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Funding Solutions for Studies inCanada
  •   HDFC Credila understands the various courses at Degree and Diploma level offered by colleges and Universities in the Canada.
  •   HDFC Credila has funded thousands of students to pursue higher education in various Universities in Canada
  •   Post disbursal HDFC Credila deposit money into Scotia Bank.
  •   HDFC Credila has customized education loan products for Indian students going for higher education in Canada.

SPP (Student Partnership Program) –

  • The Student Partners Program (SPP) is an administrative framework designed and implemented in partnership between the Canadian visa offices in India and Colleges and Institutes Canada (CICan); which would facilitate visa issuance to Indian students for studying at CICan.
  • Student applying to University in Canada need to satisfy eligibility requirement for SPP
  • For first year of stay in Canada, special Guaranteed Investment Certificate (GIC) of $10,000 CAD per year is required to cover living expenses. This can be obtained from Scotiabank and ICICI Bank Canada
  • Study direct Stream (SDS) Program rule will be started in India from 01 Feb 2018, which probably will replace the existing SPP rule.


Study direct Stream (SDS)

  • Canada has launched Study direct Stream (SDS) Program to increase the speed of visa procedures for full time courses in the universities and colleges in Canada
  • This program will streamline visa process for Philippines, China, Vietnam and India
  • SDS rule will be started in India from 01 Feb 2018, which will replace the SPP rule
  • The main supporter of this program is Scotiabank, which helps in purchasing the GIC (Guaranteed Investment Certificate) to fulfill the financial statements required for the SDS program
  • Students having IELTS score 6 (not less than 5.5 in any module) will not be eligible for applying study visa in Canada
  • In SPP rule, 6 IELTS band (not less than 5.5 in any module) was accepted. But in the new SDS rule, band requirement would be 6 IELTS bands (not less than 6 in any module)
  • Students having 5.5 bands in any module have to pass the IELTS test again according to new SDS rule
  • In new SDS rule, online application can be submitted
  • The minimum marks requirement has been increased. Candidates having 65% marks in 12th can apply for student visa in Canada, according to new SDS rule
  • Probably, SPP rule will not be applicable in Canada from Feb 01,2018


  • Admission proof in a well-recognized full time university, college
  • A valid IELTS score card with band score of 6 (not less than 6 in any module).
  • GIC purchase proof of CAD $10,000 of the Scotiabank, which includes approximate one year expense.
  • Payment proof of tuition fee.
  • Medical report of at least one week before the final submission of the application.
  • Must hold a Bachelor degree.

Eligible Institutes:

  • A public post-secondary institution, such as a college, trade or technical school, university or CEGEP(in Quebec). This includes all Student Partners Program colleges
  • Private college-level educational institutions in Quebec qualify
  • Canadian private institution authorized by provincial statute to confer degrees but only if you are enrolled

The major advantages of applying under SDS are:

  • Streamlined visa process for all SDS eligible institutions
  • Less financial documentation
  • Faster visa processing time


Scotiabank Student GIC Program:

A Guaranteed Investment Certificate or GIC is a Canadian investment that offers a guaranteed rate of return over a fixed period of time.

According to Citizenship and Immigration Canada (CIC) guidelines under the Student Partners Program (SPP) or Study direct Stream (SDS) Program, students require approximately $10,000 Canadian (CAD) per year, not including tuition fees, to cover your living expenses. This requirement is fulfilled through the purchase of a GIC.

The Canadian High Commission advises as follows:

PREFERRED OPTION for proof of funds: Evidence of purchase of a special Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution (bank), in the amount of $10,000 CAD to cover living expenses for your first year in Canada and evidence of payment for your first year's tuition. As an alternate option, you can fulfill the financial requirement by submitting a copy of the receipt for the first year's tuition fee AND a copy of an Educational Loan from an Indian Chartered Bank equivalent to $10,000 CAD.

How to open account in Scotiabank

The form is available on the Scotiabank website @ The form is available under the "How to apply" tab.

