5 Features To Ensure When Choosing A Study Loan For Canada

 It is the dream of many to study at an esteemed university abroad. One of the destinations highly preferred by students for higher education abroad is Canada. With a multicultural atmosphere that houses world-class educational institutes, Canada has a lot to offer to the ambitious Indian student. However, studying in Canada is also known to be an expensive affair. To deal with the requirement of large amounts of financing, you can take the help of a study loan. But before you finalize the study loan for Canada, do ensure that the lender offers the following features: 

 


1. Coverage for a variety of expenses 

Studying at a Canadian university means that you have to live there for at least the duration of the course. This could be an added expense on top of the tuition fees for your education. However, if you choose the right lender for the study loan for Canada, you can get coverage for these kinds of expenses as well. There are many lenders in the market presently that cover living expenses, study materials’ costs, travel fare, and so on. 

 

2. 100% financing 

Earlier, if you took a study loan, you had to arrange for a certain portion of the total expenses yourself. So, if the total amount you were looking for was around Rs 25 lakhs, then you would have to pay around 20-30% of the amount from your own pocket. The rest would be borne by the lender. Nowadays though, you can find some lenders that are willing to provide the entire amount. So, if you do not want to spend anything from your own pocket, then you should ensure that the lender you choose offers this feature. 

 

3. A student-friendly approach 

As a student who is most likely borrowing credit for the first time, you may not have a very strong idea of how to go about the process. That is why it is important that the lender you choose has a student-friendly approach when it comes to lending money. This will help you go through the process much easier when applying for a study loan for Canada.  

 

4. Quick sanction of your loans 

It is important that the lender you choose offers quick loan sanctioning. This will help ensure that you do not face any delays or anything of that sort during your admission process. Universities abroad have a time-bound admission process, so this feature is essential to look for. 

 

5. Availability of proof of funds 

The proof of funds is like a document that universities in Canada may ask for to get an idea of your financial standing. It helps them understand whether a particular student is financially capable of completing the course. Many universities around the world require proof of funds. Therefore, whether you are applying for a loan to study in Canada or a study loan for UK institutes, do look for this feature. 

 


Do keep in mind that the information provided here is of a general nature. We recommend that you read the loan documents carefully and converse with an expert before proceeding with the study loan for Canada. 

 

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