Loan Terms and Conditions


Here’s what you need to know about borrowing from Windmill and paying your loan back.  

  • Up to $15,000 may be borrowed on our regular loan program; most people borrow around $11,000. We also have specific profession related loan programs that may exceed $15,000.
  • Our interest rate for new loans is fixed for the term of the loan (6.7%). This means that your interest will not increase despite the constant increases on the prime rate by the Bank of Canada.
  • You will need to sign a promissory note.
  • In most cases, loan funds are advanced as you make progress on your Career Success Plan.
  • Payments must be made monthly and will be taken automatically from your bank account.
  • Your loan repayment schedule will depend on the length of your approved Career Success Plan. Generally, your payments will be in two stages:
  • Interest only while you are completing your Career Success Plan (to a maximum of two years), and
  • Principal and interest for the next two to five years
  • Payments of interest only will start the month after you receive the loan funds and will be based on the amount borrowed at that time.
  • You will have to start making principal payments within 90 days if you:
  • Find employment in your field
  • Complete your Career Success Plan, or Decide not to continue with your Career Success Plan
  • Loans may be paid in full at any time with no penalty. “Paid in full” means that all principal, interest and any additional charges that might have been charged against the loan have been received.
  • Your loan will be registered with a credit bureau so that you can build your credit rating.
  • There are no processing fees on loans.
  • Approval of your loan is based on several factors, including your financial history, the strength of your Career Success Plan, and your willingness to repay the loan.

We’re here to help you launch your career in Canada.

Windmill is here to support skilled immigrants with low-interest loans to help pay for the education training or Canadian credentials you need to launch your career in Canada.

We’re here to help you launch your career in Canada.

Why should you apply for a Windmill loan?

We know Canada’s a new start, and it can be tough. You’re working a survival job to support your family and you wonder when you’ll be a doctor, a nurse, or an engineer again. In order to return to your profession, you need to get re-accredited or re-licensed and that can get expensive. Windmill exists to support skilled immigrants like you with a low-interest career loan. Our loans are designed to be affordable and predictable.

Windmill goes beyond financing. We offer career coaching, mentorship, and even money management training – everything you need to get back on your feet. At Windmill, we want to help you return to your chosen field and live the Canadian dream you came for.

Scientist immigrant playing with his son

What makes a Windmill loan unique?

Loans up to $15,000

Fixed low-interest rate
as low as 6.7%

Zero loan processing fees

Success coaching support and mentorship program

What can a Windmill loan be used for?

From examination fees to childcare costs and living expenses, while you study, a Windmill loan can cover the varied costs of accreditation, education and training that are essential for you to advance your career in Canada.

Qualifying exams
Training courses
Relocation costs
Books and materials
Assessments
Living allowances
Professional association fees

More than just a loan

As a Windmill client, you benefit from a range of services, at no additional cost!

One-on-one coaching to support you on your career path

Career and educational resource supports

Financial planning and budgeting tools

The Windmill Mentorship Program

Exclusive access to our Community Success Hub

Start your application today