Historical note: interest rates and lender policies are 2022-era member reports from India; compare current rates before applying.
A student asked which loan provider is best for a Canadian study visa. What members' experiences showed:
- Public banks were the value pick. SBI was called the best for lower interest; a member quoted roughly 7–9% at the time (verify current rates). Another member's loan came through Canara Bank — the pragmatic observation being that 'the best provider is the one that approves you'.
- Private lenders move faster but want security. Credila declined one applicant because they had no co-applicant and no collateral — expect private lenders to require one or both. Newer platforms (one member was applying through GradRight, a loan-matching platform) can broaden options, though nobody in the thread had completed that route.
- Paperwork is similar everywhere: bank statements, ITRs and income proof for the co-applicant, plus admission documents. Having these ready speeds up any lender.
- Existing loans complicate a second one. A member asked about taking a Credila loan on top of a running public-bank education loan; no confirmed answer emerged — ask the lender directly, as combined exposure and CIBIL score will drive the decision.
Approach: start with public banks for rate, keep a private lender as a fallback if you have collateral or a strong co-applicant, and get your financial paperwork assembled before approaching either.