Sage-Tips

Is education loan compulsory for insurance?

When it comes to the abroad education loan process of NBFCs and private banks, all applicants of an education loan without collateral must purchase an education loan insurance. This is a mandatory requirement that every student who applies for an education loan without collateral is expected to fulfill.

What is covered under education loan?

Education loans are unsecured loans that can be used to cover expenses related to education, such as tuition fees, books, living expenses and other such expenses as transportation costs, etc.

Is it mandatory to take insurance for education loan in SBI?

Although it benefits you in a lot of ways, If you plan on borrowing an SBI education loan for abroad studies and are asked to purchase the SBI Rinn Raksha loan insurance by your lending branch, please keep in mind that this formality is not compulsory. It is solely the student’s choice to opt for it.

What are the conditions for education loan?

The student is required to be a citizen of India. The loan applicant must have attained the age of 18 else his/her parents will have to avail the loan. The candidate must possess a good academic background. The aspirant must have secured admission to a recognized foreign university/institution/college.

Which expenses are not covered by an education loan?

There is a very common misconception that an education loan does not cover all the expenses which are likely to be incurred by students during their course of study abroad….Expenses for an education loan of a Typical Course Abroad

• Tuition Fees.
• Living Expenses.
• Health Insurance.
• Travel Tickets.
• Study Aid.

Is it compulsory to have a GIC account to study in Canada?

It is compulsory for students to purchase a GIC account in order to get their Canadian student visa without hassles. A GIC account borrowed from any of the following banks are accepted as funding proof at the embassy of Canada. What is the significance of a GIC account in the Canada education loan process?

Is Gic compulsory for Canadian visa application under SPP?

At present, Scotiabank is the only participating Canadian financial institution. However, GIC is ONLY compulsory for those first time applying for Canadian visa, under SPP. Rest both categories, can show a bank loan for amount equivalent to 10,000$ instead of a GIC.

How do I apply for the student GIC program?

The GIC Application Form will be sent to your secured email account. After registering for a secure email account, you’ll get an email with a link to the Student GIC Program application form. Students can submit the Student GIC Program application form online or offline.

What is a successful Canada education loan process?

A successful Canada education loan process briefly comprises of two important stages: The application process to universities/colleges. Funding and Visa – Arranging GIC amount, payment of one year’s tuition fees, preparing visa documents. A. The application process: The application process to any Canadian college/university is pretty simple.