Educational Loan Options for MBA in Canada

    Updated on: 05 Sep 2023

    In 2022, a total of 226,000 Indian students chose Canada as their study destination, specializing in master's programs focused on STEM or MBA. Among the 31 universities/colleges listed in the QS World University Rankings for 2023, several offer MBA programs that not only enhance students' practical business skills but also equip them with the adaptability needed in today's dynamic business environment. With global recognition, pursuing an MBA in Canada is a popular choice among students.

    However, it's important to consider the significant cost associated with this program. Many international students wisely opt for education loans to support their financial needs. To make an informed decision about your MBA journey in Canada, it is essential to explore the available loan options.

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    Cost of studying MBA in Canada

    MBA programs in Canada are often more affordable compared to similar courses offered in other countries like the US and the UK. International students can expect to pay tuition fees ranging from approximately CAD 10,000 to CAD 35,000 per year, which is at least USD 10,000 less than the average course fee of USD 45,000 in the US when considering similar international rates. Additionally, the cost of living in Canada is typically between CAD 18,000 and CAD 20,000 per year. Here’s the breakdown of the same:




    CAD 5,000 – CAD 10,000 per annum


    CAD 80 – CAD 110 per month


    CAD 300 - CAD 400 per month

    Health Insurance

    CAD 300 - CAD 800 per month


    CAD 400 - CAD 500 per month

    Secured education loan for MBA in Canada

    A secured education loan is a type of loan where the borrower is required to provide collateral as security during the loan application process. Collateral can include assets such as property (e.g., house or land), fixed deposits (FDs), or insurance policies. This form of loan typically offers a lower interest rate, a longer repayment period, and the potential for higher loan amounts to be approved. The accessibility of such loans is relatively higher, as lenders perceive the collateral as a safeguard that can be utilized in the event of loan repayment default. Now, let us explore some financial institutions that offer secured education loans, along with the key features of their loan schemes.

    Lender Name

    Maximum Loan Amount (in INR)

    Rate of Interest

    Margin Money


    Up to 1.5 Cr

    10.65% (for girls)

    11.50% (for boys)



    Up to 1.5 Cr

    10.5% - 10.85%


    (listed university)


    (non-listed university)


    Check Your Education Loan Eligibility for Free Apply Here

    Unsecured education loan for MBA in Canada

    An unsecured education loan does not require the applicant to provide collateral (security) during the loan application process. Compared to secured education loans, unsecured loans typically have a shorter repayment tenure and higher interest rates. This is due to the increased risk involved for the lender in recovering the loan amount.

    There are three primary types of lenders that offer unsecured education loans with substantial loan amounts. Private banks offer longer repayment periods but may have slightly higher interest rates, and their loan options are limited to selected universities and colleges. Non-banking financial companies (NBFCs) provide unsecured education loans with the shortest repayment tenure of only 10 years, albeit with higher interest rates. Similar to private banks, their loan options are also restricted to specific universities and colleges. Lastly, international lenders offer unsecured education loans with the highest interest rates but do not require a co-applicant, unlike the previous two options.

    Lender Name

    Maximum Loan Amount 

    Rate of Interest

    Margin Money

    Axis Bank

    Up to 50 Lakhs INR

    11% - 13.50%


    ICICI Bank

    Up to 50 Lakhs INR

    10.85% - 12.50%

    0 - 15%


    Up to 35 Lakhs INR 

    11.75% - 13.25% 


    HDFC Credila

    Up to 40 Lakhs INR

    11.75% - 12.50%



    Up to 30 Lakhs INR

    12% - 13%



    Up to 30 Lakhs INR

    12% - 13%



    Up to 25 Lakhs INR

    12.50% - 13%


    MPOWER Financing

    Up to 100,000 USD

    12.99% - 13.99%


    Prodigy Finance

    Up to 100,000 USD

    12% - 14%


    Note to experienced professionals - ICICI Bank offers a loan option for experienced applicants. With a minimum of 3 years of experience, no co-applicant is required to process the loan. The loan amount and other variables remain consistent with the table provided. Two additional requirements are:

    • Minimum monthly income: INR 35,000+ (varies with loan amount).
    • Fixed Deposit (FD) for total Simple Interest during moratorium for a free moratorium.

    Read more about: Abroad education loan for working professionals

    How to select the best education loan options for your needs?

    When considering educational loan options for an MBA in Canada, GyanDhan provides valuable tips to help you choose the most suitable loan while ensuring minimal financial burden in the future. To make an informed decision, it is important to compare the following aspects across lenders and loan schemes:


    By carefully evaluating these factors, you can select the best educational loan option that aligns with your needs and offers favorable terms and conditions.


    Read more about:

    How to get education loan for MBA in Canada?

    Acquiring an education loan for pursuing an MBA in Canada is a straightforward process. Nonetheless, managing multiple lenders individually can be a daunting task. To simplify this process, GyanDhan provides assistance in obtaining an education loan for an MBA in Canada through the following streamlined steps:

    • Check eligibility to determine the education loan amount for studying abroad and kickstart the application.
    • Education loan counselor will get in touch and suggest the best lender options as per the requirements.
    • Submit documents as per the lender's preference (online/offline). The verification process begins after submission. 
    • Upon completion, you will receive a loan approval letter. Signing the agreement based on the letter will finalize the process and enable the disbursement of funds.


    Check Your Education Loan Eligibility for Free Apply Here

    Education loan eligibility and documents for MBA in Canada

    The eligibility and documents requirements for getting an education loan to study MBA in Canada are shown in the table below:

    Document Required

    • Applicant’s KYC documents.
    • Proof of admission: admission letter from university/institution
    • Fees structure from the university 
    • Loan application form
    • Passport-size photographs
    • Income proof of the co-applicant (for unsecured education loan)
    • Academic transcripts (School and Bachelor’s).
    • Standardized test scores - GMAT or GRE
    • English proficiency test score - IELTS or TOEFL or Duolingo
    • Resident proof of the applicant and co-applicant
    • Property papers (in case of secured education loan)


    • Confirmation of acceptance from a recognized Canadian institution for a full-time program.
    • Minimum age requirement of 18 years.
    • Good academic record.
    • Strong career prospects for unsecured loans, and collateral for secured loans.


    Calculate your Education Loan EMI Click Here

    Before you begin your education loan application for studying MBA in Canada, it is essential to thoroughly explore and compare the options provided by different lenders. GyanDhan simplifies this process by offering comprehensive assistance. With our partnerships with multiple lenders, including government banks, private banks, and NBFCs, we provide a wide range of choices. Check your eligibility for an education loan for studying abroad with GyanDhan and leave your loan process concerns behind.

    First published date: 04 Dec 2019

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About author

Madhuwrita Nandi
Reader, writer, music lover!

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