Fulfill your dream to study in top Study in the Canada universities with hassle-free loans covering tuition, living, and travel — at competitive rates.
Flexible and low interest options to suit your needs.
No security required for reputed universities.
Repay only when you start earning.
One-stop solution for all education-related costs.
30K+ Students Counselled
600+ Universities
Canada is a top study destination known for quality education, safe living, and strong career opportunities. Canada has grown rapidly as a global education destination; international student numbers increased from 122,665 to over 800,000 in just two decades. With updated immigration policies, students choosing in-demand courses can benefit from clearer work and PR pathways. At PayStudy, we help Indian students to study in Canada navigate new rules confidently, secure funding, and build a strong financial and visa-ready profile.
Globally recognised degrees & 11 universities ranked in QS Top 250
Excellent research ecosystem, especially in AI, healthcare, engineering, and biotech
Safe, multicultural society with strong Indian community support
Clear work-pathway options via PGWP & PR routes
Competitive salaries, approx CAD 1,050 per week average for skilled roles
Engineering & Technology
| Expense Type | Approx Cost |
|---|---|
| Tuition Fees | CAD 20,000–45,000/year |
| Living Expenses | CAD 10,000–15,000/year |
| Health Insurance | CAD 600–900 |
| GIC (Mandatory) | CAD 10,000 |
| Study Permit Fee | CAD 150 |
| Biometrics | CAD 85 |
| Textbooks & Supplies | CAD 500–1,000 |
| Local Transport | CAD 600–1,200 |
| Miscellaneous | CAD 1,000–2,000 |
Planning tip: A mix of education loans + GIC helps strengthen financial proof for visa evaluations.
| Scholarship | Benefit | Type |
|---|---|---|
| Horowitz Foundation Grants | ~INR 8.3 Lakhs | Merit |
| President’s International Scholarship (UofT) | ~INR 27 Lakhs | Merit |
| University of Saskatchewan Graduate Award | ~INR 16–20 Lakhs | Merit & Leadership |
Studying in Canada includes tuition fees, living and travelling costs. An education loan can help you meet this without a direct, immediate burden on your family financially.
Covers tuition fees, accommodation, travel, visa charges, insurance, and other essential study-related expenses.
Allows students to be able to apply to the top Canadian universities without making compromises on their university of choice because of financial restrictions.
Benefit from a moratorium period during your course and repay later with manageable EMIs and flexible tenure.
| Loan Type | Description | Collateral Requirement | Interest Range (p.a.) |
|---|---|---|---|
| Secured Loan | Backed by property, FD, or insurance as security. | Yes | 9.75% – 10.75% |
| Unsecured Loan | Based on co-applicant income and academic profile.. | No | 10.5% – 13% |
| Parameter | Requirement |
|---|---|
| Nationality | Indian citizen |
| Age | 18 years and above |
| Admission Status | Confirmed offer from Designated Learning Institution (DLI) |
| Course | Degree/Diploma (min. 8 months) |
| Co-Applicant | Parent/guardian with verifiable income source |
| Collateral | Only for secured loans |
| Credit Profile | Satisfactory CIBIL score (> 700 preferred) |
| Factor | Details |
|---|---|
| Annual Tuition Cost | INR 9–22 Lakhs (varies by course & university) |
| Living Cost | INR 6.5–12 Lakhs/year |
| Funding Options | Education loans, scholarships, part-time jobs, family savings |
| Intakes | September (Primary), January, May |
| Visa Type | Study Permit |
| Major Cities | Toronto, Vancouver, Montreal, Calgary |
| Visa Fee | ~INR 9,200 |
Most banks fund 100 % of tuition and up to 90 % of overall costs.
