Education Loan

Education Loan Options for Ireland: A Detailed Guide

Education Loan Options for Ireland: A Detailed Guide

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Planning to study in Ireland, do not worry as we can help you know everything about how you can finance your education in Ireland. This detailed guide covers everything from different lending options, process, eligibility, and more.

GyanDhan
Rohit Gidwani
Updated on:  27 Feb 2024  | Reviewed By: 
Aman 
| 6.21K | 13  min read

Indians studying in Ireland are at an all-time high with 6,422 student visas issued in 2022 according to the embassy of Ireland. One of the key attractions for students is that Ireland offers post-study work opportunities for two years. Major tech companies like Google, Facebook, Microsoft, and LinkedIn have established their European headquarters in Dublin providing promising job opportunities. Irish universities are well known for their bachelor’s, master’s, and MBA programs. 

 

According to the Central Statistics Office, despite economic growth, the cost of living in Ireland is a concern given the inflation rate of 8% in February 2023, which is just below the Euro-zone average of 8.5%. Understanding how do student loans work in Ireland is crucial in this context, as exploring education loans for Ireland will help alleviate financial worries. Keep the Irish dream alive! Let's delve into the details of education loans for Ireland and see how they can support your academic aspirations amid these economic challenges

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Cost to study in Ireland

When assessing the expenses associated with studying in Ireland, it's crucial to recognize that it comprises two primary expense categories: tuition fees and the cost of living. These two aspects encompass the key components of costs that individuals should consider. Tuition fees can vary depending on the chosen program. Pursuing an MBA in Ireland tends to be pricier in comparison to enrolling in an MS or bachelor’s program. The table below offers an overview of the average annual tuition fees for various programs.

Program name Cost

Bachelor’s Degree

EUR 15,000 - EUR 20,000

Master’s Degree

EUR 20,000 - EUR 25,000

MBA

EUR 30,000 - EUR 35,000


 

Check Your Education Loan Eligibility

Now that you have information about the tuition fees for various programs, it is time to dive into the cost of living in Ireland. The cost of living can vary depending on the specific region or province you reside in, but the table below provides a general overview of living expenses.

Expense Cost 

Rent

EUR 1000 - EUR 1200

Food 

EUR 150 - EUR 200

Education needs like stationary etc. 

EUR 100 - EUR 250

Travel

EUR 100 - EUR 150

Others

EUR 300 - EUR 500

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Education loan eligibility for Ireland

To secure an educational loan as an international student in Ireland, specific conditions must be fulfilled. These are -

  • list items Confirmation of acceptance from a recognized Irish institution for a full-time program.
  • list items Age requirement of at least 18 years.
  • list items Good academic record.
  • list items Consideration of career prospects for unsecured loans.
  • list items Collateral requirement for secured loans. 
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Expenses covered by education loan for Ireland

It is up to you to either take the disbursement of the whole sanctioned loan amount in one go or you will be getting periodical disbursal as per your requirement. Later is preferred, to ensure that you do not end up taking out an additional amount as this will lead to an increased interest. The interest is charged on the disbursed amount not the sanctioned amount.

The expenses that may be covered under loan as per the lender will include -

Cost to study Living expenses Other costs 
  • list items Tuition fee
  • list items Admission fee
  • list items Examination fee
  • list items Expenses for books, or laptop
  • list items Expenses for study tours
  • list items Accommodation or hostel cost
  • list items Food costs
  • list items Caution fee
  • list items Expenses for travel
  • list items Health insurance expenses
  • list items Miscellaneous expenses
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Types of education loan for Ireland

There are mainly two types of education loans:

  1. list items Secured education loans: These loans need some valuable item as security.
  2. list items Unsecured education loans: These loans might require someone to cosign with you for financial support.

Now, let's explore each type in more detail.

