9 Best Scotia Bank Loan for International Students: (Apply Now)

For international students studying abroad, securing funding can be one of the most challenging aspects of pursuing higher education.

Scotiabank, a leading financial institution, offers several loan options tailored to international students, often with flexible terms and competitive rates.

In addition, various other loan providers complement Scotiabank’s offerings to meet the unique needs of students studying abroad.

This article highlights the 9 best Scotiabank loan for international students, alongside other top providers, detailing their features, requirements, and benefits.

Best Scotia Bank Loan for International Students

Loan Provider	Loan Amount	Co-signer Requirement	Interest Rates	Loan Terms	Eligibility Requirements
Scotiabank – Student GIC	$10,000 – $50,000 CAD	Not required	0.50% – 1.25% (deposit rate)	1 year (for GIC funds)	Admission to a Canadian school
Scotiabank Personal Loan	Varies (based on need)	May be required	5.49% – 12.75% (variable)	1 – 7 years	Proof of enrollment and financial documents
Scotiabank Line of Credit	Up to $50,000 CAD	Required for students	Prime + 2% (variable)	Revolving credit	Co-signer required for international students
RBC Student Line of Credit	Up to $60,000 CAD	Required	Prime + 1% – 2% (variable)	Revolving credit	Enrollment in an eligible Canadian program
BMO Student Line of Credit	Up to $45,000 CAD	Required	Prime + 1% – 2% (variable)	Revolving credit	Co-signer with a strong credit profile required
College Ave Student Loans	$1,000 – $150,000	Required	5.29% – 13.95% (variable)	5 – 15 years	U.S.-based co-signer and enrollment proof
CIBC Education Loan	Up to $60,000 CAD	Required for international	Prime + 1% – 2% (variable)	Revolving credit	Proof of visa, enrollment, and co-signer
Prodigy Finance	$10,000 – $100,000	Not required	7.99% – 12.99% (fixed)	7 – 20 years	Admission to partner schools
HSBC International Loan	Varies	Required	4.50% – 10.50% (variable)	5 – 15 years	Co-signer with strong financial standing

1. Scotiabank – Student GIC (Guaranteed Investment Certificate)

• Loan Amount: $10,000 to $50,000 CAD.
• Interest Rates: 0.50% to 1.25% (deposit rate).
• Loan Terms: Funds are disbursed monthly over a year to cover living expenses.
• Co-signer Requirement: Not required.
• Features: A GIC is mandatory for international students applying for a Canadian study permit under the Student Direct Stream (SDS). It acts as proof of financial capability.

2. Scotiabank Personal Loan

• Loan Amount: Customized based on individual needs.
• Interest Rates: 5.49% to 12.75% (variable).
• Loan Terms: 1 to 7 years.
• Co-signer Requirement: May be required for international students.
• Features: Flexible repayment plans and quick disbursement for tuition or other education-related expenses.

3. Scotiabank Line of Credit

• Loan Amount: Up to $50,000 CAD, depending on the program and individual requirements.
• Interest Rates: Prime + 2% (variable).
• Loan Terms: Revolving credit with flexible repayment.
• Co-signer Requirement: Required for international students.
• Features: This line of credit offers access to funds as needed, making it ideal for managing ongoing expenses such as rent, textbooks, and supplies.

4. RBC Student Line of Credit

• Loan Amount: Up to $60,000 CAD.
• Interest Rates: Prime + 1% to 2% (variable).
• Loan Terms: Revolving credit with repayment starting after graduation.
• Co-signer Requirement: Required for international students.
• Features: Competitive rates and deferred payment options make it a popular choice for students pursuing higher education in Canada.

5. BMO Student Line of Credit

• Loan Amount: Up to $45,000 CAD.
• Interest Rates: Prime + 1% to 2% (variable).
• Loan Terms: Flexible repayment options tailored to students.
• Co-signer Requirement: Required for international students.
• Features: Offers interest-only payments while studying and during the grace period.

6. College Ave Student Loans

• Loan Amount: $1,000 to $150,000.
• Interest Rates: 5.29% to 13.95% (variable).
• Loan Terms: 5 to 15 years.
• Co-signer Requirement: Required for international students.
• Features: Flexible repayment terms and fast approval make it ideal for students attending partner schools in the U.S. and abroad.

7. CIBC Education Loan

• Loan Amount: Up to $60,000 CAD.
• Interest Rates: Prime + 1% to 2% (variable).
• Loan Terms: Revolving credit with up to 20 years for repayment.
• Co-signer Requirement: Required for international students.
• Features: Competitive interest rates and tailored repayment plans.

8. Prodigy Finance

• Loan Amount: $10,000 to $100,000.
• Interest Rates: 7.99% to 12.99% (fixed).
• Loan Terms: 7 to 20 years.
• Co-signer Requirement: Not required.
• Features: Offers loans to students attending partner universities globally, with no collateral or co-signer required.

9. HSBC International Loan

• Loan Amount: Varies depending on the borrower’s needs.
• Interest Rates: 4.50% to 10.50% (variable).
• Loan Terms: 5 to 15 years.
• Co-signer Requirement: Required for international students.
• Features: Competitive interest rates and exclusive discounts for HSBC Premier customers.

Quick One: We have other useful loan articles here.

Frequently Asked Questions

Conclusion

Securing the right loan can ease the financial burden for international students studying in Canada or abroad.

Scotiabank, alongside other providers like RBC, BMO, and Prodigy Finance, offers flexible, competitive solutions tailored to students’ needs.

Compare interest rates, repayment terms, and co-signer requirements to choose the loan that best aligns with your educational and financial goals.

With this guide, international students can confidently navigate their loan options and focus on their academic success.