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Snehalpoojari
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Financing options 02 Nov 2017, 09:15
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Hi guys,
Just wanted to check what are the financing options available for Indian students aiming to do an MBA in Canada without any co-signer available. Which financial institutions are good and do they cover both tuition fees and living expenses?

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Financing options 02 Nov 2017, 18:15
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Snehalpoojari
Hi guys,
Just wanted to check what are the financing options available for Indian students aiming to do an MBA in Canada without any co-signer available. Which financial institutions are good and do they cover both tuition fees and living expenses?

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The only one I am aware is Prodigy Finance - their funding varies based on school and your origin. Sometimes they may ask for a portion of the funds to be available (for some schools they finance 100% and for others, it may be only 70% - you should check with them what they would be able to do for your target schools)
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Financing options 02 Nov 2017, 19:11
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Ok great. Will check with them. Thanks!!

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Financing options 22 Nov 2023, 04:17
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Hello there,

Here's some valuable information that might help. You can get an education loan for your MBA studies in Canada without needing a financial co-signer in two specific cases. These opportunities provide a pathway for pursuing your education goals independently.

    #Option 1: Secured education loan via public sector banks
    #Option 2: Education loan via International Lenders

Let’s discuss these options individually.

Option 1

Getting a secured education loan, as the name suggests is an education loan that you can get against a collateral. Once you pledge collateral then you will not need a financial co-signer. Some prominent banks can help you in the same namely SBI and UBI.

    1. SBI - They can provide you with up to 1.5 Cr INR loan with an interest rate starting at 11.15%. The processing fee for the same is 11,800 INR including GST.

    2. UBI - they can also provide you with an education loan with up to 1.5 Cr INR with an interest rate starting at 10%. They charge a processing fee of 5,000 INR which is refundable in case you take disbursement within 3 months of loan approval.

Please Note - For both the cases above, collateral will be required.

Option 2

The second option and preferred option in your case is getting an education loan from international lenders like MPOWER and Prodigy. Let’s learn about them one by one.

    1. MPOWER Financing - they will provide you with a loan of up to 100,000 USD at a fixed interest rate of 13.99% depending on whether your targeted institute is in the approved list of theirs or not. They have an interest rate incentive of 0.25% in case you sign up for autopay. They can be a good option as they specialize in providing loan for students planning to study in USA or Canada.

    2. Prodigy Finance - it can also cover 100% of your cost to study based on the university/college you choose. They has an approved list of institutes and courses for which they provide education loan. This may lead to a variation in the loan amount being approved by the lender. The interest rate for it starts at 12%.

When applying for an education loan, timing becomes a critical factor. If you apply to one lender and, in a worst-case scenario, face rejection, you may not have sufficient time to apply to another. This is where GyanDhan comes in. We analyze your profile with the help of our education loan experts and apply to lenders that best fit your requirements, increasing your chances of approval. Additionally, we ensure to have a backup option in place in case things do not go as planned. So, what do you need to do? Simply check your eligibility with us and leave the rest to our experts.