Student Loan for Canada

What is a student loan?

A student may acquire a loan from the government or a private company to help pay for tuition and other educational costs. After the student has earned their degree from the relevant college or university, the loan must be repaid, together with the interest.

In comparison to private lenders, government loans typically offer cheaper interest rates. When the student begins to earn money, they can pay back the loan amount. The moratorium period is the name for the waiting period. Tuition, room and board, books and supplies, exam fees, travel costs, and other incidentals are all intended to be covered by student loans.

What makes a student loan necessary?

Many students decide to take out a student loan because of the pricey educational programs and their limited financial resources. Apart from tuition, there are several other expenses that must be met to study abroad, such as:

• Cost of the English proficiency test

• Fees for university applications

• Visa costs

• Fees for passports

• The cost of a flight.

• Health Exams (Biometrics)

• Bank Records

• Post-admission costs, such as lodging

• Other Fees, such as for counseling and other services

Benefits of Student Loan for Canada

The majority of Indian banks provide study loan for Canada. Here are some of the main justifications for getting a student loan:

• A maximum loan of INR 1,000,000 may be obtained.

• Ten-year maximum repayment time

• A moratorium lasting up to a year after receiving a degree or six months following employment.

• Female students are eligible for discounted interest rates.

• Under section 80E of the Income Tax Act, you are entitled to an unlimited tax deduction on the interest you have paid for eight years.

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