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Education Loans for Canada

Updated on Nov 15, 2022
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After your education program is over, you must begin repaying your student loans in Canada six months or one year later. The payback period might be anything between five and 10 years after that. However, the time it takes to repay a loan depends on the bank. SBI Ed-vantage, for example, has a 15-year payback period.

Here are the different modes of repayments usually available:

  • Internet Banking 

  • Cheque Payment

  • Direct debit or Net Banking

  • Demand Draft 

The recommended form of repayment differs depending on the lender. As a result, it's a good idea to double-check with your lender before taking out a loan.

A few key points of the college loan repayment procedure are discussed below:

Moratorium period: Applicants can repay the loan after the educational course is completed or they have started working.

Part-payments: Borrowers of education loans will be able to make partial payments.  They have the option of paying a lump sum amount as part of the loan repayment.

Prepayment of education loan: If a borrower can manage money for prepayment of the loan amount, they can make as much of the payment as possible. However, it should be noted that this may result in a processing cost.

You can obtain collateral-free loans, which means you won't have to provide the lender any security, and your payments won't start right after graduation.

Note: The repayment terms vary depending on the bank's policies or the loan scheme's terms.

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