Get a Quick Education Loan Online to Study in Canada
Canada has become a top destination for Indian students, with renowned institutions like the University of Waterloo and McMaster University. However, funding this dream often requires substantial financial planning. An Education Loan to study in Canada can help cover tuition fees, living expenses, and other associated costs, easing the financial burden on your family.
At Poonawalla Fincorp, we offer quick, transparent, and digitally enabled loan solutions tailored for Indian students seeking admission to Canadian institutions. Apply now!
Education Loan to Study in Canada: EMI Calculator
Our Education Loan EMI calculator is a simple online tool designed to help you plan your finances. By entering your desired loan amount and tenure, you can instantly see your estimated Equated Monthly Instalment (EMI).
Why Choose Poonawalla Fincorp
Apply for an Education Loan to Study in Canada
Click on “Apply Now”
Fill out the online form to start your loan application.
Enter Details
Enter your DOB, PAN card number, monthly income, and residential details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Get exclusive offers thoughtfully customised just for you
Securing an Education Loan to study in Canada starts with meeting our basic criteria designed for Indian students.
Age:
- Applicant: Between 16 and 50 years
- Financial Co-applicant:
- Salaried: 21 to 60 years
- Self-employed: 21 to 65 years
- Non-financial Co-applicant: 21 to 80 years
Citizenship: Indian, OCI (Overseas Citizen of India)
Study Location:
- India
- USA, Canada, Australia, New Zealand, Singapore, UAE, Philippines
- United Kingdom, Ireland, Sweden, Spain, France, Germany and other European countries
Loan Amount With Collateral:
- Domestic Studies - Up to ₹50 Lakh
- International Studies - Up to ₹3 Crore
Co-applicant:
- Parents
- Parents-in-law
- Siblings
- Spouse
- First Cousins
- Parents’ Siblings
Keeping your documents ready can significantly speed up the loan process. We require a standard set of documents for verification.
- KYC documents
- Institute Admit Letter (if available)
- Entrance Test Results (if available)
- Past Academics
Co-applicant Documents:
- KYC
- Employment
- Financials:
- Salaried: Bank Statement, Pay slip, Form 16
- Self-employed: Bank statement, ITR, GST Surrogate
Our Education Loan for studying abroad comes with competitive rates aligned with RBI norms, helping you focus on your studies without surprises.
|
Interest Rate |
11.25%* p.a. onwards |
|
Loan Amount |
₹1 Lakh to ₹3 Crore |
|
Loan Processing Fees |
Up to 2%+ GST subject to min. ₹5000 |
|
Loan Tenure |
Up to 15 years |
|
Prepayment/Foreclosure Charges |
• Floating rate loans: Nil • Fixed rate loans: 2% (plus GST) charge on the outstanding amount being foreclosed/prepaid |
|
Default Charges |
24% p.a. + taxes |
|
Repayment Instrument Dishonour Charges |
₹500 per bounce plus applicable taxes |
|
Stamp Duty |
At actuals (as per state) |
|
Hidden Charges |
Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
With an Education Loan, your path to studying in Canada becomes smoother, offering the support you need to thrive academically without compromising on financial security.
- Complete Financial Coverage: The loan covers all expenses, including tuition fees, the Guaranteed Investment Certificate (GIC) for your Canadian visa, and other related costs, ensuring full financial support for your education.
- No Collateral Required: You can secure funding without the need to pledge any family assets like property or gold, lightening the financial load on your loved ones.
- Tax Benefits: Interest paid on the Education Loan is eligible for tax deductions under Section 80E of the Income Tax Act, 1961, benefiting the loan contributors.
- Build a Strong Credit History: Timely repayment of your Education Loan helps you establish a solid credit history, which will support your future financial needs and aspirations.
- Focus on Your Studies: With your finances in order, you can concentrate entirely on your education and make the most of your experience at one of Canada’s top universities, such as the University of Toronto and McGill University.
- Quick and Digital Process: The entire process is online, meaning you can apply for the loan from anywhere in India, with no need for multiple visits to branches.
Get Funds Quickly With
Minimal
Documentation
Happy customers, happy us
My loan application journey with Poonawalla Fincorp was smooth and well-explained. The team demonstrated strong product knowledge and guided me clearly at every step. They were highly responsive, addressing my queries promptly and ensuring clarity throughout. The turnaround time was reasonable, with the process completed efficiently and without delays. Overall, I am very satisfied with the experience and truly appreciate the team's support and assistance.
My experience with Poonawalla Fincorp for my Education Loan was seamless and hassle-free. Their clear guidance, proactive communication, and transparent process made everything, from documentation to approval, disbursement, and even FOREX transfer, smooth and timely. The digital platform was easy to use, and their professionalism gave me complete confidence. I chose Poonawalla Fincorp for their supportive, customer-first approach, which enabled me to pursue my MBA at the University of Oxford without financial stress. I highly recommend their education loan products to any student seeking reliable financial assistance.
My education loan journey with Poonawalla Fincorp was seamless and stress-free from start to finish. The team demonstrated excellent product knowledge, explained the process clearly, and guided me through every step with transparency. Their responsiveness and proactive communication ensured that my queries were always addressed promptly, leaving no room for confusion or delay.The turnaround time was impressive! The team's professionalism, polite nature, and dedication to customer satisfaction truly stood out and made the experience even better. I am delighted with the service and would wholeheartedly recommend Poonawalla Fincorp to anyone seeking an education loan. Their supportive approach, timely processing, and customer-first attitude make them a trusted financial partner.
Frequently Asked Questions
The loan typically covers tuition fees, the GIC amount (if applicable), accommodation (on- and off-campus), exam fees, books, study materials, travel tickets, student health insurance, and other education-related expenses, as approved by the lender.
In many cases, a co-applicant such as a parent, guardian, or spouse with a stable income is required. This helps the lender assess repayment capacity.
Repayment periods for education loans in Canada vary by lender, typically with a moratorium covering the course duration and a grace period before EMIs begin. You can use a moratorium calculator to estimate the exact repayment schedule.
You will typically need KYC documents, proof of address, academic records, proof of income for you/co-applicant, and bank statements.
Yes, the credit score and repayment history of the applicant and/or co-applicant are important factors in loan assessment. A good credit profile can improve approval chances and may help in getting better terms, subject to lender policy.
No, the entire loan application process is fully online. Whether you’re in a major city like Chennai or a smaller town, you can apply for an Education Loan from anywhere in India, without the need for branch visits.
No, collateral is not required for an Education Loan to study in Canada. The loan is typically unsecured, making it easier for students to access funding without pledging any assets.