How do I get an education loan to study for a Graduate (PG) diploma in Canada?

Students who want to study abroad are drawn to Canada, which is quickly becoming the best study abroad destination. Any country gains recognition by exceeding students' highest expectations.


There are a few reasons why Canada is climbing this ladder quickly:

  • A Large Number of Universities of International Standing.
  • Canadian degrees are respected around the world.
  • Education costs are lower than in many of the world's top study destinations.
  • PSW stands for Post-Study Work Visa, which is valid for up to three years.
  • Application for PR (Permanent Residency) is available.


The points listed above are just a few of the reasons why international students prefer Canada to other studies abroad destinations.

A large number of South Asian students choose Canada as their destination of choice among international students, with a significant portion pursuing a Postgraduate Diploma in various fields in Canada.



Why would you want a Graduate (PG) Diploma over a Master's Degree?

Many students choose the PG Diploma Course because it provides easy entry into the country and does not require exceptionally high grades to apply, as this degree is provided by Canadian institutions and a few Canadian universities.

  • A lot of students also tend to apply for a PG Diploma in Canada, since a typical post-graduate degree course in Canada could cost a fortune.
  • A relevant undergraduate degree with a cumulative score of at least 50% along with an English Proficiency Score of 6.5 in IELTS is required for admission. 


What are the Financial Requirements for a Post-Graduate Degree in Canada?

Before applying for a visa for a PG Diploma course, students must pay a specific sum to GIC - Guaranteed Investment Certificate in one go. They must also pay their tuition and living costs in advance before applying for a visa. The overall cost of a PGDiploma course in Canada, including GIC, is between C$23,000 and C$27,000, or 13 lakhs to 15 lakhs in Indian currency. This is because those who cannot afford to pay the entire sum in one go, such as those studying in Canada, would need an education loan.


Let us now look at the education loan process, now that we have a better understanding of the financial requirements.


How to Apply for a Student Loan to Study in Canada?

Canada is a country that has a For Student Visas, Visa Immigration Officers approve two forms of education loans:

  • Unsecured Loan (non-collateral Loan).
  • a secured loan (Collateral Loan).

The Canada Visa Immigration Officer accepts education loan sanction letters from nationalized banks, private banks, and NBFCs.

The following are the steps to take when applying for an Overseas Education Loan:

  • Meet the academic standards set out by the university in order to be considered for admission.
  • Be patient and wait for the offer message.
  • You can begin the loan process online while waiting for the offer letter to arrive.
  • It takes the bank 10 to 20 days to acknowledge your submission.
  • Once the loan is approved, the bank may pay the university for one semester or one year's tuition.
  • You can obtain the LOA (Letter of Admission) from the university after the funds have been disbursed.
  • At the same time, you must release CAD 10,200 (approximately Rs. 5,50,000) against a GIC and retrieve the GIC Certificate.



How will the loan experts at Empoweryouth support you?

The Empoweryouth Loan provides complete Overseas Education Loan assistance at no cost. The team first determines the student's eligibility and then recommends the appropriate financial institutions to approach for a loan. This decreases the chances of loan denial by 90% and saves the student time that would otherwise be spent waiting for the application to be approved. Our team makes proactive recommendations about the form of loan to be taken, the properties to be shown, and even the ITR to be filed. Our team can have an immediate and successful solution if the student becomes trapped with the bank procedures and norms because the process is totally online. We mean exactly what we say when we say "full guidance.". You can check our website for more information on a loan for higher education in another country. For students all over India, we provide both in-person and online assistance.