Postgraduate degree Cost-effective in Canada

education loan for pg diploma in canada

Many students, including those from Canada, have bright aspirations of pursuing higher education in foreign countries. Because of its renowned universities and top-notch academic program, the nation is one of the most wanted study abroad locations.

In Canada, earning a postgraduate diploma has become a popular choice because it allows students to advance more quickly. Even though a full-time postgraduate degree might be expensive, a postgraduate certificate from a Canadian university provides an affordable way to enter the educational system in Canada, albeit with its own costs.

Getting a foreign education loan for a pg diploma in Canada is one of the best ways to control your educational costs. We’ll dive into well-known Canadian universities, in-demand programs, leading lenders in the financial industry, and more in this post. So continue reading and paying attention.

Well-known Canadian Universities offering PG diplomas

Excellent educational institutions are protected by Canadian educational institutions, which are well-known worldwide. Additionally, you will be greeted with wonderful experiences and outstanding learning opportunities upon enrolling in a PG Diploma program.

Regardless of your interests in business, technology, healthcare, or any other field, Canadian Institution provides a variety of postgraduate diploma programs that provide specialized knowledge and skills. Therefore, we have listed a few of the well-known educational institutions below for easier understanding.

McGill University St. Francis Xavier University University of Lethbridge
University of Calgary Lakehead University Vancouver Island University
Brock University University of Regina University of the Fraser Valley
University of Manitoba Thompson Rivers University Centennial College
Trent University Nipissing University Seneca College
University of Winnipeg Cape Breton University Kwantlen Polytechnic University

Now that you are aware of the well-known Canadian universities and colleges that provide PG Diploma programs, let’s continue and familiarize ourselves with their course offerings.

On-Demand PG Certificate Programs

Numerous well-liked PG Diploma programs are available from Canadian institutions, meeting a wide range of scholastic and professional interests. They provide courses in a wide range of subject areas, including business, healthcare, science, technology, engineering, and the arts.

The curriculum is made to give students comprehensive knowledge and real-world skills, which will greatly increase their employability. We have listed the popular programs and tuition costs below to help you make up your mind.

Popular Programs Duration Yearly Tuition Fees (Approx)
PG Diploma in Predictive Analytics 12 months Can$ 21850
PG Diploma in Artificial Intelligence 12 months Can$ 21850
PG Diploma in Human Resources Management 12 months Can$ 19750
PG Diploma in Marketing Management 24 months Can$ 13400
PG Diploma in Supply Chain Management 13 months Can$ 19950
PG Diploma in Mobile Application Development 12 months Can$ 22450
PG Diploma in Management Studies 8 months Can$ 19900

You might think about applying for international education loans in order to help you pay for your studies. But before you choose to do so, you should be aware of one crucial essential.

GIC: A Canadian Requirement That Is Required for PG Diploma

One of the most essential requirements for students applying to PG Diploma programs in Canada is the creation of a GIC account with CAD$ 10,200 (plus a processing fee of CAD$ 200) as evidence of their living expenses. In order to make education accessible in Canada for those who cannot afford the cost of education, applying for an education loan becomes a crucial option. However, it’s crucial to understand well-known financial institutions before choosing to take out an international loan, so let’s take a quick look.

Well-known Financial Institutions

A variety of financial lenders provide both secured and unsecured student loans for postgraduate diploma programs in Canada. Among the most well-known financial institutions are Nationalized Banks, Private Banks, NBFCs, and International Lenders. As a result, we have included a few notable instances of each below.

Nationalised Banks SBI, UBI, BOB, BOI, BOM, PNB
Private Banks ICICI Bank, IDFC First Bank, Axis Bank
NBFCs HDFC Credila, Avanse, Incred, Auxilo
International Lenders MPower Finance, Prodigy Finance

These lenders provide up to 1.5 crore in secured loans and up to 75 lakhs in unsecured loans. On the other hand, nationalized banks have lower interest rates than other lenders.

Aspects to Think About

Making an informed choice is essential when selecting the best lender for an education loan to study overseas. Having to choose from so many well-liked options can be overwhelming. Therefore, it is crucial to take into account the factors listed below in order to find the best fit.

  • Interest Rate
  • Margin Money
  •  Moratorium Period
  • Serving Interest
  • Tax Benefit
  • Loan Duration
  • Processing fee and time
  • Covered Expenses

Be extremely specific in your consideration of these factors, compare them across various financial institutions, and select the one that best suits your goals and financial requirements for your postgraduate diploma program in Canada.

Eligibility Requirements

An applicant must fulfill specific requirements in order to be eligible for an overseas education loan. These are some of the standard requirements, though they may vary slightly based on the lender.

  • the application must be approved by a Canadian educational institution
  • the co-applicant’s financial profile
  • the academic record must be strong
  • Credit history & CIBIL score
  • University and Course
  • the availability of collateral for a mortgage

Key Documents

To save trouble at the last minute, the loan applicant should be ready with all the necessary paperwork before submitting an application for an education loan. As a result, you can take note of the important documents listed below.

  • An admissions letter containing the tuition fees from a licensed Canadian university.
  • Properly completed loan application form
  • Academic records of graduation from 10th and 12th grades;
  • Test results for entrance exams, such as GRE, IELTS, or TOEFL
  • KYC documents, such as the applicant’s and coapplicant’s Aadhar cards and PAN cards
  • Valid Passport
  • Proof of residence, such as utility bills and electricity bills
  • Passport-sized photos of the applicant and coapplicant
  • Co-applicant income tax returns
  • Bank statement of the co-applicant’s last six months
  • Collateral document, if applying for a secured loan

Final Insights

For students, pursuing a postgraduate degree in Canada is an exciting opportunity that provides access to a top-notch education in a multicultural setting. For comprehensive details on the most recent interest rate, documents required for study loan for Canada and more. Look for the best advisors for any queries about foreign education loans. Wishing you all the very best.

Education Consultant

Education Consultant

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