Education loans for studying in Canada are offered by various banks, non-banking financial companies (NBFCs), and international financial institutions. Depending on the country you’re from, different lenders provide a range of loan options with varying terms and conditions. For example, in countries like India, students can obtain education loans from nationalized banks, private banks, or specialized financial services companies. The loan amount typically covers tuition fees, living expenses, travel costs, and other academic-related expenses such as books and laptop purchases.
Securing an education loan generally requires proof of admission to a recognized Canadian institution, such as a university, college, or vocational school. Most lenders also assess the academic history of the applicant, the selected course's credibility, and the employability potential after course completion. Some institutions may require a co-applicant, such as a parent or guardian, especially if the applicant does not have a regular income or sufficient collateral to offer. The role of a co-applicant is crucial in assuring the lender of repayment capabilities.