An education loan provides much-needed support to the students who want to study in Canada or other overseas lands. To get education loan to study in Canada, a student or parents have to apply for the same to a bank providing the same facility to the loan applicants. Thankfully there is no dearth of public banks, private banks, or non-banking financial companies which make available necessary education loans to the deserving candidates or loan applicants in India. All you need is to qualify for the loan.
The rate of interest on education loan in private banks in India could range from 12.5% to 13.5% but the same can jump from 12.5% to 14% in non-banking financial companies. Therefore, caution to be exercised here is to either go for public banks or research enough to find a lending institute that can offer you necessary funds for overseas education at a cheaper rate of interest.
There are also some banks accepting third party collateral for loan acquisition, thus allowing for borrowers to take loan while the collateral can be pledged by their kin.
Banks may require co-applicant before sanctioning the requested education loan to the applicant. Make sure you fulfill such requisite or else the likelihood of loan cancellation may arise.
To get education loan to study in Canada, an applicant may choose online medium for faster procedure. Moreover, necessary paperwork and submission of credentials as per the mandatory requirement of the bank in particular can also arise. Hence, you as a loan applicant must fulfill the criteria as expressively said by your bank.
At last, you can turn to an overseas education consultant if you don’t want to waddle through paperwork and other time-consuming processes for acquiring education loan for your Canadian education. The consultant works in tandem with many finance lending institutes in India. Consequently, there is fair chance that your loan will be made to the final process for approval with the help of experts at overseas education consultant.
For more information, you can seek help from our consultant expert.