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Education Loans for Canada

Updated on Nov 15, 2022
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There are four primary categories of lenders who provide Indian students with school loans to study in Canada:

Public banks, Private banks, Non-banking financial companies, and International Lenders.

A wide range of financial institutions offers Canada Overseas Education Loans. Some of them provide unsecured loans that do not require a cosigner.

With the exception of recently private institutes, SBI (State Bank of India), a government bank, gives foreign education loans to nearly all institutions in Canada. They do not provide loans for diploma programs; however, they provide secured overseas education loans with a 90% margin for Canadian students.

BOB (Bank of Baroda) offers Canada secured international education loans. Universities in Canada, like the University of Toronto and the University of British Columbia, are on the recommended list of universities that offer the most affordable abroad education loans for Canadian students. They examine the co-profile signers and may be able to offer a 100 percent loan on the entire tuition fee.

Private Banks - Private banks such as ICICI and Axis Bank offer unsecured abroad education loans up to 40 lakhs for good quality universities in Canada. If you are seeking unsecured loans in Canada, we strongly advise you to look into private banks. The interest rate ranges from 10% to 12%, with appropriate processing expenses.

Non-banking financial companies (NBFCs) offer unsecured and secured international education loans to Canadians. The amount of the loan varies between INR 15,00,000 and INR 30,00,000. They hunt for a reliable co-signer and offer low-interest rates.

Non-cosigner and non-collateral loans are available from international funds like Mpower and Prodigy in Canada. They support about 20 of Canada's finest universities. If you've been accepted to one of these universities, you should check into these funding choices because they're highly straightforward and hassle-free.

Educational Loan for Masters in Canada - No Collateral

Features

Public Banks

Private Banks

NBFCs

International Lender

Example Lenders

State Bank of India, Bank of Baroda

Axis

Avanse, Incred, Auxilo

Mpower Finance, Prodigy Finance

Loan Amount

Public banks do not offer unsecured educational loans more than 7.5 Lakhs

Up to INR 40 Lakhs

Up to INR 30 Lakhs

Up to 50,000 USD

Interest Rate Range

11.5%-13%

12.5%-14%

8%-12% (USD)equivalent to 14%-18% (INR)

Processing Fees (INR)

Up to 20 Lakhs : 0 

Above 20 Lakhs: 750 per Lakh  

Up to 2% of the total loan amount

Up to 5% of the total loan amount

Colleges Supported

10 +

50 +

30 +


The duration of the repayment period, the processing time, the costs that are covered, and other features of an education loan without collateral vary depending on the type of loan provider or lender.

Educational Loan for Masters in Canada - With Collateral

Features

Public Banks

Private Banks

NBFCs

Lenders

  State Bank of India (SBI)

Axis Bank

Incred, Avanse, Auxilo

  Amount

Up to 1.5 Crore (INR)

Up to  60 Lakhs (INR)

Up to  60 Lakhs (INR)

Interest rates

Up to 10 percent 

11 to 12.5 percent 

Up to 13 percent 

Processing Fees 

11,800 INR

  Up to 20 Lakhs: Nil

Above 20 Lakhs: 750 per Lakh  

  Up to 2% of the total loan amount  

  Payment During Study Period  

No payment

Simple Interest

Simple/partial interest

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