Can an international student get a bank loan?

[Azim1394]

Hi,

Can an international student get a loan from a canadian bank?

 

[newtone]

No because that defeats the whole purpose of you being international student. Besides what will they issue the loan against?

 

[scylla]

Agreed. No.

You have no collateral. So no bank in Canada is going to give you a loan.

 

[Azim1394]

I have asked a bank and they said it is possible to get a study loan when you have co signer.

 

[scylla]

I have asked a bank and they said it is possible to get a study loan when you have co signer.

Yes - it's possible if you have a cosigner.

That cosigner will likely need to be a Canadian (citizen or PR) with assets (e.g. house they own) that the bank will accept as collateral.

Do you know a Canadian PR or citizen in Canada who owns property and is willing to co-sign the loan with you? Note that co-signing the loan mean this person will be on the hook for the money if you default. So you may find people aren't willing to sign.

 

[Azim1394]

i have many family members (aunt,uncle,cousins) here in canada who are canadian citiziens and who are willing to be my Co signer.

 

[newtone]

i have many family members (aunt,uncle,cousins) here in canada who are canadian citiziens and who are willing to be my Co signer.

Provided they can show something as colateral. Keep in mind this will also reflect on your and their credit score. The loan will appear as a liability on their credit history so they will be taking a huge risk

 

[kateg]

Credit is doable, but a straight-up loan is a bit harder.

There are a number of credit card options for students. ScotiaBank and CIBC have unsecured cards they will do ($500 limit). If you apply as a student, you get it. TD has a secured option (where you have some collateral).

Once you have built some credit, the loans are easier to do.