The loan process begins with selecting the right lender and submitting a loan application. Applicants need to provide various documents, including proof of admission (like an offer letter from a Canadian university), cost of attendance, academic records, proof of identity, income proof of the co-applicant, and collateral documents (if applicable). Once all documents are submitted, the lender reviews the application and determines whether to approve the loan and under what terms. This process can take anywhere from a few days to a few weeks.
Upon approval, the loan amount is generally disbursed in installments, either directly to the university or to the student, depending on the lender’s policy. Most lenders cover tuition fees, living expenses, travel costs, study materials, health insurance, and even laptop expenses under education loans. Students are advised to carefully review what is covered in the loan to ensure it meets all their financial needs while studying in Canada.