You will need:
Admission letter / Fee structure / DLI number.
| Lender | Tenure | Moratorium | Repayment Type |
|---|---|---|---|
| SBI / BOB / UBI | Up to 15 years | Course + 12 months | EMI or Simple Interest |
| ICICI / Axis | Up to 10 years | Course + 6 months | EMI or Partial Interest |
| HDFC Credila / Avanse | Up to 12 years | Course + 12 months | PSI / EMI |
| MPOWER / Prodigy | Up to 20 years | Course + 6 months | USD EMI |
Note: Early repayment is allowed without penalty for most banks after 6 months of EMI start.
| Lender / Institution | Loan Type | Max Loan Amount | Interest Range (Approx.) | Special Notes |
|---|---|---|---|---|
| State Bank of India (SBI) | Secured | ₹1.5 Crore | 9.8 – 10.5% | Covers GIC and fee transfer together |
| Bank of BAroda (BOB) | Secured | ₹1.25 Crore | 9.85 – 10.75% | Lower margin money requirement (10%) |
| Union Bank of India (UBI) | Secured | ₹1.25 Crore | 10 – 10.75% | Pre-visa disbursement possible |
| ICICI Bank | Unsecured | ₹50 Lakhs | 10.75 – 12.5% | Fast sanction for SDS universities |
| Axis Bank | Unsecured | ₹50 Lakhs | 11 – 12.75% | Pre-visa disbursement available |
| Credila | Unsecured | ₹60 Lakhs | 11 – 13% | Custom EMI & PSI repayment options |
| Avanse / InCred Finance | Unsecured (NBFC) | ₹40 – 50 Lakhs | 11 – 13.5% | No collateral, faster processing |
| Prodigy FinancE | USD-based | USD 100,000 | 11 – 13% | No co-signer required |
| MPOWER Financing | USD-based | USD 100,000 | 12 – 14% | Ideal for SDS programs, no collateral |
Submit your profile and loan requirements through our simple online form.
Receive loan offers matched to your profile from top partners.
We help gather and verify all your required documents quickly.
Our experts handle coordination with banks/NBFCs for fast sanction.
Funds are sent directly to the university or your account as needed.
| University | Entry Requirements | Popular Fields |
|---|---|---|
| University of Toronto | GPA ~3.6, IELTS/TOEFL, GRE/GMAT (course-dependent) | CS, Medicine, Engineering, Finance |
| McGill University | GPA ~3.2+, IELTS/TOEFL, GMAT/GRE for some | Engineering, Neuroscience, Law, Data Science |
| McMaster University | GPA ~3.0+, IELTS/TOEFL, GMAT/GRE if required | Health Sciences, Analytics, Engineering |
| University of Ottawa | GPA 3.0+, IELTS/TOEFL, GMAT/GRE (course-based) | Law, Political Science, Business |
| Simon Fraser University | GPA 2.5–3.0+, IELTS/TOEFL | Computing Science, Business, Criminology |
Up to 20 hours/week during study
Eligible for programs 8 months or longer
Many students apply after gaining Canadian work experience under Express Entry or provincial programs.
Intake Cap on International Students : Canada now limits the number of international student permits to ensure quality intake and manageable integration. This increases competition but rewards strong applicants with clearer career pathways.
Receive personalized guidance from specialists who are familiar with the regulations of Canada universities, the loan procedure, and the financing requirements of the visa. Based on your chosen university and eligibility, we help identify the most suitable lender and work towards securing the highest eligible education loan amount.
Access multiple trusted banks and NBFCs to find the best education loan options to study in Canada with competitive terms. Through our lending partners, eligible students may benefit from competitive interest rates, processing fee concessions, dedicated support channels, and flexible repayment options, subject to lender policies.
Get fast processing with simplified documentation so that one can have a smooth and hassle-free experience. Our team also helps assess your eligibility and prepare a strong loan application based on your university, course, and lender requirements.
Receive tailored loan options based on your course, university, and financial profile. We also help students explore suitable funding options and prepare the financial documentation required for their Canada study permit.
From application to disbursement, our team ensures complete assistance at every step of your study abroad journey and RBI-regulated processes through PayFX.
| Expense Category | Average Annual Cost (CAD) |
|---|---|
| Tuition Fees (UG/PG) | 25,000 – 40,000 |
| Living Expenses | 12,000 – 18,000 |
| Health Insurance | 800 – 1,200 |
| Travel & Miscellaneous | 1,000 – 2,000 |
Total average annual cost: CAD 35,000 – 55,000 (≈ ₹22 – 35 Lakhs).
A Guaranteed Investment Certificate is a requirement under the SDS (Student Direct Stream) program as proof of funds for living expenses.
Direct GIC opening with Scotiabank, RBC, CIBC, SBI Canada
Interest paid on education loans for Canadian studies qualifies for Section 80E tax deduction for 8 years.This applies only to loans from recognized banks and NBFCs.
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