Canada has emerged as a top study destination for Indian students. With strong post-graduation work permits and a clear immigration pathway, Canada offers exceptional value for cost-conscious students.
₹30–45 L
Typical Loan
Free
Counsellor call
From 8.35%*
Interest Rate
* 8.35% (floating) under PNB Udaan for PNB's list of 50 premium universities abroad. Other universities: from 8.6% with collateral (PNB Udaan standard, if you pay simple interest during the course; 9.6% otherwise) and around 10.5% without collateral. Final rate is set by the lender.
Country Snapshot
Why Canada
World-class universities
14+ approved institutions
Strong career outlook
~3.2 lakh Indian students/yr
Loan-ready
All 12+ FundMyCampus banks lend here
Global network
Clear post-study work pathway
The Complete Guide
Canada is one of the fastest-growing study destinations for Indian students, with approximately 3.2 lakh Indian students enrolled across Canadian institutions in 2025, making India the largest source country. The appeal: lower tuition than the USA (₹25–40 L for a 2-year Master's vs ₹35–55 L in the US), strong post-study work permits (up to 3 years), and a clear immigration pathway to PR via Canadian Experience Class.
For Indian middle-class families, Canada is often the financial sweet spot. A typical 2-year Master's at University of Waterloo or U of Toronto costs ₹62–83 L in total. PG Diploma programs at Centennial, George Brown, Humber, or Sheridan cost less (₹29–63 L) and are popular with Indian students seeking shorter, more job-focused programs.
The study permit has specific financial requirements that need careful loan planning: first-year tuition plus CAD 23,448 a year for a single student outside Quebec (checked on 3 Nov 2026) for living costs. An education loan sanction letter is accepted as proof, and many lenders can fund a GIC if you choose to use one. This guide covers cost breakdowns by program, lender comparison, study permit documentation, top universities and colleges, and the post-study work + PR pathway that makes Canada particularly attractive for Indian students.
Use these numbers to right-size your loan, under-borrowing forces 18%+ personal loans abroad, over-borrowing wastes interest.
Tuition
Living
Travel
Misc + Books
Average Total Program Cost
₹62–83 L for 2-year Master's
Typical for Indian Master's students
| Program | Tuition | Living | Travel | Misc | Total |
|---|---|---|---|---|---|
| Master's (2 yrs) | ₹25–40 L | ₹32–36 L | ₹1.5–2.5 L | ₹3–4 L | ₹62–83 L |
| Bachelors (4 yrs) | ₹50–80 L | ₹64–72 L | ₹3–5 L | ₹6–10 L | ₹1.23–1.67 Cr |
| PG Diploma (1–2 yrs) | ₹10–22 L | ₹16–36 L | ₹1–2 L | ₹2–3 L | ₹29–63 L |
| MBA (1–2 yrs) | ₹25–60 L (Rotman, Ivey, Schulich) | ₹16–36 L | ₹2 L | ₹3–4 L | ₹46 L–1.02 Cr |
Your Journey
From admit to disbursement, what FundMyCampus handles end-to-end.
Check eligibility
Free 2-min quiz tells you which banks will approve and at what rate.
Submit documents
Upload through our portal. We organise and stress-test before submission.
Sanction in days
Most Canada loans approved in 5–14 days. We chase the bank for you.
Disbursement
Bank wires fees directly to your Canada institution. You focus on the move.
PSU banks 8.85–10.50%, private 10.25–12.75%, NBFCs 10.50–14%. Canada loans average ₹30–45 L so rate differences are less material than USA. If your intake is close, NBFCs and private banks usually sanction fastest.
Interest: 9.15% to 10.15%
For Canada: up to ₹1.5 Cr
Study abroad, with collateral: 9.65% (9.15% at SBI's select universities) · Study abroad, without collateral: 9.65% at SBI's select universities, up to ₹50 lakh
Best rates for Canada studies. Its sanction letter is accepted as study permit financial proof, and the loan can fund a GIC if you use one.
Interest: 10.25% to 12.50%
For Canada: up to ₹1 Cr unsecured
Fast approval for Canada studies. Strong tie-ups with Scotiabank and ICICI Bank Canada for student banking setup.
Interest: 9.70% to 13.00%
For Canada: up to ₹1.5 Cr unsecured
Without collateral, top-ranked universities: from 9.7% · Standard profile or university: from 10.5%
Largest unsecured amounts. Strong for PG Diploma programs at Canadian colleges (Centennial, George Brown, Sheridan, Humber).
Interest: 11.00% to 14.00%
For Canada: up to ₹75 L unsecured
Most flexible for non-conventional Canadian colleges and Tier-2 universities. Approves many PG diploma programs banks decline.
Interest: 8.85% to 10.50%
For Canada: up to ₹1.5 Cr
Strong PSU alternative to SBI. Particularly good for Tier-2 city co-applicants who want PSU rates with faster processing.
Interest: 10.50% to 12.75%
For Canada: up to ₹75 L unsecured
Specialised MBA loan product useful for Rotman, Ivey, Schulich MBA programs. Step-up EMI options.
Interest: 8.35% floating at PNB's 50 premium universities. Other universities: 9.6% with collateral, or 8.6% if simple interest is paid during the course.
8.35% at 3 premium universities here
With collateral. Premium list here: University of Toronto, University of British Columbia, McGill University. Other universities: 9.6% with collateral, or 8.6% if simple interest is paid during the course. Rates confirmed by FundMyCampus with PNB.
Interest: From 12%
No collateral · 102 universities on its list
Avanse's collateral-free product. No co-applicant at all at 162 listed universities worldwide. Elsewhere a co-applicant is needed but with a relaxed income profile. The higher rate is the trade-off for no collateral.
