What are the tuition fees and budget requirements including GIC and loan options for studying in Canada for a Master's/MBA?

Expect tuition fees for a master's in Canada to range from CAD 10,000 - 40,000/year, depending on the university and program. Specialized courses (like MBA or engineering) may cost more.

You'll also need to budget for living expenses - typically CAD 12,000 - 18,000/year. Cities like Toronto and Vancouver are on the higher end.

The Guaranteed Investment Certificate (GIC) is a key visa requirement. As of 2024, you must deposit CAD 22,895 in a Canadian bank before applying for your visa. This amount is released to you in monthly installments after you arrive.

Education loans from Indian banks can cover tuition, living costs, and the GIC. Most require a co-applicant and sometimes collateral. Some private lenders offer loans without collateral or a co-signer.

Make sure your loan covers the GIC so you don't need to break fixed deposits.