You are probably a future international student in Canada, presently a student in Canada or one who seeks to learn everyday.
International students loans in Canada is an easy journey with the right information. In this article I will give the best international students loans you can find in Canada. Let’s start with, Scotiabank.
1. Scotiabank International Student Loan Program provides international students studying in Canada, UK, Or USA loans up to CAD $150,000. Scotiabank offers one of the highest international students loans. The interest rates are highly competitive but varies based on country and program. It has a repayment term of up to 20 years.
To begin you can visit Scotiabank International Students Loan Program
2. MPOWER Financing
MPOWER Financing is ultimately one of the renowned students loans giving organisation. With MPOWER Financing international students can receive students loan up to $50,000 USD. Over 150+ nationalities are eligible for this loan. You can visit https://www.mpowerfinancing.com/ to check eligibility. MPOWER Financing does not require cosigner or collateral. It has a fixed interest rates from 13.99% APR with 10 years repayment terms.
3. RBC International Student Loan Program
RBC international students loan program offers loans up to $40,000 CAD per year with a variable interest rates based on prime rate. To be eligible for RBC International student loan you need a Canadia cosigner. The loan comes with a repayment term of 10 years.
You can visit https://www.rbcroyalbank.com/personal-loans/student-loans/study-abroad-program.html to begin the application process.
4. Prodigy Finance
Prodigy finance offer up to 100% tuition fees to international students admitted to top Canada universities. They place priority in the quality of university you school and your future earning potential.
This international student loan offer comes with a variable interest of 7-11% APR and a repayment term of up to 20 years.
Acquiring student loans from prodigy finance does not require any collateral or cosigner. All you have to do is, complete the application and get eligibility result.
To begin the process visit Prodigy Finance Website
5. ICIC Bank Education Loan
ICIC Bank Education Loan is an international Students loan offered to Indian students studying in Canada. ICIC Bank education loan offer loans up to $100,000 CAD with 15 years repayment term. This loan comes with very competitive interest rates based on student’s profile. ICIC Bank Education loan is unique with it no upper limit on loan amount.
To begin application visit https://www.icicibank.com/personal-banking/loans/education-loan
6. HDFC Credila
HDFC Credila offers International students loan of 100% education financing. To be eligible, you must be an Indian students studying in Canada. This loan has an highly competitive interest rates and is also based on student’s profile. HFDC since inception has funded 178,000+ Indian students pursuing their higher education across. HFDC Credila international students loan is unique for it no upper limit on loan amount. It has up to 15 years repayment terms.
To get started visit https://www.hdfccredila.com/
7. Stilt
Stilt offers international student loans up to $35,000 to eligible students and visa holders in the US but can be used for Canada studies. Stilt makes a good option for those transferring or taking short courses in the Canada. The interest rates starts from 7.99% with 6-36 months repayment terms. Stilt is one of the best student loans for international students. It does not require SSN and it can help build U.S credit history.
To begin you can visit https://www.stilt.com/education/guide-to-international-student-loans/
8. Leap Finance
Leap finance offers up to 100% of tuition fees to Indian students studying abroad with highly competitive rates, often lower than Indian banks. It has a flexible repayment option. Application on leap finance is an end-to end digital process and it offers international bank accounts.
Leap finance has Funded 3000+ students since 2021. It requires no collateral.
To begin application you can visit https://leapfinance.com/
9. TD Canada Trust Student Line of Credit
TD Canada Trust Student Line of Credit offers international students loan up to to $80,000 CAD. To be eligible you must be an international student with a Canadian cosigner. This loan has a flexible repayment term with interest only payments while studying. TD Canada Trust Student Line of Credit is an established Canadian bank with a flexible credit line structure.
This loan has a variate interest ratees based on TD prime rate.
To learn more and begin application visit https://www.td.com/ca/en/personal-banking/products/borrowing/lines-of-credit/student-line-of-credit
10. CIBC Education Line of Credit
CIBC Education Line of Credit offers International students loan up to $35,000 CAD per year. With up to 20 years repayment terms. To be eligible, you must be an International student with a Canadian cosigner. It has a variable interest rate with CIBC prime +1%. As an international students looking for the best student loan with competitive interest rates and repayment grace period, this is a great option.
To begin you can visit https://www.cibc.com/en/student/student-lines-of-credit.html
11. Auxilo
Auxilo provides best international students loan up to $120,000 CAD to Indian students studying abroad. It has a highly competitive interest rates based on student’s profile with up to 15 years repayment term. As an Indian International students studying abroad this is a great option as it offers both secured and unsecured loan options.
To get started visit https://www.auxilo.com/
12. Lending Mate
Lending mate provides international students loans up to $10,000 CAD with a fixed 43% APR interest rate. This loan requires a Canadian guarantor with repayment term of 1-5 years. This loan is best for smaller and short term funding needs.
