Ahmedabad Experts Complete Guide on GIC to Study in Canada

Ahmedabad is one of India’s leading hub for education. Every year, many students from this city plan to go to Canada for higher studies because it benefits them in several ways. However, it is not easy because they need a GIC to study in Canada. Now, you might be thinking, “What is a GIC”? Read this article and get a complete guide about GIC from the best study abroad consultants in Ahmedabad City.

What is GIC to Study in Canada?

The full form of GIC is a Guaranteed Investment Certificate. It is a Canadian bank account; which students need to open before they move to this country for higher studies because it helps to prove that you have enough money to support your living expenses while studying there. However, it has a lot of benefits, you must know them. It will help you to understand the importance of GIC to study in Canada for higher studies.

Benefits of GIC Canada for Indian Students

There are a number of benefits of having a GIC. Every student who is planning to study in Canada must know them. It will help you to get a visa and manage your finances while studying there.

Guaranteed Returns

You can say that GIC is an investment for your higher studies in Canada. This is because students who have this enjoy a secured and guaranteed annual return on the amount they keep in this account while studying.

Financial Security

A GIC certificate gives you access to a specific amount of money every month. However, you can use it in any case of emergency and enjoy your life abroad while studying in Canada.

Simplifies Visa Process

As you know, students have to provide proof of enough funds to get a Canadian student visa. However, having a GIC can help you to simplify this task. You can use it to prove your financial stability and get a Canadian student visa easily.

Now, you know what is GIC to study in Canada and what are the benefits of having it. So, on that note, let’s explore its types. It will help you to pick the best option to support your Canadian study journey.

Types of GICs for Indian Students

Every student planning to study in Canada must know that there are only three types of Guaranteed Investment Certificates. Due to this, it becomes a tough task to pick the right option. That’s why every aspirant must know about them in detail. However, it will help you to select the best option for studying in Canada.

Non-Cashable GIC

This Canadian Guaranteed Investment Certificate option is for aspirants who can keep their funds safe for a long time. It has a high interest rate. However, students must note that the main amount and the interest earned are not refundable till their GIC matures.

Cashable GICs

This GIC option is for those students who want to invest money for a short time to support their studies in Canada. This is because it allows monthly withdrawals of a specific amount.

Equity Linked GIC or Market Growth GICs

It is the best GIC to study in Canada. Students with this option enjoy a minimum guaranteed return with a bonus based on market performance. This is because it offers good returns based on market growth.

Now, you know what is a GIC, its benefits and tips, but have you thought about how to get it? Let’s know the answer from Ahmedabad experts.

How to Get a GIC to Study in Canada?

Many Ahmedabad students struggle to get a GIC to study abroad in Canada. This is because they don’t know that they have to follow several steps to request it. That’s why they get help from the best study abroad consultants in Ahmedabad. These experts guide them with the below-mentioned steps. However, you must know them. It will help you to get your GIC.

Research

Firstly, you must know that a GIC is given by an authorised bank. So, you must look for all the banks that offer a GIC. In addition to this, look for the interest rates and benefits they offer. It will help you to select the best option.

Register Online

In the second step, you have to open the official website of the selected bank to register yourself to get a GIC. Fill in all the details such as your name, email ID and more.

Receive a Mail

You will receive a link to get a GIC via mail. However, open the mail and click on the link. Now, log in using your username and password to open your GIC.

Provide Documents

Lastly, the bank will ask you to submit a copy of your passport and admission proof to process your application. You have to submit them and wait. They will verify your details and provide you with a new account number. Now, deposit the GIC amount for Canada and prepare for study there.

Conclusion

Now, you can conclude that students must get a GIC. This is because it can help them to study in Canada with great reliability. However, many aspirants struggle to get one because there are three types of GIC. So, they must connect with the best study abroad consultants in India. They will not only guide to pick the best option but also help to open the account.