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Secured education loan options for Ireland

A secured education loan in Ireland necessitates borrowers to offer collateral as a form of security during the application procedure. Collateral may include assets such as property, fixed deposits (FDs), or insurance policies. Typically, this category of loan provides lower interest rates, extended repayment durations, and the possibility of obtaining larger loan amounts. Such loans are generally more attainable since lenders view the collateral as a safeguard in case of non-repayment. Now, let's examine a few financial institutions in Ireland that offer secured education loans and outline their primary characteristics.

Lender Name Maximum Loan Amount (in INR) Rate of Interest Margin Money

SBI

Up to 1.5 Cr

10.65% (for girls)

11.50% (for boys)

10%

UBI

Up to 1.5 Cr

10.50% - 10.85%

10% (listed university)

15%(non-listed university)


 

 

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Unsecured education loan options for Ireland

If you lack collateral to offer as security, there's no need to be concerned, as there are options available to assist you in this situation. Private banks, NBFCs (Non-Banking Financial Companies), and international lenders are accessible and can provide support. Private banks and NBFCs may require a co-applicant or co-signer with a specified minimum income and no financial obligations. However, with international lenders, you can secure a loan without the need for a co-applicant or collateral.

 

To assist you in selecting a suitable lender, we've outlined the loan options offered by private banks, NBFCs, and international lenders separately. This information will provide you with a clearer understanding of your options. Based on each lender's criteria, you can obtain a study loan for Ireland for various academic levels, including Bachelor’s, Master’s, or MBA.

Education loans for Ireland from private banks

Below is a list of private banks along with the maximum loan amount they can offer for higher education in Ireland, which is essential information for understanding how do student loans work in Ireland.

Lender Name Maximum Loan Amount  Rate of Interest Margin Money

Axis Bank

Up to 40 Lakh INR

10.75% - 11.50%

5%

ICICI Bank

Up to 20 Lakh INR 

11.50% - 12.00%

15% 

IDFC FIRST Bank

Up to 35 Lakh INR 

11.75% - 13.25% 

Nil

Education loan for Ireland from NBFCs

NBFC has specific eligibility requirements for offering education loans for Ireland. They extend education loans for various programs, including Master’s, Bachelor’s, and MBA.

Lender Name Course Type Maximum Loan Amount  Interest Rate

HDFC Credila

STEM

Up to 30 Lakh INR

12.00% - 12.25%

Non-STEM

Up to 25 Lakh INR

12.25% - 12.50%

 

Avanse

STEM

Up to 30 Lakh INR

12.50% - 13.00%

Non-STEM

Up to 25 Lakh INR

12.75% - 13.25%

InCred

STEM

Up to 30 Lakh INR

12.50% - 13.00%

Non-STEM

Up to 25 Lakh INR

12.75% - 13.50%

Auxilo

STEM

Up to 30 Lakh INR

12.00% - 12.50%

Non-STEM

Up to 25 Lakh INR

12.50% - 13.00%

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Documents required for education loan to Ireland

Before knowing how do student loans work in Ireland, it is important to learn about the documents you would need in order to get the loan. In addition to the previously mentioned eligibility criteria, it is crucial for students to ensure they have all the required documents when applying for an abroad education loan in Ireland. The list of documents can be extensive, which is why GyanDhan also offers a tailored document checklist to expedite the document submission process. Some general documents necessary for obtaining a study abroad loan for Ireland include -

  • list items Applicant’s KYC documents.
  • list items Proof of admission: acceptance letter from the Irish university or institution.
  • list items Fee structure from the university.
  • list items Loan application form.
  • list items Passport-sized photographs.
  • list items Co-applicants income proof (for unsecured education loans).
  • list items Academic transcripts (school and Bachelor’s level).
  • list items Scores from standardized tests such as GMAT or GRE.
  • list items English proficiency test results from exams like IELTS, TOEFL, or Duolingo.
  • list items Proof of residence for both the applicant and co-applicant.
  • list items Property documents (in the case of secured education loans).  

Check Your Education Loan Eligibility

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How to choose the best lender to study in Ireland?

