shikharawalBangalore is a place known for its IT sector. But recently it has been gaining popularity because of the number of students from here choosing to study abroad. Further, most of them want to study in Canada as it is a place with quality colleges at reasonable rates. However, to do so they need to know about the GIC. If you are also confused, then read this article to get answers. In this article, experts from study abroad consultants Bangalore will discuss all the facets of a GIC.
Meaning of A GIC to Study in Canada
GIC is also called the guaranteed investment certificate. It is a type of investment made by global students. Further, they can earn an interest for some time on this investment. It is sold by the financial institutes in Canada to students who want to study there. In addition, getting a GIC also saves you from one of the reasons for student visa refusal. This also works as proof of funds for getting a student visa. As per Bangalore agents, the amount scholars need in the form of GIC is CAD 20,635. Now, let’s understand the different types of GIC.
Types of Canadian GIC for Indian Students
A GIC supports the tuition and living costs of learners in Canada. Moreover, GIC Canada for Indian students is mandated in the SDS program or student direct stream. Different banks offer GIC to global students. The following are a few types of GICs available in India.
Non Cashable
In this, the students cannot access the funds before the maturity date. If you have enough funds, then you can choose this GIC because it has a higher return rate.
Cashable
In this type of GIC, learners can withdraw money whenever they require. It is further ideal to study in Canada for a short term. Moreover, there is a limit on the amount that you can withdraw each month.
Equity Linked
These are the GICs linked with the equity market. These are further part of stock market investments. In this, Indian learners can get a bonus return depending on market performance.
Next, let’s see some of the benefits of a GIC.
Benefits of Getting GIC Canada
If you wish to study in Canadian colleges under the SDS program, then get a GIC. This is because it is evidence that you have enough funds to live in Canada. Moreover, as per study abroad consultants Bangalore, it makes the visa process faster. Other than that, some more benefits of getting a GIC are the following:
Proof of Funds
It works as a proof of fund. When you deposit an amount for GIC, it ensures that you have money to support your expenses for the first year.
Financial Security
As per Bangalore experts, it also provides a sense of security as you have funds you can use every month. You further need not worry about your budget.
Accessibility
The amount you deposit to study in Canada is locked for a year. However, once you get to Canada, you can utilise the funds available monthly for your expenses.
Interest
GIC also offers an interest on the money you deposit. Thus allowing you to earn more at the time of completion of the investment.
Next, let’s check the prerequisites for buying a GIC.
Requirements for GIC Canada
When you move out to study in Canada, money is crucial. Therefore, getting a GIC covers your expenses and gives you support. The criteria that Indian students need to fulfil to get a GIC are the following:
- The college they are enrolling in must be DLI-approved.
- A letter of enrolment from the institute.
- Proof of fee payment for the first year tuition.
- Applicant must be 18 years or above in age.
- A test score report from an English competence exam.
- Student’s passport
- Pan card
Modes of Purchasing a GIC
As per agents at Study Abroad Consultants Bangalore, students can use online and offline modes to buy a GIC. However, they need to have an account in one of the Canadian banks. The details of these two modes are as follows:
- Online: You can visit the official site of banks in Canada. For example, SBI, ICICI Bank Canada, and more. On their dashboard, you will get an option to buy GIC.
- Offline: In this, you can pay a visit to a branch of the bank and fill out the necessary papers for buying a GIC.
Conclusion
To sum up, it is crucial to get GIC Canada for Indian students if they want to study at Canadian colleges. Further, if you feel unsure about getting a GIC, then you can contact the agents at Gradding.com. It is an abroad consultant that helps students who want to study outside India. It provides them with various services like aid with application records and housing. Other than that, you also get the benefit of a free flight ticket and cashback offer by joining them.
