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 GoStudy for Indian students. GoStudy 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.
Students with good academics and less backlogs can get an education loan for Bachelors in Canada through GoStudy easily.
At GoStudy, we have negotiated and got banks to include most of the institutions in their panel.
Education loan for Bachelors in Canada through GoStudy comes with future-oriented programmes and degrees.
Courses that have a higher employment rate are included for students to have a better scope.
GoStudy can help you avail the best education loan for Bachelors in Canada through GoStudy, even with a low-income profile.
With GoStudy, get faster loan processing and quick disbursal.
GoStudy helps you avail education loans for Bachelors in Canada based on your career graph and scope.
Over time, GoStudy has built strong relationships with banks allowing us to leverage our association and get the loan processed faster.
When you take a loan through GoStudy, we can get you a 0.5% to 1% lower interest rate than the market.
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 GoStudy, 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.
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 GoStudy 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, GoStudy 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.
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 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.
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 GoStudy 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;
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.
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)|
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.
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 GoStudy, 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.
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.
List of Universities accepted by Unsecured Education Loan through GoStudy
GoStudy’s Unsecured Pre Approved Education Loan Amount in Canada
|Algoma University||40 Lakhs (Approx)|
|Dalhousie University||40 Lakhs (Approx)|
|Acsenda School of Management||40 Lakhs (Approx)|
|Concordia University||40 Lakhs (Approx)|
The requirement of a co-applicant is sort of mandatory in an education loan for Bachelors in Canada through GoStudy. 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.
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.
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;
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.
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 GoStudy for Indian students. The payment can be done via an online transfer, a cheque, or a demand draft.
The sanction letter is sent to the borrower only after the final approval of the education loan for Bachelors in Canada through GoStudy. This letter will contain the following information;
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.
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 GoStudy. In some cases, the banks do not have a moratorium period, but they do have a partially simple interest mechanism.
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 GoStudy include;
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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