Applying for an education loan typically involves submitting various documents, including proof of admission, academic records, identity proof, income documents of the co-applicant, and collateral documents if applicable. Digital loan applications have made the process smoother in recent years, allowing students to compare different loan options online, calculate EMIs, and even get pre-approvals. However, thorough research is crucial to avoid hidden fees or overly restrictive loan conditions.
Canada’s Student Direct Stream (SDS) program requires students from certain countries to deposit a Guaranteed Investment Certificate (GIC) as proof of financial ability. While this is not a loan, students can use a portion of their education loan to fund the GIC if their loan terms allow it. This helps meet the visa requirements efficiently and strengthens the study permit application. Understanding the connection between education loans and visa requirements is crucial for a successful study abroad journey.