Interest rates are each lender's standard range. They depend on your university, collateral and co-applicant, not on the country. What changes by country is how much each lender funds and which universities it approves.
For Canada studies, loan amounts are typically modest (₹30–45 L for Master's, ₹20–40 L for PG diplomas), so collateral-free options work for most students. SBI offers up to ₹50 L unsecured for List A Canadian universities (U of Toronto, McGill, UBC, Waterloo, McMaster, Queen's, Western). ICICI offers up to ₹1 Cr unsecured for premier Canadian universities. Credila and Avanse extend up to ₹1.5 Cr and ₹75 L unsecured. For amounts above unsecured limits (rare for Canada), property collateral is accepted at LTV 75–85%. One Canada-specific note: many students show their living-cost funds through a GIC (Guaranteed Investment Certificate). A one-year deposit with a participating Canadian bank that's paid back to you in instalments after you arrive. It isn't collateral against your loan, and since the Student Direct Stream closed in November 2024 it's one accepted form of proof rather than a requirement.
Pilot training in Canada
A Transport Canada CPL costs about CAD 30,000 to CAD 55,000 (₹20 lakh to ₹37 lakh) and takes 18 to 24 months. You convert it to a DGCA licence when you return.
Banks fund it with collateral and NBFCs without, with fees paid to the school in its currency.
Visa Essentials
What you need to prove for your Canada visa
Year 1 fees
Tuition Proof
₹16–18
Living Funds
Mandatory
Loan Letter
3 key items
Requirements
Proof of funds: CAD 23,448 a year for a single student outside Quebec. Checked on 3 Nov 2026. Official source
Key Requirements
Since the Student Direct Stream (SDS) closed on 8 November 2024, Indian students apply through the regular Study Permit…
A GIC (Guaranteed Investment Certificate) is a one-year deposit with a participating Canadian bank (such as Scotiabank,…
Most applicants also need a Provincial Attestation Letter (PAL), but Master's and doctoral students at public…
These are on most lenders' preferred lists, easier approval, higher unsecured limits, lower rates.
| University | Location | Annual Fees | Tier |
|---|---|---|---|
| University of Toronto | Toronto | ₹35 L | Premier |
| McGill University | Montreal | ₹25 L | Premier |
| University of British Columbia (UBC) | Vancouver | ₹32 L | Premier |
| University of Waterloo | Waterloo | ₹28 L | Premier |
| McMaster University | Hamilton | ₹25 L | Tier 1 |
| Queen's University | Kingston | ₹30 L | Tier 1 |
| Western University | London, ON | ₹28 L | Tier 1 |
| University of Alberta | Edmonton | ₹20 L | Tier 1 |
| University of Calgary | Calgary | ₹22 L | Tier 1 |
| Simon Fraser University | Burnaby, BC | ₹22 L | Tier 1 |
| Concordia University | Montreal | ₹18 L | Tier 2 |
| University of Ottawa | Ottawa | ₹24 L | Tier 1 |
| Carleton University | Ottawa | ₹20 L | Tier 2 |
| Centennial College / George Brown / Humber (PG Diploma) | Toronto | ₹14 L | PG Diploma |
See lender-wise rates, how much you can borrow, and EMI estimates for popular Canada universities.
After Graduation
What awaits Indian graduates post-study
Available
Post-study work
Yes
PR pathway
Strong
Salary growth
~3.2 lakh/yr
Indian community
Highlights
Canada offers one of the most generous post-study work permits among major destinations: the Post-Graduation Work…
What makes Canada particularly attractive: the PGWP can be used to gain Canadian work experience that directly counts…
Starting salaries in Canada (2025 data) for Indian graduates: STEM Masters at C$65,000–C$95,000/year (Toronto,…
Typical EMI for a Canada loan, 10-year repayment tenure after moratorium.
₹40 L · 10% · 10 yrs
~₹52,900
Monthly EMI
₹60 L · 10.5% · 10 yrs
~₹81,000
Monthly EMI
₹50 L · 9% · 12 yrs
~₹56,900
Monthly EMI
₹70 L · 11% · 10 yrs
~₹96,400
Monthly EMI
₹30 L · 10% · 10 yrs
~₹39,600
Monthly EMI
₹80 L · 10.5% · 12 yrs
~₹97,900
Monthly EMI
For Canada studies, applicable Indian government schemes: (1) Padho Pardesh, interest subsidy during moratorium for minority community PG students with family income ≤ ₹6 L. (2) Dr. Ambedkar Central Sector Scheme, for SC/ST students pursuing PG abroad, income cap ₹8 L. (3) National Overseas Scholarship, partial tuition for SC/ST/OBC/Minority students at recognised global universities. (4) Section 80E tax deduction on interest paid. Applies for 8 years from repayment start. (5) Several Canadian government scholarships also significantly reduce loan needs: Vanier Canada Graduate Scholarships (C$50,000/year for PhD), Banting Postdoctoral Fellowships, IDRC Research Awards. (6) University-specific scholarships at U of T, UBC, McGill often cover 20–50% of tuition for top international students. (7) For Indian students from Maharashtra: Annasaheb Patil Mahamandal provides interest-free loan up to ₹15 L for Maratha community. Note: the Section 80E deduction is available only under the old tax regime.
Rated 4.9★ on Google
“The professionalism at FundMyCampus is remarkable. They treat every student with equal importance”
“FundMyCampus made my education loan process incredibly smooth. Got approved faster than I expected…”
“I had a good experience with FundMyCampus. The team was approachable, answered my questions…”
Education loan guides for every country Indian students study in
Common questions Indian students ask about studying in Canada on loan
