What are the Educational Loan Options for MS in Ireland?

    Updated on: 11 Aug 2022

    Apart from the US, UK, Australia, and Canada, Ireland too has been gaining popularity as the top study destination for STEM Masters for international students. Statistics also lend credence to this assertion as the number of international students in Ireland rose to over 13,500 in 2017. Indian students comprised 17% of this group, just next to students from the US. Most importantly, with the two-year stay back graduate visa rules, more students from India will be opting for Ireland for a master’s degree in the coming years.

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    How Much Does MS in Ireland Cost?

    Now that we have got a glimpse of the popularity of Irish colleges for MS courses, let us also have a look at the cost of education in the country. The tuition for full-time, one-year Masters in Science for the top five colleges in Ireland have been listed below:

    • Trinity College Dublin: € 23,252 
    • University College Dublin: € 24800
    • National University of Ireland, Galway: €17,750
    • University College of Cork: €18,000
    • Dublin City University: €17,000

    Add to the tuition fees,  the cost of living in Ireland amounts to around €7,000-17,000 annually depending on the type of housing and area you choose.

    What are the Options for Education Loan for MS in Ireland?

    Financing your studies in Ireland is somewhat easier when compared to other international destinations like the US. It is clear from the tuition fees and living expenses mentioned above that the cost of studying in Ireland is moderately low.
    Even though the burden of doing MS from Ireland is lesser than that in other countries, the amount is still substantial. It implies that financial aid like Irish scholarships or Education loans is necessary to bear the costs of education in Ireland.

    Education Loan for MS Without Collateral in Ireland: What are the Options?

    An education loan for abroad covers your basic course fee and other related expenses and thus is a feasible option to finance your studies. 
    For Education Loan for Ireland, a student has two alternatives -

    A loan without collateral makes sense for a student who doesn’t have a financial asset to pledge as collateral against the loan. While public and private banks do not offer unsecured loans for more than INR 7.5 lakhs, NBFCs such as Incred and Avanse offer a higher amount which makes them better suited for a without collateral loan for Ireland.
    If you're searching for an unsecured loan, go through the following options provided by NBFCs. Furthermore, you can also get in touch with GyanDhan to simplify loan sanction at low-interest rates from NBFCs.

    Education Loan Options for MS in Ireland - Without Collateral

    Features

      Public Banks  

      Private Banks  

    NBFCs

    Example Lenders

    SBI, BOB

    Axis Bank

    Avanse, Incred

    Loan Amount (INR)

    NA

    NA

    Up to INR 25 lacs

    Interest Rate Range

    12%-16.5%

    Processing Fees (INR)

    1%-2%

      Number of Colleges Supported  

      More than INR 20k per month  

     

    • Repayment Period - The repayment period in the case of NBFCs is 10. However, if you wish to extend the repayment tenure of the loan, feel free to contact GyanDha n. We get in touch with the lending party on your behalf and try to get a customized loan offer for you which sits perfectly with your requirements. 
    • Processing Period - NBFCs take 3-4 days to process education loans. GyanDhan provides you with the facility of uploading your documents online for educational loans from NBFCs which allows you to accelerate the processing period.
    • Expenses Covered - NBFCs cover 100% of the total expenses in case of educational loans for MS in Ireland. 
    • Co-applicant Income Requirement - NBFCs generally require co-applicants income to be more than 30k per month. The exact income though will depend on the loan amount. As far as our experience goes, in the case of NBFCs, approximately 50% of the co-applicant income should be sufficient to at least bear the interest per month.
    • Common Decline Reasons - NBFCs generally decline applications for low co-applicant income and poor CIBIL score. However, with GyanDhan, you have 50% more chances of getting your loan approved than if you were to approach the bank directly. Our experienced counsellor conducts a comprehensive evaluation of your profile, suggests solutions and then selects and coordinates with that lender first that is most likely to sanction the loan. 
    • Documents Required – NBFCs demand a slew of documents for education loans without collateral. These include academic records, proof of admission from the university in Ireland, income certificates and the KYC of both the student and the co-applicant.

    Read Also -  Ireland Universities Application Deadlines 2022

    The document formalities for each lender differ, turning the loan process confusing for the student. GyanDhan facilitates students with the lender’s customized document checklist to ensure that they are able to submit all their documents at one go. This expedites the procedure and also lowers the odds of rejection of their loan application.

    Get Education Loan Apply Here

    What is the Education‌ ‌Loan‌ ‌With‌ ‌Collateral‌ ‌Options for MS in Ireland?

    An education loan with collateral brings in higher loan amounts than one without a guarantee. The reason for it is the security the applicant provides to the bank against non-repayment. Collateral can be a property or a financial asset. Also known as secured education loans, they have lower interest rates.

