Education Loan Options for Studying in Ireland: A Detailed Guide

    Updated on: 17 Aug 2022


    There are several reasons to study abroad - more exposure, better opportunities, a wider network, etc. After choosing to study abroad, the next important decision is to choose the right country to pursue higher education. While the traditional options of the US, UK, Canada, always remain open to students, some also choose countries that do not cost as much, like Ireland. 

    Several benefits of choosing Ireland for higher education - higher education is ranked highly in the world, internationally ranked universities with affordable tuition, and the country is home to some of the leading MNCs. 

    However, even with affordable tuition fees, Indian students might have to take an education loan to fund their studies and stay in the country. Let’s take a look at the options - 

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    What are the Education Loan Options Available for a Diploma/Certificate Course from Ireland? 

    Depending on your area of interest, you can choose a Diploma/Certificate course from some of the top-ranked universities. For example, University College Dublin, Trinity College Dublin, University College Cork, Dublin City University - at the starting cost of 2500 Euros to 3200 Euros per year. The duration of the course is generally 9 months to 12 months, after which a robust job market is open to the students. Most lenders do not provide funds for Diploma/Certificate courses. However, students may still be able to finance their short-term course through new-age FinTech companies or apply for an unsecured education loan from an NBFC. Applying for scholarships is given; as they reduce your dependence on the loan, and there is no interest charged on them. 

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    What are the Top Education Loan Providers for a Bachelor's Degree from Ireland? 

    Some of the top bachelor programs in Ireland are International Business, Law, Journalism, Hospitality Management, Structural Engineering, Computer Engineering, and Language. Top universities in Ireland provide three to fours years of bachelor's degrees in more than 5000 courses and programs. So, you will find a course that piques your interest.

    The cost of an undergraduate degree from Ireland can start from 9,850 Euros and can go up to 25,000 Euros annually. Apart from scholarships, students will have to apply for a student loan to fund their education. You have the option to apply for an unsecured education loan from private banks and lenders. The requirement to apply for an unsecured education loan is an earning co-applicant with a good income and CIBIL score. Some other factors that might determine the loan amount limit are - target course, ranking of the colleague, student profile and financial history, co-applicant profile, and the future earning potential of the student. 

    Some of the factors that you should consider before settling on a lender are - 

    • Loan amount limit - Most unsecured education loans have a loan amount limit of INR 40 lakhs. The limit can be increased depending on the student profile and the income of the co-applicant. 
    • Rate of interest - Loans without collateral tends to have a higher interest rate starting from 11.25%. 
    • Moratorium period - The co-applicant has to make interest-only payments during the study period. Though, the EMIs start after the moratorium period ends - which is usually the course period + six months. 
    • Processing fees - The fee charged by the lender to process your loan application can range anywhere from 1% to 1.5% of the loan amount. 
    • Loan tenure - The repayment period for the loan is 10 years.

    What are the Best Education Loan Schemes for a Postgraduate Degree from Ireland? 

    Ireland is known as the hub of leading MNCs. Some of the top global companies have made Ireland their home for European operations, like Google, Facebook, LinkedIn, GSK, Accenture, and more. It means more job opportunities for postgraduate students and improved employment prospects. This in turn results in easy financing options for a Master’s from Ireland. There are secured and unsecured education loan options available. 

    Read this article to know about the top loan providers and loan schemes for a postgraduate degree from Ireland. 

    What are the Best Education Loan Options for an MBA from Ireland? 

    The cost of an MBA from Ireland can range from 13,500 Euros to 37,500 Euros annually from the top universities. Students can choose from some of the best business schools like - 

     

    Check Your Education Loan Eligibility Apply Here

    How to Choose the Right Lender and Loan Product for Your Education from Ireland? 

    You can check your loan eligibility with our Check Loan Eligibility tool. It will match you with the right loan product and lender to fund your higher education abroad. Further, our Education Loan Counselor will get in touch with you to discuss your requirements and provide you a more customized loan product - probably at a lower rate of interest. We have tied up with major lenders in the market - public banks, private banks, NBFCs, and international lenders to help students get the best education loan service. It also enables us to resolve any problem or issue with your loan application swiftly. 

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    We understand how expensive education abroad is, and therefore, we do not charge anything from the students. Yes, you read it right, all our services are free of cost. So, start your loan application to study in Ireland from the comfort of your home, upload documents, and finalize the loan agreement. We will assist you at every step of the process. 

    The first step in this process is to check your loan eligibility

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