Students loan is one of the fastest growing retail banking product in canada. Almost all public and private sector banks in canada are offering student loans at attractive rates for meritorious and needy students for studying both in canada as well as abroad.
In canada student loans are available for graduate,postgraduate and technical courses, canadian banks are increasing the flexibility of the student loan in terms of payback period to attract more students.
Student loan is a tool to help poor students to access higher education, Students loans in canada cover the tuition fee, hostel fee, library charges, administrative charges etc.
Expenses Covered by the Student Loan in Canada
- Student loan in canada helps the students to pay their college, hostel, examination, library and laboratory fees.
- Canadian student loan also covers various educational expenses of the students which include travel expenses, cost of books and other necessary articles, refundable deposit, caution money, building fund.
The maximum amount of Student loan granted for education in canada, is 25,000$ and 50,000$ for study in abroad.
Candidate’s Eligibility to Get Student loan in Canada
Candidates applying for the student loan need to satisfy certain eligibility criteria as specified by the canadian banks.
- Applicants should be canadian Nationals and aged between 16-40 years.
- Students applying for the student loan in canada are considered eligible if they get admission to various professional or technical courses through merit based selection process or entrance examination.
There is no margin for student loans in canada.
