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Read about education loans for MBA in Canada from different lenders, their interest rates, the expenses covered, the repayment period, and other important features of student loans.
MBA programs in Canada are often more affordable compared to similar courses offered in other countries like the US and the UK. International students can expect to pay tuition fees ranging from approximately CAD 10,000 to CAD 35,000 per year, which is at least USD 10,000 less than the average course fee of USD 45,000 in the US when considering similar international rates. Additionally, the cost of living in Canada is typically between CAD 18,000 and CAD 20,000 per year. Here’s the breakdown of the same:
Expense | Cost |
---|---|
Accommodation |
CAD 5,000 – CAD 10,000 per annum |
Travel |
CAD 80 – CAD 110 per month |
Food |
CAD 300 - CAD 400 per month |
Health Insurance |
CAD 300 - CAD 800 per month |
Utilities |
CAD 400 - CAD 500 per month |
A secured education loan is a type of loan where the borrower is required to provide collateral as security during the loan application process. Collateral can include assets such as property (e.g., house or land), fixed deposits (FDs), or insurance policies. This form of loan typically offers a lower interest rate, a longer repayment period, and the potential for higher loan amounts to be approved. The accessibility of such loans is relatively higher, as lenders perceive the collateral as a safeguard that can be utilized in the event of loan repayment default. Now, let us explore some financial institutions that offer secured education loans, along with the key features of their loan schemes.
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An unsecured education loan does not require the applicant to provide collateral (security) during the loan application process. Compared to secured education loans, unsecured loans typically have a shorter repayment tenure and higher interest rates. This is due to the increased risk involved for the lender in recovering the loan amount.
There are three primary types of lenders that offer unsecured education loans with substantial loan amounts. Private banks offer longer repayment periods but may have slightly higher interest rates, and their loan options are limited to selected universities and colleges. Non-banking financial companies (NBFCs) provide unsecured education loans with the shortest repayment tenure of only 10 years, albeit with higher interest rates. Similar to private banks, their loan options are also restricted to specific universities and colleges. Lastly, international lenders offer unsecured education loans with the highest interest rates but do not require a co-applicant, unlike the previous two options.
Lender Name | Maximum Loan Amount | Rate of Interest | Margin Money |
---|---|---|---|
Up to 50 Lakhs INR |
11% - 13.50% |
5% |
|
Up to 50 Lakhs INR |
10.85% - 12.50% |
0 - 15% |
|
Up to 35 Lakhs INR |
11.75% - 13.25% |
Nil |
|
Up to 40 Lakhs INR |
11.75% - 12.50% |
Nil |
|
Up to 30 Lakhs INR |
12% - 13% |
Nil |
|
Up to 30 Lakhs INR |
12% - 13% |
Nil |
|
Up to 25 Lakhs INR |
12.50% - 13% |
Nil |
|
Up to 100,000 USD |
12.99% - 13.99% |
Nil |
|
Up to 100,000 USD |
12% - 14% |
Nil |
Note to experienced professionals - ICICI Bank offers a loan option for experienced applicants. With a minimum of 3 years of experience, no co-applicant is required to process the loan. The loan amount and other variables remain consistent with the table provided. Two additional requirements are:
Read more about: Abroad education loan for working professionals
When considering educational loan options for an MBA in Canada, GyanDhan provides valuable tips to help you choose the most suitable loan while ensuring minimal financial burden in the future. To make an informed decision, it is important to compare the following aspects across lenders and loan schemes:
By carefully evaluating these factors, you can select the best educational loan option that aligns with your needs and offers favorable terms and conditions.
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Acquiring an education loan for pursuing an MBA in Canada is a straightforward process. Nonetheless, managing multiple lenders individually can be a daunting task. To simplify this process, GyanDhan provides assistance in obtaining an education loan for an MBA in Canada through the following streamlined steps:
Check Your Education Loan Eligibility for Free
The eligibility and documents requirements for getting an education loan to study MBA in Canada are shown in the table below:
Calculate your Education Loan EMI
Before you begin your education loan application for studying MBA in Canada, it is essential to thoroughly explore and compare the options provided by different lenders. GyanDhan simplifies this process by offering comprehensive assistance. With our partnerships with multiple lenders, including government banks, private banks, and NBFCs, we provide a wide range of choices. Check your eligibility for an education loan for studying abroad with GyanDhan and leave your loan process concerns behind.
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