An overview of the eligibility criteria to get an education loan for Canada
Have you dreamed of completing your higher education in Canada? Yes, you have, haven’t you? Canada is known for the well-established and epochal teaching techniques its universities use to profess science, arts, commerce and every trade in between. But studying in Canada needs you to spend a fortune. To help you with money for that, many lenders offer education loans. Students can find about these loans by searching “education loan for Canada” on Google.
In this article, we will inform you about the eligibility criteria to successfully get an education loan to study in Canada.
To get an education loan, the student and the co-borrower would have to fulfil the following eligibility criteria:
Student eligibility criteria
The student must be an Indian citizen, and above 18 years of age (If the student is not above 18 years old then the parents or the guardian would have to apply for a loan on behalf of the student), display good academic record, should have admission proof for a college approved by the lender (this is not strictly necessary), and should have applied for a course that has a high scope of job opportunities.
Co-borrower eligibility criteria
If the student has applied for a full-time course and doesn’t have a source of income yet then he or she needs a co-borrower to get an education loan for Canada. A co-borrower in most cases is either a parent or a guardian. But a spouse can be a co-borrower as well.
The co-borrower must be an Indian citizen, should have a reliable income source, a good credit score, and either be a parent or a guardian (Spouses of married people can be considered as co-borrowers as well).
Once the student fulfills all the eligibility criteria then comes the part of submitting the student and his or her co-borrower’s documents to get an education loan for Canada.
Student documents required
The student documents usually required are a filled education loan application form, few passport-sized photographs, identity proof (AADHAR card/ PAN card/ Passport/ Driver’s license), residential proof (Electricity bill/ Gas bill/ Water supply bill), academic mark-sheets and certificates, competitive exam mark-sheets (GRE/TOEFL/ GMAT), admission proof of the university approved by the lender (this is not strictly not necessary every time) and a log of potential expenses that will be incurred by the student while studying the course.
Co-borrower documents required
The co-borrower’s documents generally required are few passport-sized photographs, identity proof (AADHAR card/ PAN card/ Passport/Driver’s license), residential proof (Electricity bill/ Gas bill/ Water supply bill/ Property tax bill) and the details of the different loans held presently by the co-borrower.
If the co-borrower is a salaried employee then he or she needs to submit these documents additionally. They are his or her salary slips of the last 3 months, his or her income tax returns and his or her salary account statements of the last 6 months.
If the co-borrower is self-employed then they need to submit these documents additionally. They are qualification certificates (B.E certificate if the co-borrower is an engineer/ M.Sc. certificate if the co-borrower is a post-graduate), address proof of the business office, income tax returns, bank account statement of the last 6 months.
So, this was an overview of the eligibility criteria to get an education loan for Canada. We hope this article helped you prepare to work out the finances of your higher studies in Canada. We wish you all the best!
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