for Bachelors in Canada through GoStudy

An unsecured loan means you will get the loan amount based on your credentials and credit profile. In this type of education loan for Bachelors in Canada through GoStudy, you won’t be asked to pledge any form of asset. With thousands of students applying for study in Canada, banks have to consider giving this type of loan, or they risk losing a large chunk of business. Moreover, some banks also have a list of pre-approved universities. This means that if you are going to enroll in one of these universities, the chances of getting an unsecured education loan for Bachelors in Canada through GoStudy become easier.

Co-Applicant for Education Loan for Bachelors in Canada through GoStudy

The requirement of a co-applicant is sort of mandatory in an education loan for Bachelors in Canada through GoStudyLoans. The banks also allow a limited number of people to become co-applicants. The requirement of a co-applicant is imminent irrespective of the fact that the borrower has a robust credit history and profile. The main reason for the co-applicant is that until the student is studying, they won’t be able to pay the loan. So the co-applicant can pay the EMIs in the meantime. Plus, the banks also need to be sure that in case the student isn’t able to find a well-paying job after the completion of the degree, they will get the EMI on time.

Hence, the bank will also check the credit profile of the co-applicant and ask for their documents. The following are the people that a bank can accept as a co-applicant.

• Parents
• Parents-in-law
• Spouse or Partner
• Siblings (brother or sister)
• Maternal Uncles & Aunts
• Paternal Uncles & Aunts

Eligibility Criteria for Education Loan for Bachelors in Canada through GoStudy

The eligibility criteria for an education loan for Bachelors in Canada through GoStudy is a sort of elimination round. Any student unable to satisfy these basic requirements cannot apply for a loan. Even if their application is considered, there might be some additional requirements attached. Besides the basic set of eligibility criteria, the banks also require that the student satisfies the eligibility criteria set by the universities for admissions. Here are the requirements to keep in mind while applying for an education loan for Bachelors in Canada through GoStudy.

• The borrower (student and co-applicant) must be a citizen of India.
• The borrower must have obtained at least 18 years of age.
• It is essential to bring a co-applicant or a co-borrower to join the loan application.
• The student must have the minimum credit score to apply for an education loan for Bachelors in Canada through GoStudy

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Documentation for the Education Loan in India for Bachelors in Canada through GoStudy

With every loan application, the borrower must attach a set of basic documents for the bank’s reference. These documents will share your personal, academic, and financial information with the representatives allowing them to assess your profile for an education loan for Bachelors in Canada through GoStudy.

The basic list of documents needed includes the following;

• Student KYC documents.
• Educational documents of the student.
• University details, course or program details, and the fee structure.
• Unconditional/Firm/Confirmed Offer Letter.
• KYC documents of the co-applicant.
• Proof of income of the co-applicant and the student borrower.
• Income tax returns (ITR) of the student (for the last three years, if available).
• Income tax returns (ITR) of the co-applicant (for the last three years).
• Documentation to show proof of birth.
• Document showing the student’s relationship to the co-applicant.
• At least 6 months’ bank statements of the co-applicant.

While these are the basic documents that every lending institution will ask for during the application process, in addition to these, the banks can ask for additional documents towards the education loan for Bachelors in Canada through GoStudy.

Process and Procedures for Education Loan for Bachelors in Canada through GoStudy

With thousands of students applying for an education loan for Bachelors in Canada through GoStudy, the bank representatives are overwhelmed with applications. This includes applications for collateral-based and non-collateral loans to study abroad. The application process for this type of loan can take between 5 to 7 days to complete. Within this period, the student first approaches the bank or a financial institution asking for an education loan for Bachelors in Canada through GoStudy.

After receiving the initial application, the representatives will go through the documents, and after the initial rounds of assessment and financial checks, they will make a decision. It can be either to grant the loan and provide the students with a sanction letter or to ask the applicant for additional documents. Only after a detailed review of the application can the bank release the payment towards the education loan for Bachelors in Canada through GoStudyLoans for Indian students. The payment can be done via an online transfer, a cheque, or a demand draft.

Sanction and Disbursement of the Education Loan for Bachelors in Canada through GoStudy

The sanction letter is sent to the borrower only after the final approval of the education loan for Bachelors in Canada through GoStudyLoans. This letter will contain the following information;

• Name and details of the borrower.
• Name of the co-applicant.
• Loan amount, interest rate, and repayment schedule.
• Moratorium period and partial simple interest payments.
• Loan tenure
• Name of the guarantor (if any).
• Terms and conditions of the loan.

Even still, the loan approval is not finalized until you receive the funds. So wait for the disbursement. The disbursement of the education loan for Bachelors in Canada through GoStudy is when the funds are transferred to the stated accounts. Generally, the bank will transfer the tuition fee directly into the university account. Furthermore, the additional funds for living expenses and other purchases will be sent to the borrower’s account. The fine details of this disbursement are open for discussion, and you can state your preferences with the bank.

Moratorium Period for Education Loan for Bachelors in Canada through GoStudy

The moratorium or holiday period is the time during which the student borrower is not obligated to pay the EMI. The time period is for the benefit of the student as it allows them to study their course without having to worry about paying the EMIs. The banks and financial institutions have different moratorium periods for the education loan for Bachelors in Canada through GoStudyLoans. In some cases, the banks do not have a moratorium period, but they do have a partially simple interest mechanism.

Repayment of Education loan for Bachelors in Canada Through GoStudy

The partial simple interest payment is a small amount of money that the borrower has to pay until the course is complete. This payment can be as low as ₹2000 per month. This amount is to be paid until the course is complete and the student finds a job. So, it is essential to inquire about the education loan for Bachelors in Canada through GoStudy during the moratorium period.

The different types of payment options for the education loan in India for Bachelors in Canada through GoStudyLoans include;

• Partial Simple Interest
• Simple Interest
• EMI

Tax Benefit for Education Loan for Bachelors in Canada through GoStudy

Section 80E of the Income Tax Act states that education loan borrowers can claim a deduction in their EMI. After getting the education loan for Bachelors in Canada through GoStudy, the borrowers can claim this benefit. Not only the student borrower but the co-applicants can also get the same benefit. However, the act does not clearly define the quantum of the benefit. But it does state that the deduction can only be claimed if the repayment is made within 8 years.

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