Financing higher education in Canada as an international student often requires external financial support.
Bank loans tailored for international students are a reliable option, offering flexibility, competitive rates, and structured repayment terms.
This article highlights the 7 best bank loan for international students in Canada, helping you make an informed decision to achieve your academic aspirations.
Best Bank Loan for International Students in Canada
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 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 |
| BMO Student Line of Credit | Up to $45,000 | Yes | Prime + 1% | Flexible | Enrolled in Canadian universities |
| HSBC Student Line of Credit | Up to $20,000 | Yes | Prime Rate | Varies | International students with visa |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible programs |
| Desjardins Student Loans | Up to $60,000 | No | 6.99% – 10.99% | 12 – 84 months | Valid driver’s license in Canada |
1. RBC Royal Bank Student Line
- Loan Amount: Up to $100,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
RBC offers one of the most generous student lines of credit in Canada.
This loan requires a Canadian co-signer and is designed to support both tuition and living expenses.
Interest-only payments during studies provide financial flexibility.
2. CIBC Education Line of Credit
- Loan Amount: Varies
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
CIBC’s education line of credit caters to international students with a Canadian co-signer.
The funds are disbursed as needed, making it a practical choice for managing tuition and other academic costs. Interest-only payments are required while studying.
3. Scotiabank Student Line
- Loan Amount: Up to $75,000
- Interest Rates: 5.99% – 8.99%
- Loan Terms: 36 – 120 months
Scotiabank offers competitive rates for its student loans, with funds available to cover tuition, books, and living expenses.
A co-signer with Canadian residency is required. Flexible repayment options and competitive interest rates make it an attractive choice.
4. BMO Student Line of Credit
- Loan Amount: Up to $45,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
BMO provides a reliable student line of credit for international students with a Canadian co-signer.
Interest-only payments during studies help manage cash flow, and repayment terms are adaptable to the borrower’s financial situation after graduation.
5. 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 specifically for international students with valid study permits.
A Canadian co-signer is required, and the loan can be used to cover tuition, books, and living expenses. The prime rate ensures competitive borrowing costs.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave provides personal loans tailored for students, including international students in Canada.
Unlike traditional Canadian banks, College Ave does not require a co-signer. Borrowers can customize their repayment terms to suit their financial goals, making it an excellent choice for flexibility.
7. Desjardins Student Loans
- Loan Amount: Up to $60,000
- Interest Rates: 6.99% – 10.99%
- Loan Terms: 12 – 84 months
Desjardins stands out by offering student loans to international students without the need for a co-signer.
Eligibility requirements include a valid Canadian driver’s license and proof of enrollment in a recognized institution.
This option is ideal for students without Canadian financial ties.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get a bank loan in Canada without a co-signer?
Yes, some financial institutions, such as Desjardins and College Ave Student Loans, provide loans for international students without requiring a co-signer. These options are suitable for students who lack Canadian guarantors.
What is the interest rate for bank loans for international students in Canada?
Interest rates typically range from 5.99% to 12.99%, depending on the lender, loan type, and the borrower’s eligibility. Loans tied to the prime rate may vary with market conditions.
What documents are required to apply for a bank loan as an international student in Canada?
Commonly required documents include:
Proof of enrollment in a recognized institution
Valid study permit
Co-signer details (if applicable)
Passport or other identification
Financial statements
Conclusion
Choosing the right bank loan as an international student in Canada is a crucial step in financing your education.
From co-signer-free options like College Ave and Desjardins to traditional bank loans from RBC, CIBC, and Scotiabank, there’s a solution for every need.
Be sure to compare interest rates, repayment terms, and eligibility requirements to find the most suitable loan for your situation.
By securing the best loan, you can focus on your academic success while effectively managing your finances.
