Cost of Living

Home Study In Canada Cost of Living

Cost of Living

The cost of living depends heavily on what part of Canada will you be living in along with how much you will socialize. Some of the basic elements for living as an international student in Canada are:

  • Accommodation rent ( on campus or off campus )
  • Groceries and food
  • Utilities like electricity, water, gas, internet
  • Phone bills
  • Text and reference books
  • Airfare for traveling back to India

Other elements which may differ from person to person would be:

  • Dining out
  • Travel and Vacation
  • Car rent and Car insurance
  • Cable TV connection

Cost of Living in Canada for International Students

Cost of Studying in Canada

The tuition fee varies according to different universities, courses, and the city. The average tuition expenses in Canada might be Rs 19.65 lakh per year for an undergraduate course. And if you are thinking of applying to a postgraduate course, the average cost would be Rs 11.32 lakh per year approximately.

Living expenses

On average, a student spends approximately Rs 5.30 Lakh per year. But the expenses also depend on the place where a student stays. If a student stays in a metropolitan city like Toronto or Vancouver the expenses could go up to CAD 15,000 in comparison to a student studying in the suburbs where the expenses would be around CAD 8,000 - 10,000 each year.

Health insurance

Insurance Policy for international students is mandatory, as students have to stay abroad for a long period of time. Before getting an insurance policy make sure that it covers medical expenses, personal accident, dental treatment, study interruption, passport loss, etc. Insurance is basically cashless so a student does not need to pay money at the time of hospitalization.

Scholarships to Study in Canada

Merit and need-based fee waivers are awarded to international students. Candidates with strong academics, good performance in standardized exams, and extracurricular achievements would be eligible for scholarship awards and financial assistance. To benefit from these opportunities, one has to make sure to send all the required documents by particular deadlines. In addition to this, the presentation of the application is also important because one is judged by the image one projects.

Documents required: The documents usually needed for a scholarship application are as follow, although the requirements may differ:

  • Academic records and photocopies
  • A recent CV
  • A letter of intent, which acts as a cover page
  • Certificate of language proficiency (TOEFL or IELTS scores)
  • Letters of Reference (LOR)


Student eligibility criteria: The first thing is to be aware of whether you are eligible to apply for the loan for Canada  or not. The general eligibility criteria that are followed by all the banks are:

  • You should be an Indian national
  • You must have a strong academic record
  • You must be seeking admission to a professional, technical, or another course of study. Most banks maintain that the selected course should be job-oriented.
  • You must have secured admission to foreign University Institutions.
  • You must be above the age of 18 years or else your parents can avail the loan on your behalf.

Read and download our Guide to Student Loans  to understand the details better.

Eligibility of course: You may not get a loan on every course. Here are the kinds of courses that qualify for the education loan:

  • For Graduation: Job oriented professional or technical courses offered by reputed universities
  • For Post Graduation: MCA in Canada, MBA in Canada, MS in Canada or even diplomas in Canada
  • These courses could be from foreign universities or institutes approved by the state and central government.

Loan amount: If your total fee is Rs 10 lakh, the bank may offer to give a loan of 80% of the amount and you will have to put in the balance 20%. This is called the margin amount. Generally, a maximum of NPR 32 Lakhs can be availed at a nominal interest rate. Students can avail loans for a higher amount as well, however, they need to pay an additional processing fee for availing a loan amount higher than NPR 32 Lakhs. Also, if the loan amount is more than NPR 12 Lakhs, then borrowers need to furnish collateral as security.

If your tuition fees amount is Rs 30 lakh, you’ll have to manage the rest of the funds by yourself. Some banks charge a processing fee, while others don’t, it may be a fixed amount or a percentage of the total loan amount. So if the bank charges you 1% as a processing fee, that will be an additional cost you’ll have to cover.

Documentation required: You will have to provide the acceptance letter sent by the University reflecting that you have been selected for the course and the schedule of fees. You will also need to show the mark sheet of the last qualifying examination to show your academic record.

All banks have different requirements for documentation, so you need to confirm with the bank first.

Repayment: Repayment starts only after the course period. If the student got employed within one year after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.

If you do not secure a job within a year of completing the course, then repayment starts irrespective of whether or not you are employed. The loan is generally to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, an extension of time for completion, of course, may be permitted for a maximum period of two years. Generally, you will get up to a maximum number of 10 years to repay the loan.