MBA Study Loans for Canada: Schemes, Visa Guidelines & More

The Canadian education system is regarded as one of the topmost for research capability, industry-focused teaching style, and a developed economy full of opportunities for talented graduates. Each year, thousands of international students choose Canada as their study destination, especially for an MBA. Among the 23 Canadian educational institutions featured on QS Global MBA Rankings 2025, many offer diverse MBA programs that enhance their practical skills and make them stand out in a competitive business market. 

However, studying MBA in Canada takes a significant financial investment. This can be handled with a study loan for Canada, which helps pay for the tuition fees, living expenses, and other expenses in Canada quite easily. In this article, we will understand which lenders in the Indian market offer the best overseas education loans for an MBA in Canada. 

Cost to Study MBA in Canada

The exact cost of an MBA in Canada can vary based on one’s chosen University, program, and city of residence. However, the aggregate tuition fees for an MBA can cost around CAD 16,950 to CAD 70,734 per year.  The cost of living in Canadian student cities like Toronto, Vancouver, and Montreal may range from CAD 1,165 to CAD 3,140 per month, depending on the student’s living standards. The best lenders on the market offer attractive loan schemes that cover these expenses, which we will learn about in the next section.

Topmost MBA Study Loans for Canada

Whether one wants a secured or unsecured study loan for their MBA in Canada, they have a plethora of lenders to turn to, including Nationalized Banks, Private Banks, Non-Banking Financial Companies (NBFCs), and International Lenders. Let us see some attractive schemes below.

Bank of Baroda Scholar Education Loan

  • Maximum Loan Amount: Secured loans up to INR 1.5 crore for Premier-Listed Universities.
  • Rate of Interest: Starts at 9.20% per annum for Premier-Listed Universities.
  • Loan Margin: Up to 100% funding for Premier-Listed Universities in Canada.

Punjab National Bank Udaan Education Loan

  • Maximum Loan Amount: Secured loan up to INR 1.5 crore
  • Rate of Interest: Starts at 9.25% per annum if the student’s chosen University is among the top 50 in the world.
  • Loan Margin: 85% financing with 15% margin.

Axis Bank Overseas Education Loan

  • Maximum Loan Amount: Secured loans up to INR 1.5 crore and unsecured loans up to INR 1 crore for Prime Universities. 
  • Rate of Interest: Starts at 10.25% per annum for secured loans and at 11% per annum for unsecured loans. 
  • Loan Margin: Up to 85% funding and 15% margin for secured loans and up to 100% funding for unsecured loans.

Yes Bank Abroad Education Loan

  • Maximum Loan Amount: Secured loans up to INR 1.5 crore and unsecured loans up to INR 75 lakhs for Prime-Listed Universities.
  • Rate of Interest: Starts at 11.50% per annum for both secured and unsecured study loans for Canada.
  • Loan Margin: Up to 100% funding for both secured and unsecured loans.

Avanse Financial Services Loan

  • Maximum Loan Amount: Secured loans as per the student’s requirement and profile and unsecured loans up to INR 40 lakhs for Canadian institutions.
  • Rate of Interest: Starts at 11% per annum for secured loans and at 11.5% for unsecured loans.
  • Loan Margin: Up to 100% funding for both secured and unsecured education loans.

Credila Overseas Education Loan

  • Maximum Loan Amount: Secured loans as per the student’s requirement and profile, and unsecured loans up to INR 40 lakhs for an MBA in Canada.
  • Rate of Interest: Starts at 10.25% per annum for secured loans and at 11.5% per annum for unsecured loans.
  • Loan Margin: Up to 100% funding for both secured and unsecured education loans.
Now that we have seen some of the most attractive loan schemes, students can determine which bank is best for education loan for abroad studies. Something to keep in mind for the selection is the visa norms lenders must comply with, which we will understand next. 

Guaranteed Investment Certificate (GIC) Norms for Study Loans for Canada

When looking through the visa application for a study permit in Canada, the government authorities ask for proof that one can manage the living costs in the form of a Guaranteed Investment Certificate (GIC) account. This account must show an amount of CA$ 20,635 in a recognized Canadian bank. 

The bank will then release an ‘Investment Balance Confirmation’, which students need to apply for a Canadian student visa. After they reach Canada, they can access this account to pay for their daily expenses. Therefore, it is important to choose a lender that understands these norms and is willing to deposit some of the loan amount in the GIC account to help the student.

To sum it all up, getting a study loan for Canada requires students to thoroughly research their options before making an informed decision. With the help of overseas education loan consultants, they can also understand the documents required for education loan abroad and the eligibility criteria of various lenders for a smooth loan application process.

Comments

Post a Comment

Popular posts from this blog

Bank of India Education Loan Interest Rate: How Does it Compare with Other Banks?

Image
Envision yourself reaching your dream study destination where an excellent education summons you forward. The only thing standing between you and that coveted degree? Financial limitations. At this point, nearly every student can find education loans as they connect ambition with what is achievable. In the range of available choices for loans for education purposes, the Bank of India's loan has become well-known. How does it compare with other lenders in the market? Let us find out! The Role of Study Abroad Loans Beyond being just monetary assets, education loans truly act as an investment in human potential. They uncover avenues for opportunities that keep students from contemplating tuition expenses. In leading study destinations, where tuition costs continue to rise, these loans significantly support equal access to great education. About Bank of India The Bank of India started in 1906 and has been a mainstay of the Indian banking system for more than a century. Its ...
Read more

NBFC Abroad Education Loans vs Bank Loans: Which Is Better for Indian Students in 2025?

Image
Every year, thousands of Indian students set their sights on universities overseas, chasing global exposure, better facilities, and brighter career prospects. Yet, the single biggest hurdle often isn’t grades or language tests—it’s financing. In 2025, two main funding routes dominate the conversation: traditional bank loans and Non-Banking Financial Company NBFC abroad education loans . Both boast unique advantages, but each has its quirks. This guide here will break down the differences to help you choose the right option for your study-abroad journey. Understanding the Role of NBFCs in Study Abroad Financing NBFCs have emerged over the last decade as specialised lenders for education. Unlike commercial banks with broad mandates, NBFCs tailor their products to meet students’ needs: Application Process: Almost entirely online, with quick document uploads and e-signatures. Approval Criteria: Academic records, university ranking, and future earnings projections often carry more weight ...
Read more