Dude,
GIC and education loan are two different things. GIC- Guaranteed Investment Certificate is a proof that as a student you have enough funds to sustain for an year. You do not need education loan for this and if you have cash in your bank, you may put this into Scotia bank for GIC.
GIC is a student Partnership program initiated by Scotia Bank and encouraged by Canada Embassy for them to be releaved of student's financial status however if you are able to show them funds in your account you may not require GIC.
Not all the colleges are associated with SPP but you may still get GIC if you want. Also GIC makes your chances of visa brighter.
Education Loan is for your needs if you do not have enough funds to support your education. As per RBI guide lines bank can approve a maximum of 20 lakhs of loan for students going abroad however there are special cases. Also if you want more than this you may get a loan from Credila which is a financial institute and not a Canadian embassy approved bank.
If you take loan from a valid bank ( you may check the list on site) you might not also need to get GIC. Please note HDFC is in the list but it is no more listed as HDFC does not provide education loan anymore and it forwards the request to Credila.
I tried to put all the information, please let me know if this helps. I would be happy to answer you as much as i know.
