Why is Canada one of the most sought-after study abroad destinations? Many reasons attract students from all over the world to Canada. Indian students aspire to study in Canada as it offers globally-recognized universities & coursework, an effective education system, immigration friendly policies, a large student community from India and more. If you plan to study in Canada like several other students, here is everything you must know about Guaranteed Investment Certificate (GIC).
Before diving into GIC, you must know SDS because if you apply for a study permit under SDS, GIC is mandatory for you. So, what is SDS? SDS is a program available to students from various countries, including India, to apply for a study permit. If you have obtained admission to complete your higher education through a Designated Learning Institution (DLI), you can apply under this scheme. The SDS program is meant to expedite the study permit process. Now that you know about SDS, let’s understand everything about GIC.
GIC is mandatory for students applying under the SDS program. The GIC is an investment that many Canadian banks, including Scotiabank, offer at a fixed rate of return. The Canadian Government needs an assurance that you have enough funds to pay your fees and manage your other living expenses when you stay in Canada. Hence it requires you to have a Guaranteed Investment Certificate of CAD 10,000 or more from any Canadian bank listed on the IRCC SDS website.
You must opt for a Canadian bank listed on the IRCC website. Banks such as Scotiabank and ICICI bank offer a GIC. Also, please bear in mind that the Canadian banks may charge you a service fee to open and maintain the GIC account. So check these details before you open an account.
So, this is what you must know about Guaranteed Investment Certificate if you are planning to study in Canada. If you are wondering how to finance your education while studying abroad, an overseas education loan is the best choice. At Avanse, we offer an educational loan for abroad that covers the holistic cost of education, including tuition fees, accommodation costs, living expenses, airfare, study material cost and other education-related expenses. You can connect with us if you want to know more about an overseas education loan to fund your education independently. All the best!
We always aim to offer you competitive interest rates on your Avanse Education loan.
The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 13.65% (WEF 01.11.2022).
The Spread is floating and is based on analysis of overall credit and course profiling.
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