Canada has become a top destination for international students due to its world-class education and multicultural environment.
However, the cost of education and living expenses can be significant.
Education loans tailored for international students are a lifeline, offering the financial support needed to achieve academic goals.
This guide highlights the 9 best Canada loan for international students, providing a comprehensive overview to help you make the best choice.
Best Canada Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $50,000 | No | 9.5% – 12% | Up to 20 years | Enrolled in a partnered university |
| MPOWER Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 10 years | Studying in eligible programs |
| RBC Royal Bank Student Line | Up to $100,000 | Yes | Prime + 1% | Flexible | Full-time students in Canada |
| CIBC Education Line of Credit | Varies | Yes | Prime + 1% | Flexible | Enrolled at Canadian institutions |
| Scotiabank Student Line | Up to $75,000 | Yes | 5.99% – 8.99% | 36 – 120 months | Valid study permit and co-signer |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible programs |
| BMO Student Line of Credit | Up to $45,000 | Yes | Prime + 1% | Flexible | Enrolled in Canadian universities |
| Desjardins Education Loans | Up to $60,000 | No | 6.99% – 10.99% | 12 – 84 months | Valid driver’s license in Canada |
| HSBC Student Line of Credit | Up to $20,000 | Yes | Prime Rate | Varies | International students with visa |
1. Prodigy Finance
- Loan Amount: Up to $50,000
- Interest Rates: 9.5% – 12%
- Loan Terms: Up to 20 years
Prodigy Finance specializes in education loans for international students without requiring a co-signer or collateral.
Loans are offered based on the student’s potential earning capacity and the reputation of their chosen institution. Repayment begins six months after graduation.
2. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 11.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing caters exclusively to international students, with no co-signer or collateral required.
Their approval process evaluates the student’s academic and career prospects. Borrowers also receive support services, such as scholarships and job placement assistance.
3. RBC Royal Bank Student Line
- Loan Amount: Up to $100,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
RBC offers substantial funding through its student line of credit, which requires a Canadian co-signer.
Interest-only payments are allowed during studies, making it easier for students to manage their finances. Funds can be used for tuition, books, and living expenses.
4. CIBC Education Line of Credit
- Loan Amount: Varies
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
CIBC’s education line of credit is designed for students enrolled in Canadian institutions.
A Canadian co-signer is required, but the loan offers flexibility, with funds available on an as-needed basis. Interest-only payments are required during the study period.
5. Scotiabank Student Line
- Loan Amount: Up to $75,000
- Interest Rates: 5.99% – 8.99%
- Loan Terms: 36 – 120 months
Scotiabank provides competitive rates for student loans, with the requirement of a co-signer who is a Canadian resident.
The loan can cover tuition, living expenses, and other costs, with flexible repayment terms post-graduation.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave specializes in student loans without requiring a co-signer.
Their user-friendly platform allows borrowers to customize their repayment plans.
This U.S.-based lender extends its services to eligible students in Canada, providing competitive rates and flexible terms.
7. BMO Student Line of Credit
- Loan Amount: Up to $45,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
BMO’s student line of credit offers financial support for tuition and other academic expenses.
A co-signer with a Canadian credit history is required, but borrowers benefit from interest-only payments during their studies.
8. Desjardins Education Loans
- Loan Amount: Up to $60,000
- Interest Rates: 6.99% – 10.99%
- Loan Terms: 12 – 84 months
Desjardins provides loans tailored for international students without requiring a co-signer.
Eligibility criteria include a valid driver’s license in Canada and proof of enrollment in a recognized institution. This is a strong option for students without Canadian financial connections.
9. HSBC Student Line of Credit
- Loan Amount: Up to $20,000
- Interest Rates: Prime Rate
- Loan Terms: Varies
HSBC offers a student line of credit for international students with valid study permits.
A co-signer is required, and the loan provides flexible terms for funding tuition, books, and living costs.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Are loans available to international students in Canada without a co-signer?
Yes, lenders like Prodigy Finance, MPOWER Financing, College Ave, and Desjardins provide loans for international students without requiring a co-signer.
What interest rates are typical for loans for international students in Canada?
Interest rates typically range from 5.99% to 13.99%, depending on the lender, loan type, and the borrower’s profile. Some loans are tied to the prime rate, which can vary over time.
What documents are required for loan applications as an international student?
Key documents include:
Proof of enrollment in a Canadian institution
Valid study permit or visa
Government-issued ID (e.g., passport)
Co-signer details (if applicable)
Financial statements and additional documentation based on lender requirements
Conclusion
Securing the right loan can ease the financial challenges of studying in Canada.
Whether you prefer co-signer-free options like Prodigy Finance and College Ave or traditional bank loans from RBC, Scotiabank, and CIBC, there’s a solution tailored to your needs.
Compare interest rates, repayment terms, and eligibility criteria to choose the best loan for your academic journey.
With the right financial support, you can focus on excelling in your studies and making the most of your time in Canada.
