Data science is the study which is becoming more popular nowadays in students globally. One of the main reasons of it is that maximum of the business industries such as healthcare, financial, education, corporate etc. are dependent on these data analysts for their own profit and growth of their business. They need these data analyst to study different types of data of their business to analyze it by the help of critical thinking and computational tools such as software and applications and give them the insights which has some meaning to it and can be used to increase the profit and scale up the business. Because of this reason, these data scientist and analysts are currently high in demand by businesses from big MNC to small scale businesses, all over the world. Thus, many students choose data science as higher education field and masters degrees in data science are also present. Canada is dream study destination for data science students. But one common problem faced by many students is the cost of the study. It is very costly for middle-class students to afford the study in Canada. So, in such cases the students have the option of taking study loan for data science study in Canada.
Why should you get a study loan to study data science in Canada?
Canada is very expensive country to study and living expenses are also very high. If you want to study data science in Canada, you should have funds in your bank account to support your study fees, insurances and living expenses in Canada. But one of the benefits of studying data science in Canada is that the demand for data analyst and data scientists are very high in Canada and even in international markets. The study courses and structures of data science study in Canada is unique and effective and is recognizable in all over the world. So, getting a degree in data science from Canadian universities are worth. But if your funds are low and your pocket does not allow you to afford the data science study in Canada, then best option for you will be going for study loan for data science in Canada. One of the main things is that you must be oriented toward your goal and your studies. Being an international student is very hard, but if you do hard work during the course of your study then you’ll be able to get a good job and it will help you to repay the study loan easily.
Documents which are required to take study loans:
The documents and process required for applying study loan for data science in Canada does not require a lot of desk-work. The process of applying a study loan for data science study is not difficult and for this there is no need to go to the banks personally, as you can do it online. You can also find information regarding to loan such as time duration, interest rates, required credit score etc. However, one of the most common ways to apply for a loan may vary according to the policies of different banks and financing companies and the maximum amount of loan you can get may also vary from bank to bank. Most of the banks have simple terms for the loan application but if you miss or ignore any of the document, your application can be rejected. In this article, we have noted down the required documents which a person may require to provide to bank, while applying for a study loan to study data science in Canada:
- Correctly filled and thoroughly checked application form with photos attached. For this you require two passport sized photographs of yours.
- For Age verification, copy of Voter ID/ Passport/ Aadhar Card or Driving license.
- Copy of marksheet of your result of 10th standard/ 12th standard or your latest relevant study course marks.
- For character proof, you may require a copy of your Passport/ Aadhar card/ Voter ID or Driving License.
- Complete declaration of your expenses and cost of study of entire duration of course.
- Bank decree of half year/ 6 Months of the student or financier/co-borrower and copy of his ration card/ electricity bill/ gas book and official home-tenant agreement.
- Parents, guardian or co-borrower of the student has to submit their recent pay slips or form 16. Form 16 shows the proof of income of a person.
- Bank statements of co-borrower from last 6 months or revised passbook of bank.
- Revised statements of Income Tax returns (ITR) with computation pay of last two years or IT department revised solicitation of latest two years.
- Records or documents which shows assets and liabilities.
Since the students who apply for study loans are the one who are unable to afford the cost of the courses and living expenses in foreign countries, thus the main criteria to get a study loan for your higher study in abroad is the marks and achievements of the student. The marksheets of the students displays his/her achievements and capability in academic and extracurricular activities. But one other important criterion is the credit score. You must have a good credit score for getting a study loan. Here are the few things you should consider while applying for a study loan for data science in Canada:
- The age of the student must fall inside the category of 18 years to 35 years, while applying for the loan.
- The students must enroll in a degree or a diploma certificate at graduate or post-graduate level for their higher education.
- The student applying for the study loan must be the citizen of the specific country, India in this case.
- The student must’ve thoroughly checked his options for education in Indian institutes.
- The co-borrower of the student should have a certificate of study in school or school authorities such as UGC or state government.
- In case student is going for a full-time course study, they are required to have a co-borrower, which can be their parents or guardian or partner (in case of married student).
What are the important factors required to get approved for study loan for abroad?
Getting any type of loan is difficult, as it is not simple because banks check each and every required detail before giving the loan to anyone. Thus, meeting the criteria of bank to get eligible for loan is a must otherwise your application will be rejected in no-time. So here are few important factors which can improve your chances of getting a study loan for data science in Canada:
- You must have a good performance in academics in previous standards or in entrance exams.
- You should have a good academic record.
- Acceptance letter from institute you want to study can increase your chances of approval.
- Good financial situation of the co-borrower (Parents, Guardians or partner).
- Assurance to the bank that your course of study has scope and you will repay your loan after completion of your study.
Data science is an emerging field which is growing every year and has large number of jobs availability. Thus, getting a study loan for data science in Canada will be totally worth.