Loan Process | Education Loans for Canada

Applying for a student loan and waiting for the approval process takes time, so you need to get started as soon as possible to avoid any last-minute stress.

After getting the university admission letter, you will receive an estimate of the total cost, including study and living expenses.

Calculate the amount you'll need to borrow and the amount you'll have to pay yourself.

Do extensive research on which banks or financial institutions provide the best interest rates and repayment terms before applying for an education loan.

Compare Loan Offers

You can compare loan offers from several banks using the criteria listed below-

Interest rate
Repayment terms
Processing fee
Tax benefits
Expenses covered under the education loan
Loan processing time
Prepayment terms and duration

After you've decided on a bank, fill out the application form and make sure it meets the bank's standards before submitting the relevant papers. The inability to demonstrate sufficient cash can also lead to rejection. Therefore it's always a good idea to approach at least two or three banks for a loan.