What is the process for applying for an education loan and using savings for tuition fees and deposits in Canada?

You can use both an education loan and your personal savings to pay tuition fees and deposits for studying in Canada.

First, secure admission and get your official offer letter. Next, calculate your total expenses (tuition, living costs, travel) to determine how much you need to borrow.

- Use your personal savings for initial payments like admission deposits or partial tuition.
- Apply for an education loan from an Indian bank or financial institution; you’ll need documents such as your admission letter, academic records, ID proofs, and co-applicant’s income proof.
- For your Canadian study permit, you must show proof of funds - this can include bank statements and your loan sanction letter.

Loan amounts are usually sent directly to the university, while your savings can cover upfront costs. Repayment terms and eligibility depend on the lender and are subject to change.