There are two main types of education loans available to Indian students planning to study in Canada: secured and unsecured loans. Secured loans are backed by collateral and usually offer lower interest rates and more favorable terms. Unsecured loans, on the other hand, do not require any security but come with higher interest rates and stricter eligibility conditions. Many public and private banks, as well as Non-Banking Financial Companies (NBFCs), offer education loans to students pursuing courses abroad.
The loan process begins with selecting the right lender and submitting a loan application. Applicants need to provide various documents, including proof of admission (like an offer letter from a Canadian university), cost of attendance, academic records, proof of identity, income proof of the co-applicant, and collateral documents (if applicable). Once all documents are submitted, the lender reviews the application and determines whether to approve the loan and under what terms. This process can take anywhere from a few days to a few weeks.