To begin application visit https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiSrsb1oJuJAxWlX0EAHTk2EY8QFnoECBUQAQ&url=https%3A%2F%2Flendingmate.ca%2F&usg=AOvVaw2okLCZGOO2BuKD_8zxq3n1&opi=89978449
13. Bank of Baroda Education Loan
Bank of Baroda provides international education funding up to $80,000 CAD to Indian Students studying abroad with competitive interest rates based on MCLR (Marginal Cost of Funds based Lending Rate). This loan has 15 years repayment terms and does not require collateral up to a certain amount.
To begin you can visit https://www.bankofbaroda.in/personal-banking/loans/education-loan
14. MPower/RBC Newcomer Advantage Program
MPower/RBC Newcomer Advantage Program offers one of the best international students loan to students in Canada. The loan amount varies and has competitive interest rates. To be eligible you must be an international students in Canada. It has a flexible repayment option.
MPower/RBC Newcomer Advantage program combines MPower’s accessibility with RBC’s banking products.
To guide you on your application visit https://www.rbcroyalbank.com/en-ca/new-to-canada/newcomers/
15. IIFL Education Loan
IIFL education loan provides Indian students studying abroad with loan up to $100,000 CAD for their studies. This loan has competitive interest rates with 15 years repayment term.
IIFL is unique for it quick loan approval process and flexible collateral options. Funding your international studies should no longer be difficult.
To begin application visit https://www.iifl.com/personal-loans/education-loan
16. Eduloans by Nuffic
Eduloans by Nuffic is provides one of the best international students loan for students. They offer loan amount up to €15,000 per year to students from developing countries. Eduloans by Nuffic educational funding has a fixed 6.3% interest rate with up to 10 years repayment term. Eduloans has been trust by thousands of students across developing countries.
You can visit https://www.eduloans.org/ to check eligibility and begin application.
17. Alexis Bank of Education Loan
Alexis Bank of Education offers Indian international students loan up to $80,000 CAD with highly competitive interest rates. This interest rates are based on student’s profile. Axis bank of education loan is provided with 15 years repayment terms. They are an established bank that offer door-step service for document collection. This makes the process a lot easier.
Want to begin application? Visit https://www.axisbank.com/retail/loans/education-loan
18. Punjab National Bank Education Loan
Punjab National Bank Education Loan offers Indian International students loan up to $60,000 CAD with competitive interest rates. This interest rates are based on MCLR (Marginal Cost of Funds based Lending Rate). Punjab National Bank Education Loan has up to 15 years repayment term. It offers concessions for International girl students.
To begin application you can visit https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjvybnpppuJAxXYQUEAHYDuGJcQFnoECBsQAQ&url=https%3A%2F%2Fwww.pnbindia.in%2Feducation.html&usg=AOvVaw0FRtx6RR_uT4ue8Sk1rrBE&opi=89978449
19. State Bank of India Global Ed-Vantage Scheme
State Bank of India Global Ed-Vantage is an international students loan scheme offering Indian students admitted to select global institutions up to $100,000 CAD. To check eligibility and begin application you can visit https://www.bankbazaar.com/education-loan/sbi-global-ed-vantage-an-overseas-education-loan.html
They offer competitive interest rates based on MCLR with up to 15 years repayment term. State of Bank of India Global Ed-Vantage Scheme is tailored for premier global institutions, including top Candian universities.
20. Avanse Education Loans
Avanse provides International students loan to Indian students studying abroad. This loan has no upper limit. Avanse offers education loans for both academic cost and living expenses. It has up to 15 years repayment term.
How To Choose the Right Students Loan
1. Interest Rates: As an international student seeking loan for studies, it is crucial you compare interest rates from various student loan companies. When you shop around, you stand a chance of saving thousands of dollars over the life of your loan. The best choice can just be one more research away. Therefore, compare as many loan offers as you can.
2. Look at repayment terms: Most students loan offers come with a flexible repayment terms of 6 months grace period after graduation. However, not all do. Ensure to thoroughly look at the repayment terms to determine how long you have to fully repay the loan. Also, when does repayment start.
3. Check Eligibility Criteria: Go through the eligibility criteria and be sure you qualify before applying for the loan.
4. Consider the total cost: It is important you look out for any fees or charges attached to the loan while applying. The interest rates might be low but the fees or charges attached to getting the loan might be high. That is a red flag.
5. Read the Terms and Conditions: It is common people accept terms and conditions online without even reading or looking at it. It is very important you read the terms and conditions before agreeing.
6. Think about your future income: As you apply for the loan, take into consideration how to proper manage your repayment with your expected salary after graduation. You need to be sure you can repay the loan.
Conclusion
It can be quite challenging funding your Canadian education, but with these options you are well on the right path. Note that every international education loans has its pros and cons, properly evaluate each options and choose the best fit for your tuition.
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