After examining different lending options for your education loan in Ireland, you are now prepared to make a well-informed choice. Nevertheless, the multitude of options can be quite perplexing. To identify the most suitable lender for your requirements, it is crucial to take into account the following factors for comparison -


By carefully evaluating these factors, you can select the best educational loan option that aligns with your needs and offers favorable terms and conditions.

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Repayment options for Ireland education loan

When securing an abroad education loan for Ireland from any lender, it's important to factor in the repayment process. In terms of repayment, two key elements should be taken into account when selecting a lender: the repayment duration and the available moratorium repayment options. Various repayment tenures are accessible, including partial simple interest (PSI), simple interest (SI), and EMI. A comparative guide has been offered, with a specific emphasis on the repayment aspect, as a significant consideration for obtaining a loan to pursue education in Ireland.

Lender Name Repayment Tenure Repayment Option during moratorium

SBI

Up to 15 years

No payment or only SI

UBI

Up to 15 years

No payment or SI

Axis Bank

Up to 15 Years

SI or EMI

ICICI Bank

Up to 10 Years

SI or EMI

IDFC FIRST Bank

Up to 12 years

PSI, SI or EMI

HDFC Credila

Up to 15 Years

PSI

Auxilo

Up to 15 Years

SI

Incred

Up to 15 Years

PSI or SI

Avanse

Up to 15 Years

PSI or SI

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How to get a loan in Ireland?

Now answering the main question - How can you get a loan for studying in Ireland? Securing an education loan for Ireland is a straightforward procedure. However, managing multiple lenders individually can be challenging, which is why GyanDhan simplifies the process of obtaining an education loan for studying in Ireland through the following uncomplicated steps -

Calculate your Education Loan EMI

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It's crucial to ensure that you thoroughly explore all the lending options by comparing them across different factors before embarking on your abroad education loan for Ireland. With GyanDhan, you can effortlessly overcome any obstacles. You can take advantage of our streamlined education loan application process and receive free assistance in securing education loans for studying in Ireland. Our knowledgeable education loan counselors will assess the loan options available to you after gaining an understanding of your academic and financial profile. We collaborate with various lenders in the market, including government banks, private banks, and NBFCs. All you need to do is check your eligibility here

 

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Frequently asked questions

Is an education loan for MS in Ireland for Indian students possible?

Yes, you can, if you meet the eligibility requirements set by the lender such as academic, financial, and collateral requirements. The major education loan lenders in India for education loans to study MS in Ireland are public and private sector banks, and Non-Banking Financial Companies (NBFCs).

How do student loans work in Ireland?

The maximum education loan amount you can get to study in Ireland depends on various factors, such as the type of education loan, the value of the collateral or income of the co-applicant, your academic scores, the university of admission, etc. The maximum loan amount with collateral is up to INR 1.5 Cr and without collateral is up to INR 40 Lakhs from different lenders.

What does an MBA in Ireland cost?

The tuition fees for an MBA in Ireland can range from approximately EUR 30,000 to EUR 35,000 per annum. Additionally, you need to consider the cost of living, which can be around EUR 2,000 per month.

Which Indian banks offer education loans for Ireland?

Various public and private sector banks offer education loans to study in Ireland if you match the eligibility requirements set by them. You must ensure your university and course are eligible according to the conditions set by the banks. Banks that offer education loans for MS in Ireland include SBI, UBI, BOB, Axis Bank, ICICI Bank, IDFC FIRST Bank, etc. 

What is the interest rate range for an unsecured education loan?

When you decide to pursue an education loan without collateral the interest rate can range between 10.75% - 13.00%. 

Which are the top institutions 2for MS in Ireland to get education loans?

For Ireland, the list of eligible universities for education loans is selective for lenders. You have more chances of getting an education loan if you are admitted to a top institution in Ireland. 

Here are the top 5 institutions in Ireland according to the QS World University Rankings 2024: 

  1. list items Trinity College Dublin
  2. list items University College Dublin
  3. list items University of Galway
  4. list items University College Cork
  5. list items University of Limerick

Check Your Education Loan Eligibility


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