How to get Education Loan for Studying PG Diploma in Canada?

The students aspiring to study abroad are greatly attracted towards the fast-becoming best study abroad destination – Canada. Any country gains its popularity by fulfilling maximum expectations of the students. 

Few reasons why Canada is moving fast on this ladder

• A Large Number of World-Class Universities
• Canadian Degrees Valued Worldwide
• Cost of education is less as compared to many Top Global Study Destinations
• PSW: Post Study Work Visa - Up to 3 years
• Opportunity to Apply for PR - Permanent Residency

The above mentioned are just a few points which make the international students choose Canada over various other study abroad destinations.

Amongst majority of international students, Canada is a popular choice for a huge number of South Asian students out of which a substantial chunk pursue a Postgraduate Diploma in various fields in Canada.

Why pursue a Post Graduate Diploma instead of a Master’s Degree?

The PG Diploma Course is opted by many students as it is an easy access into the country and does not require very high grades to apply for, as this degree is offered by the Canadian Institutions and a few Canadian universities.

• Lot of students also tend to apply for a PG Diploma in Canada, since a typical post graduate degree course in Canada could cost a fortune
• A relevant undergraduate degree with a cumulative score of at least 50% along with English Proficiency Score of 6.5 in IELTS is required for an admit

Financial Requirement for PG Diploma in Canada

For PG Diploma courses students are supposed to disburse a particular amount in one shot to GIC - Guaranteed Investment Certificate before applying for the visa. They also need to pay tuition fees and living expenses in advance before proceeding with visa application. The total cost of PG Diploma course in Canada along with GIC ranges from C$23,000 to C$27,000 which comes up to 13 lakhs to 15 lakhs in Indian Currency. This is when the need of education loan for studying in Canada arises for those who cannot afford the entire amount in one shot on their own.

Having understood the financial requirement let us now look into the education loan process.

Process of Getting Education Loan for Studying in Canada

Canada Visa Immigration Officers accept two types of Education loans for Student Visas:

• Unsecured Loan (Non-Collateral Loan)
• Secured loan (Collateral Loan)

Education loan sanction letter from Nationalized Banks, Private Banks as well as NBFCs are freely accepted by Canada Visa Immigration Officer.

The steps to be followed while applying for the Overseas Education Loan are as follows:

• Fulfil the academic requirements as per the university criteria for the application
• Wait for the offer letter
• While you are in receipt of getting the offer letter, you can initiate the loan documentation process
• The Bank takes 15 to 20 days of time to acknowledge the application
• Once the loan is sanctioned the bank will disburse 1 semester or 1 year’s tuition fee to the university
• Once the amount is disbursed you can retrieve the LOA (Letter of Admission) from the university
• Simultaneously you have to release an amount of CAD 10,200 i.e. approximately Rs.5,50,000 towards GIC and retrieve the GIC Certificate

How can the E’LAN Loan Experts Assist you?

E’LAN Loans Team gives end to end Overseas Education Loan assistance and we do not charge for this. The team first checks the eligibility of the student and accordingly suggests the right financial institutions to approach for the loan. This reduces the possibility of loan rejection by 90% and also saves the student’s time which would otherwise get wasted in waiting for the application outcome. Our team proactively suggests the type of loan to be taken, kind of assets to be shown and even the ITR to be filed.

In case the student gets stuck with the bank procedures and norms, immediate and effective solution is provided by our team.

When we say complete guidance we sure stick to our words. You can approach us for more details regarding loan for higher education abroad.

We give in person as well as online assistance for students across India.