education loan for canada 2023

  Education Loan for Canada

abroad education loan for canada

Is it actually worth taking the loan?Different kinds of loans that areavailable for international students here in Canada.Hello everyone.

Welcome back to my  website.I hope you're all finance staying safe.My name is Helene and on this website Icreate content about student life in Canada and just about my life in general. oday in this post , we'll talk about I think it's one

of the most important topics, which is loans for student visa here in Canada.We are all in similar situation.Whether we should take a loan education loan in India and then come to Canada.Is it actually worth taking or how's the process like and what was my experience?Did I take any loan?Because I get so many instagram DMs asking about whether is it worth taking a loan

of 50 lakhs, 25 lakhs, whether it is worth taking a loan.And some of you are also asking me whether I have taken an education loan.So in this video, I'll clarify each and everything.Like literally each and everything.

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So make sure you watch this entire video.This video will be divided into four parts.So in first part, we'll talk about how the process likein India to get an education loan to study abroad.Second, we'll talk about what are different kinds of loans that areavailable in Canada for international students.Third, I will talk about my journey,

 how was my experience, whether I took a loan or not.And in fourth, the most important one iswhether it is worth taking a loan from India or not.So let's get started with this post.Before we begin today's post,I want to talk about our sponsors for the post is Wonder Share recover it?

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I hope it was helpful.So, let's get started.The first thing is, how does the loan process work in India?Okay, let's be honest.

Every bank has its own procedure.Jadon would love to see a loan application card.

 

They need collateral.So what collateral means is it's kind

of a guarantee that you will be able to repay your loan.Say, for example, you have a land G.They pay to see loan less there.

It could be ten lakh, 20 lakh, depending on how much value does that land has.

So OD according to loan melda.

And the interest rate is also different for each bank.

So when you are planning of gettinga loan, I would recommend that try at least two to three banks so that you

can choose the preferred bank for your loan.Check the interest rate, check the amount that you are getting,check the collateral value that you are giving.

So these are different factors that you can take into consideration when you are applying for a loan. They also will look at all the documents. Say, for example, you are going to study here for two years.

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So your loan amount might be a little

lower than if you are planning to study for four years.

So they'll look at your tuition fee

receipts, they'll look at which college university you are going to.

So all the banks in India have different procedure.

Say your collateral is worth 50 lakh.

Maybe you're putting your house as a collateral, it's worth 50 lakhs.

Some banks might offer you 50 lakhs worth

of loan, but some banks might only offer you 25 to 30 lakhs.

So depending on that, every bank has its own procedure.

I would recommend that you check with at least two to three banks to make

sure that you get your preferred price and you get your preferred interest rate.

Because obviously you'll be here in Canada and paying that high interest rate

for that long period of time is not really there.

So make sure you do compare the interest rates and you compare the amounts.

 

Now second part of the video is what are different kinds of loans that are

available for international students here in Canada?

I wish there were but there are no loans

that are available for education here in Canada.

That is offered by government of Canada.

They do offer lots of loans for students,

for PR like permanent residents and citizens but for international

students they don't have any kind of loans.

 

But yeah, if you are planning to buy a phone from here you're planning to

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buy a car you can if you have good credit history.

But for education unfortunately there is no such loan available here in Canada.

So if you are planning to get a loan I would recommend get it from India itself.

But hathusi phone wagarati as I mentioned

phone near Kathy tusi loan lessadhiya and odavi process is a bit different.

Like 30 credit history they check your

credit history, they also check the time hogan Canada which like the longer you

have been in Canada the more chances are that you will be approved alone.

So there is no such loan in Canada for international students.

Third is my journey.

I get asked this question so many times like Bhavari Puchaanda Kiri Tusi loan.

First of all, I was very fortunate.

He made a parent the savings sikhia enough he they were easily able to pay my tuition

 

fee for first year because I didn't have any co op at that time.

The very first year the tuition fee paid

me plans that I really want to study abroad.

My parents wanted me to study abroad.

Indian parents savings

canadians mindset is a little bit different.

You are from a rich family.

I'm not from a rich family, I'm from a middle class family.

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It's just that my parents need savings

for my higher education and that too we didn't use for entire four

years only first year zera sigamira which made a parent somebody helped CTC

and at the time I came, I only had to pay my first semester

tuition fee not my first entire first year student fee.

Okay, that was that thing.

But I did take an education loan.

Melissa see a loan from Vijay Bank. It's in Punjab.

I don't know. Is it all over India?

I think it's all over India.

But I did take a loan from Vijay Bank.

Interest rates here 1% which is really really low depending on my studies.

Like poor documents,

university of Waterloo, the offer letter, my tuition fee, poor documents

and asik Saddiq landsc collateral as a collateral rakyasika.

Because the thing is actually we didn't really need loan because signature as I

mentioned, Thomas was saving even my counselor.

They recommended that I should take a loan.

Because that way it surety hojandiya just

in case if my parents are not able to pay that tuition fee.