What is the Canadian Immigration Loans Program?
The Immigration Loans Program provides financial assistance to eligible immigrants, in the form of a loan. A loan can be used to help cover the expenses associated with resettlement.
What were the requirements for the previous Immigration Loan Program?
The Canadian Immigration Loans Program previously required resettled immigrants to start repaying their loan 30 days after arriving in Canada. The repayment period spanned up to six years, depending on the loan amount. In addition, loans were interest-free for 1-3 years, depending on the size of the loan.
What has changed?
As of February 21st, 2018, immigrants are required to begin repayment 1 year after arrival in Canada. New loans are interest-free. In addition, further accumulation of interest on existing loans has been eliminated. The length of the loan repayment has also been extended by two years to reduce the size of monthly instalments.
What does this mean for immigrants?
These changes allow refugees more time to repay their loans. This means that immigrants can allocate more time to focus on improving their language skills and adapting to Canadian life, using settlement services.
At Calver and Associates, we strive to help you overcome any obstacles to the immigration process. To find out how we can help you, contact us.