Pursuing a Master of Business Administration (MBA) in Canada is a dream for many students around the world. The country is home to some of the top business schools globally, offering a robust education system, diverse cultural experiences, and excellent post-graduate opportunities. Financing an MBA can be a rewarding investment despite its high tuition fees and living costs. Fortunately, there are various scholarships and education loans available without the need for collateral that can help alleviate the financial burden.
Financing an MBA in Canada without collateral is achievable through a combination of scholarships and education loans. Scholarships can significantly reduce the financial burden, while loans without collateral provide accessible funding options for students who may not have assets to pledge. However, one should know scholarships are highly competitive and not everyone gets them, so having alternative funding options is important.
In this article, we will be discussing in detail about the scholarships and education loans without collateral available for an MBA in Canada. Let’s begin with having a look at the scholarship options.
Scholarships are one of the most sought-after forms of financial aid because they do not require repayment. Canadian universities and various organizations offer a range of scholarships based on merit, need, diversity, leadership, and other criteria. Let’s have a glance at some of the few popular ones:
Most universities offer scholarships to international students, some of the popular ones are given below:
Rotman School of Management (University of Toronto): Offers several scholarships including the Rotman Entrance Awards, Women in Business Excellence Awards, and the Rotman Scholarship for Excellence.
Scholarship Value: Scholarship can range from partial tuition coverage to full tuition coverage, often between CAD 10,000 to CAD 50,000.
Sauder School of Business (University of British Columbia): Provides numerous scholarships such as the Dean's Entrance Scholarship, International Talent Scholarships, and the Hari Varshney MBA Entrance Scholarship.
Scholarship Value: For international students, this scholarship can vary from CAD 10,000 to CAD 60,000.
Schulich School of Business (York University): Features the Schulich Scholarship of Merit, International Student Scholarship, and the Robert Krembil Scholarship of Merit.
Scholarship Value: Depending on your program and qualification you can get a scholarship of CAD 25,000 to CAD 80,000.
Government of Canada International Scholarships: These are funded by the Canadian government to promote international academic exchanges.
Scholarship Value:The government of Canada offer many scholarships which range from CAD 10,200 to CAD 12,700 per semester.
After learning about the popular scholarships, let’s now look at another sought-after funding choice. Yes, it is the loan option for an MBA in Canada.
For those who do not secure scholarship funding, education loans without collateral present a viable alternative. Several banks, financial institutions and non-banking financial companies (NBFCs) offer unsecured loans, meaning they do not require the borrower to pledge any assets as security. Let’s have a look at the popular study loan for Canada options:
State Bank of India (SBI): Offers the SBI Global Ed-Vantage Scheme for students accepted into top institutions globally, including Canadian universities. This loan does not require collateral for amounts up to INR 7.5 lakhs.
Union Bank of India (UBI): They provide a loan of 40 lakhs to students aspiring to study in Canada for a Master’s Degree only.
Bank of India (BOI): They provide a loan of 20 lakhs for Canada to students without collateral.
MPower Financing provides loans to international students without the need for a co-signer or collateral. They assess applicants based on their academic profile and future potential.
Eligibility: Available to international students and DACA recipients studying in the U.S. and Canada for a Master’s Degree only.
Loan Amount: Up to USD 50,000 per academic period, with a lifetime limit of USD 100,000.
Interest Rate: Fixed interest rates.
Repayment: No co-signer required, with flexible repayment terms starting 6 months after graduation.
Additional Benefits: Career strategy services and visa support.
Many NBFCs such as HDFC Credila, Auxilo, Avanse, Incred, and Tata Capital specialize in education loans. They provide loans without collateral based on the student's academic records, parent’s income profile and the reputation of the institution they are attending.
So, if you are looking to study in Canada and wish to get a scholarship or an education loan you can find many options easily.
At Élan Overseas Education Loans, we recognize the importance of pursuing an MBA in Canada and are here to make your educational dreams a reality. The availability of numerous scholarships and unsecured loan options means you can secure the necessary funding without the need for collateral.
Scholarships for MBA in Canada can greatly reduce your financial load, while unsecured loans provide a flexible, risk-free solution tailored to your future earning potential. With our expert guidance, you can navigate these opportunities effortlessly, allowing you to focus on your studies and career goals. Trust Élan Loans to be your dedicated advisor in achieving financial security and academic success in Canada. Your journey to a prosperous future starts now, so reach out to us today!
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