A Student must submit the following documents in ONE SINGLE PDF file, in the following order:

  • Signed copy of the Scotiabank Student GIC Program Application Form
  • Copy of passport pages (photograph page and the last page with signature)
  • Copy of acceptance letter from a Canadian educational institution

All copies MUST be signed by the student

GIC account may not be opened or delayed for given reasons:

  • Files not received in prescribed format (1 single PDF document)
  • Handwritten application forms are not accepted (Please use the electronic version only)
  • Scanned documents are not clear (Application Form /Passport Copy/Acceptance Letter)
  • Sending duplicate application forms (more than once)
  • Sending application forms to multiple email id's (please send application form only to
  • Sending multiple follow up queries
  • Following up with your request through any other channel other than will cause delay in processing your GIC Application


Work after graduation

To obtain a work permit after graduation, student must meet the following requirements:

  • Applicant must have studied full time in Canada and have completed a program of study that lasted at least eight months
  • In addition,applicant must have graduated from:
    • a public post-secondary institution, such as a college, trade/technical school, university or CEGEP (in Quebec), or
    • a private post-secondary institution that operates under the same rules and regulations as public institutions, or
    • a private secondary or post-secondary institution (in Quebec) offering qualifying programs of 900 hours or longer leading to a diplôme d'études professionnelles (DEP) or an attestation de spécialisation professionnelle (ASP), or
    • a Canadian private institution authorized by provincial statute to confer degrees but only if applicant is enrolled in one of the programs of study leading to a degree as authorized by the province and not in all programs of study offered by the private institution
  • Applicant must apply for a work permit within 90 days of receiving written confirmation (for example, a transcript or an official letter) from institution indicating that requirements are fulfilled for completing academic program
  • Applicant must have completed and passed the program of study and received a notification that he/she is eligible to obtain degree, diploma or certificate
  • Should have a valid study permit at time of work permit application

( NOTE: If Applicant have graduated from a vocational or professional training program at a public or private secondary institution in Quebec, regulated by the Ministère de l'Éducation, du Loisir et du Sport (MELS), he/she may be eligible to apply for a Post-Graduation Work Permit. )

Impact of length of the studies in Canada and the length of the work permit:

A Post-Graduation Work Permit cannot be valid longer than the length of studies in Canada

If the official length of program of study is:

  • less than eight months
    • Student is not eligible for this program
  • less than two years but more than eight months
    • Student may get a work permit for a period no longer than the length of study program (for example, if course is for nine months, a work permit may be issued for a period of nine months)
  • two years or more
    • a work permit may be issued for three years

( NOTE: students can attend a foreign post-secondary institution and transfer to an accredited provincial or territorial post-secondary institution in Canada in order to complete their studies. However, if the student receives educational credential from a recognized Canadian educational/training institution, he/she may be eligible for a post-graduation work permit only for the length of time spent for studying in Canada. If the qualifying educational credentials were issued at an institution outside of Canada, student would not qualify for a post-graduation Work Permit.)

Student is not eligible for the Post-Graduation Work Permit Program if he/she:

  • study in a program that is less than eight months long
  • participate in a Canadian Commonwealth Scholarship Program funded by the Department of Foreign Affairs, Trade and Development Canada (DFATD)
  • participate in a Government of Canada Awards Program funded by DFATD
  • receive funding from the Canadian International Development Agency (CIDA)
  • participate in the Equal Opportunity Scholarship, Canada-Chile
  • participate in the Canada-China Scholars Exchanges Program
  • participate in the Organization of American States Fellowships Program
  • participate in a distance learning program either from abroad or from within Canada or
  • have previously been issued a Post-Graduation Work Permit following any other program of study

Documents required to show Proof of Funds:

According to Citizenship and Immigration Canada guidelines,students coming to Canada require $10,000 CAD for their living and accommodation for one year. Proof of funds should cover both the tuition and accommodation costs.

Proof of funds can be shown in two ways:

  • Purchase a Guaranteed Investment Certificate for an amount of $10,000 CAD from a participating Canadian financial institution
  • Submit a copy of tuition fee payment receipt and a Education Loan letter equivalent to $10,000 CAD from an Indian Chartered Bank.

(Source: CIC)

Study Guide for Canada

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HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) is a subsidiary of HDFC Limited, a leading financial services company of India.
HDFC Credila Financial Services Limited
(Formerly known as HDFC Credila Financial Services Private Limited)
Registered Office: B 301, Citi Point, Andheri-Kurla Road, Andheri (East), Mumbai-400 059, India