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.
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.
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.
At GoStudy, we offer you both collateral and collateral-free loan offerings based on your academic profile and financial status.
Being the most in-demand post-graduation degree, it offers excellent employment opportunities in Canada.
GoStudy can provide you with the best platform for future-oriented programs. GoStudy has the most demanding programs for ambitious candidates for jubilant careers.
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.
Nearly all of the costs you need to pursue an MBA degree in Canada will be covered by educational loan offerings at GoStudy.
GoStudy evaluates both the academic profile and financial status of students before approving an education loan for MBA in Canada.
Generally, the interest rate is approximately 0.5% - 1% lesser through GoStudy which is the lowest in the market.
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 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.
Every financial institution has a different rate of interest and repayment period when it comes to collateral education loans.
Talking about the collateral-free education loan for MBA in Canada for Indian students through GoStudy, these are:
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]
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:
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:
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 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:
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:
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.
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:
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)|
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:
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.
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:
Note: The eligibility criteria requirements may vary from one financial institution to another.
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:
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.
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:
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.
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.
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.
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:
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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