Education Loan for Study in Canada

Interest rates for education loans vary depending on the lender, loan amount, and whether the loan is secured or unsecured. Secured loans are those backed by collateral such as property, fixed deposits, or other assets and generally come with lower interest rates. Unsecured loans, which do not require collateral, are easier to access but may have slightly higher interest rates. It is important for students and parents to compare interest rates, processing fees, moratorium period, and repayment terms before finalizing a loan to make sure they select the most affordable option. Another significant factor is the moratorium period, which allows students to start repaying the loan only after completing their studies. Many lenders offer a grace period of six months to one year after course completion so that students can find a job and stabilize financially before beginning repayment. This feature is highly beneficial for those pursuing long-term courses like undergraduate or postgraduate programs in Canada, as it provides financial breathing space during the transition from study to employment.