Hey! I am coming to Canada for a 2 year Masters in a health sciences professional course. I am Indian and was wondering if anyone could mention a few banks or loan companies that may provide education loans or LOCs to an international student with/without a Canadian co-signer. Thanks!
Can anyone name a few banks/private companies that offer international students funding?
- Thread starter shivani15
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If you need a loan, you'll need to get one in your home country. Canadian banks / loan companies won't lend to you without a Canadian co-signer.
The big five Canadian banks are TD, CIBC, Scotia, RBC and BMO. All of them will require a Canadian co-signer.
In India, it is impossible to get a loan without collateral security and there are only 3-4 privates that do collateral free loans. Even those are for mostly engineering or MBA students. Besides, the rates of interest are anywhere between 12-16%.
In Canada, the LOC will be at a much lower rate of interest (2-4%) and collateral free, although you may have to provide a co-signer.
In Canada, the LOC will be at a much lower rate of interest (2-4%) and collateral free, although you may have to provide a co-signer.
Thanks a lot. But isn't there any bank where we can take loan from, without any Canadian cosigner?
Banks will only lend money to you if they can secure the loan (collateral). There's no way for them to secure the loan if you're here as an international student. That's why a Canadian co-signer is required.
If you do not have a Canadian co-signer, then you will need to get a loan from India instead.
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