Documents Required to Get Education Loan for Study in Canada

Approximately 4,00,000 foreign students are enrolled in post-secondary educational institutions in Canada. This number is evidence of the excellent education available in Canada.

Study loans for Canada are a good choice if you are worried about money because attending university overseas is not inexpensive.

Understanding the steps required in obtaining an education loan to study in Canada is necessary. After the admissions, your main priority should be to avoid rushing at the last minute. This article will help you to guide on study loan for Canada requirements.

1 Study loan for Canada

The basic procedure for obtaining a student loan for admission to Canada is as follows:

Get your admissions letter from the Canadian university.
Examine the living expenses and educational costs.
Divide your money into two sections: loans and yourself.
Examine the available possibilities for student loans.
Take interest rates into consideration while choosing a bank.

2 Study loan for Canada requirements for filling the application form

The applicant must fully comprehend the Study loan for Canada requirements before submitting an application for a student loan in order to pursue school overseas. The following documents are required in order to apply for an education loan for study abroad:

Passport size photographs of both the applicant and the co-applicant
Photo identity proof of both the applicant and the co-applicant
PAN card
Voter ID card
Driving license
Passport.
Aadhar Card

Residence proof of both the applicant and the co-applicant
Educational documents:

Mark sheet and certificates (School and College/University)
Score report for IELTS, GRE, TOEFL, GMAT, etc. (whichever is applicable)
Admission letter from the College or University

Bank statements for the last 6 months (both the applicant and the co-applicant)
Income proof of the co-applicant (parents or guardians)
In case of collateral (immovable property), it can be flat, home, or land (non-agriculture) the following documents are required:

Title deed of Property
Approved plan of Building/Apartment/House
No objection certificate for a mortgage from the society/builder

Document type	Applicant	Co-applicant
Date of Birth	Birth Certificate Passport Voter card with DOB College Passing Certificate PAN Card Driving license Aadhaar Card
Residence Proof (if owned)	Electricity Bill Municipal Tax Receipt Share Certificate or Title Deed (with Flat/House Number)
Residence Proof (for a rented property)	Registered Rent agreement (with utility bill) Landline phone bill Postpaid Mobile Bill Bank statement Passport Driving License Voter ID Aadhaar card
Aadhaar	Aadhaar card
PAN Card	True Copy of PAN (Form 60 in case PAN not available)
Signature	Signature verification from the bank Passport Driving License PAN Card Note: All of your identification should match your current signature.
Relationship proof	Passport Pan card Aadhaar card Marriage certificate Birth certificate Legal heir certificate Ration card Any additional papers that are acceptable
Academic documents	Mark sheets from 10th, 12th, UG or PG, a degree or provisional degree certificate, and any relevant admission exam results	Registration certificates for Professionals (CA, Doctor)
Income proof - Salaried	Documents to prove 3 years of work experience	Latest 3 salary slips, Bank Statement of last 3 months Form 16 Self-employed: Income certificate from Tehsil/office, Collector's 2 years ITR with the income statement.
Office Address	NA	Form 16 Salary slip Letter from HR Snapshot of site Identity card.
Admission proof	Letter of invitation/admission from the university/college, as well as the fee structure	NA

3 List of documents required to get study loans in Canada

In accordance with bank rules, you must present documentation in order to finish all loan procedures. The following paperwork is needed in order to obtain an education loan for studies in Canada:

Proof of admission (Admission letter of the Canadian University)
Passport photos
Qualification exam scores proof
Copy of previous school/college mark sheets
Bank statement of the last year
Income proof
Proof of residence
Collaterals (if needed)

The procedures for student loans in Canada may differ between banks. Consequently, the document list may change as needed. Examine the real papers in accordance with your lender's requirements.

4 Technical Documents

Aside from the documentation listed above, candidates must also have additional technical documentation in order to obtain an education loan.

Title deed
Approved layout plan
Revenue document
BDA Allotment letter and NOC
NE certificate (Non-Encumbrance)
Possession Certificate from Builder
Latest tax receipt for property
sale deeds
Conversion certificate
Urban clearance certificate

NOTE: These requirements can vary as per the banks’ own regulations.

5 Financial documents do I need to study in Canada

You can demonstrate your ability to pay for your overseas education in Canada by presenting the following documents:

A letter of support from your parents, other family members, or your school
Current bank statements (requirements vary, but from within the last six months are best)
Balance certificates
Proof of a Canadian bank account in your name
Documentation of a student loan and/or scholarships
Proof of tuition and housing payments
Sources of income of your financial sponsor, if applicable.

Take note that starting of 2024, there is a higher minimum financial need to study in Canada. To obtain your study permit, you will have to demonstrate that you have access to a minimum of C$20,635 in addition to the cost of your first year of tuition and your travel expenses.

6 Interest rates for student loans for study in Canada

The current interest rates on federal student loan for Canada requirements as of August 22, 2024, are 6.70% for variable-rate loans and 8.70% for fixed-rate loans. This relates to the federal part of your student loan from the government. The interest rate on your provincial student loan will vary depending on where you live.

7 FAQs

How much student loan can I get in Canada?

In Canada, student loan amounts vary based on the province and financial need, with federal loans offering up to approximately CAD 210 per week for full-time students. Provincial loans and grants can supplement this amount.

What are the study loan for Canada requirements?

For the study loan for Canada requirements you typically need proof of admission, academic records, identification, financial statements, and a co-signer’s information if required. Specific requirements may vary by lender.

Which bank is best for education loan for Canada?

Top banks for education loans in Canada include the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Scotiabank, offering competitive rates and flexible terms. Compare their loan products to find the best fit for your needs.