University News and Updates..
  • Home
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories

Type and hit Enter to search

University News and Updates..
  • Home
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories
Book your stay, get £50* CASHBACK!

Explore University Living accommodations now!

Explore Now
Student Finances

Type of Student Loans For Indians in Canada

June 14, 2023 3 Mins Read
Updated On: December 20, 2024
Type of Student Loans

Table of Contents

  • Collateral Loan for Study in Canada
  • Non-Collateral Loan in Canada
  • How to get a student loan to study in Canada?
  • What are the kind of expenses covered under a student loan?
  • Eligibility requirements for processing a student loan
  • Documents required for student loans in Canada
  • List of financial marketplaces for Indian student’s education loan
    • Auxilo
    • GyanDhan
    • HDFC Credila

There are two types of student loans for Indian students: collateral and non-collateral loans.

Collateral Loan for Study in Canada

A collateral loan is a loan given to students based on the collateral provided to the bank. To apply for this loan, the student has to show collateral as a security equal to the loan amount.

The collateral is lent through:

Tangible assets: property, flats, lands, or any establishment

Intangible assets: government bonds, insurance, or fixed deposits

Processing time: It takes up to 20 days to process the loan

Non-Collateral Loan in Canada

The non-collateral loan is given to students based on a co-applicants income and CIBIL score. To apply for a loan, students do not need to pledge a security. 

There has to be a co-signer or a co-applicant as a form of security to sanction the loan.

The co-applicant needs to show their proof of income and produce papers on the same.

There are a few eligibility criteria that need to be produced by the students and the co-applicant.

Processing time: It takes up to 7-10 days to process the loan 

How to get a student loan to study in Canada?

Applying for and sanctioning a loan is a lengthy process. Here are a few guidelines to help you through:

  • Get started 5-7 months before you start your study.
  • Calculate the tuition fee for the course you want to pursue.
  • Get the offer letter or acceptance letter from the institute. Here are the SOP Tips for Admission in Canada.
  • Our loan service experts will guide you through and give you a comparison of the banks.
  • When you’ve met the criteria, and made your final decision, it is time to fill out the form.
  • Read through the clause and apply for the loan.

What are the kind of expenses covered under a student loan?

Student Loan

Once the bank validates your loan agreement, they will issue a document. Some banks will pay the tuition fees to the Canadian university while some banks may not pay for it. You can spend the amount on your cost of living in Canada for rent, tuition fees, food, books, etc. 

Eligibility requirements for processing a student loan

  • Students should be 18 years of age; if below 18 years, they will need their parents’ consent.
  • The course applied for must be a job-oriented one.
  • Letter of acceptance from a recognized Canadian University for full-time study.

Documents required for student loans in Canada

  • Letter of acceptance
  • Identity Proof
  • Exams Score
  • Address Proof
  • Bank Details

Please bear in mind these are a few documents listed. Every bank has its own set of requirements to process the loan. Here’s how you can find out more on the Dos and Don’ts to Make that Student Loan Stretch!

List of financial marketplaces for Indian student’s education loan

We’re listing the financial marketplace and banks that offer education loans to students : 

Auxilo

Auxilo is a financial marketplace that provides the fastest loan sanctions to students who want to study in Canada. They provide students with pre-admission loans to help secure university admission. The loans will cover your cost of living expenses- tuition fees, rent, travel, etc. 

GyanDhan

GyanDhan is India’s first financial education marketplace that aims to help students provide loan assistance. They are partnered with many banks in India. 

HDFC Credila

HDFC Credila offers Indian students loans that fund 100% of academic expenses. It covers expenses for international exams too. Students can avail of loans depending on their courses. They offer flexible payment options too.

Explore Harvard University: A Legacy of Excellence
Explore Harvard University: A Legacy of Excellence
Best 7 Free Online Courses by Harvard University
Best 7 Free Online Courses by Harvard University
Top 7 Universities as Per World University Rankings
Top 7 Universities as Per World University Rankings
7 Top Fast Food Restaurants in UK
7 Top Fast Food Restaurants in UK
7 Benefits of Studying at Nighttime for Students
7 Benefits of Studying at Nighttime for Students

Tags:

Canada

Share Article

Other Articles

cost of living in Toronto
Previous

Cost of Living in Toronto for Students

Cost of Living in Los Angeles for Students
Next

Cost of Living in Los Angeles for Students

Next
Cost of Living in Los Angeles for Students
June 14, 2023

Cost of Living in Los Angeles for Students

Previews
June 14, 2023

Cost of Living in Toronto for Students

cost of living in Toronto

Contact Us

blog side banner

Recent Posts

Cost of Living in Bangor
Cost of Living in Bangor for Students 2025
Top Student Accommodations in Bath
Top 6 Student Accommodations in Bath
Top Student Accommodations in Bangor
Top 6 Student Accommodations in Bangor
Top Universities in Florida
Top Universities in Florida 2025: Rankings, Courses, Tuition & Admissions Guide 
Top Universities in Georgia
Top Universities in Georgia 2025: Rankings, Courses, Tuition Fees & Admission Guide

Related Posts

Scholarships in Canada for Nigerians

Fully Funded Scholarships in Canada for Nigerian Students [2025 Guide]

University Living
April 16, 2025
Fully funded scholarships in Canada

Top Fully Funded Scholarships in Canada for International Students [2025 Guide]

University Living
April 9, 2025
Scholarships in canada

Best Canadian scholarships for Indian students 2025

University Living
March 29, 2025
Top Highest Paying Jobs in Canada

Top Highest Paying Jobs in Canada 2025

University Living
January 9, 2025
Safe home for every student
Company
  • About
  • Blog
  • Scholarship
  • Refer & Earn
  • Industry Report
  • Services
  • List Your Property
  • Student Ambassador
  • Cost Of Living
Help
  • Contact Us
  • Careers
  • FAQs
  • care@universityliving.com
Support
United Kingdom
3rd Floor, 86-90 Paul Street, London - EC2A 4NE
+44 203 695 6785
India
Riana Aurelia Plot No- 93-94, 8th Floor, Sector-136, Noida-201305
+91 9484707142
Australia
3 McLoughlin Street, Marsden Park NSW 2765 Australia
+61 279 123 007
United States
178 Columbus Ave #237190 SMB 32557 New York, NY 10023
+1 617 861 6668
University Living Logo
© 2025 University Living Accommodation Pvt Ltd. | Terms & Conditions | Privacy Policy
App Store Google Play
Explore Harvard University: A Legacy of Excellence Best 7 Free Online Courses by Harvard University Top 7 Universities as Per World University Rankings 7 Top Fast Food Restaurants in UK 7 Benefits of Studying at Nighttime for Students
Explore Harvard University: A Legacy of Excellence Best 7 Free Online Courses by Harvard University Top 7 Universities as Per World University Rankings 7 Top Fast Food Restaurants in UK 7 Benefits of Studying at Nighttime for Students