    Education Loan Options for MS in Ireland - With Collateral
     

    Features

      Public Banks  

    Private Banks

    NBFCs

    Example Lenders

    SBI, BOB

    Axis Bank

    Avanse, Incred

    Loan Amount (INR)

    Up to INR 1.5Cr

    Up to INR 60 lacs

    Up to INR 60 lacs

    Interest Rate Range

    10%-10.5%

    11.5%-13.5%

    12%-14%

    Processing Fees (INR)

    INR 11800

      0 if < 20 lacs, INR 750 on each lac above INR 20 lacs  

      1%-2% loan amount  

      Payment During Study Period  

    None

    Simple Interest

    Simple Interest

     

    • Repayment Period - The repayment period for education loans with collateral in the case of public banks is 15 years. In the cases of private banks and NBFCs, the repayment tenures are 20 years and 10 years respectively. 
    • Processing Period - Public banks usually take 12-15 working days to process these loans. Private banks take 10-12 days for processing, while NBFCs take 7-8 working days. GyanDhan’s relationship officer picks up the documents from your home for free. We conduct the documentation process in such a way that fulfils every single document requirement of the lender. As a result, we expedite the entire process and complete it within a couple of days which otherwise would take students more than 10 more days if they were to approach the bank directly. 
    • Expenses Covered - Loans from public banks cover 90-100% of the total expenses, depending on the bank you are taking the loan from. While private banks cover 85% of the total expenses. NBFCs cover 100% of the total expenses. 
    • Common Decline Reasons - Both public and private banks decline with collateral education loan applications for two key reasons - incomplete collateral documents and poor CIBIL. NBFCs generally decline applications for low co-applicant income, poor CIBIL scores, and incomplete documents. 
    • Documents Required - Some of the common documents required for a secured loan are the student’s and co-applicants KYC documents (know your customer), relevant mark sheets, admission letter from the university, documents related to security being pledged, fee structure, etc. The property documents required vary even as per different areas within a city. Again, GyanDhan makes the process easy for you by providing a customized document checklist at the start of the process which ensures that you are able to submit all the required documents at one go.
    Get Unsecured Education Loan Apply Here

    Which Educational Loan is Preferable for MS in Ireland - Unsecured or Secured?

    With Ireland becoming one of the most preferred destinations for study abroad, the available options for educational loans for the country are also on the rise. This makes it even tougher for a candidate to pick out the offers which suit their profile and requirements perfectly. However, they can keep a few basic points in mind while making their decision. GyanDhan believes that a secured loan from PSUs is the best option for an education loan for MS in Ireland because it is offered at a considerably lower rate of interest. In case you can't afford to pledge a security against the secured loan, then an unsecured loan from NBFCs is the only option left which charges relatively higher interest rates. Moreover, loans from banks offer additional tax benefits that are not offered by all the NBFCs. The loan processing fee at the banks too is lower than that of NBFCs.

    However, in the case of any confusion related to education loans, feel free to get in touch with GyanDhan. We help you to surf through the available education loan options and select the most appropriate one. 

    What‌ ‌is‌ ‌the‌ ‌Application‌ ‌Procedure‌ ‌for‌ ‌Loans‌ ‌for‌ ‌Masters ‌in‌ ‌Ireland?

    The application procedure for education loan for abroad entails the following seven steps.

    1. Check if you are eligible for a loan here. Alternatively, request a callback.
    2. A GyanDhan education loan counsellor will call you to discuss all the loan options available for Ireland. Depending upon the lender from whom the loan is to be availed, the counsellor will guide you through the subsequent steps.
    3. Submission of all your supporting documents. (This is the critical step of the process. We greatly advise taking our counsellor’s support to guarantee that every required paperwork is submitted. For students living in metros and applying to a public bank for a loan, GyanDhan’s relationship officer will pick up the documents from your doorstep. For all other cities, we assist by setting up an appointment with the requisite bank manager. If the lender is a private bank, either GyanDhan’s banking partner collects the documents from your home, or you courier it to the appointed sales manager. If it’s an NBFC loan, then hard copies are not needed. You can upload the documents through our website.)
    4. The lender reviews your application and approves the loan as long as all criteria are met. At this stage, the bank or NBFC may ask additional information from you or your parents.
    5. On educational loan approval, you and the co-applicant sign a sanction letter to accept the bank loan. In case your lender is an NBFC, then the step is a payment of processing fee.
    6. After the agreement is signed, you can apply for loan disbursement. Do note that the disbursement has to occur in two to six months based on the lender and sanction letter validity.

     

    Since the application process is both complex and lengthy, the best course of action is to begin the loan application right after receiving an admission letter from the Irish university you applied.

    How‌ ‌to‌ ‌Choose‌ the‌ ‌Best Education Loan for MS in Ireland?

    Education loan for abroad is one of the safest options to fund higher education. But it is finding the best student loan lender that requires you to put in the colossal effort and take into account several factors. Below are a few factors which applicants should meticulously analyze to determine which loan suits best with their requirements and profile. 

    • Interest Rate
    • Processing fee & Time 
    • Margin Money
    • Moratorium Period
    • Tax Benefits 
    • Loan Duration 
    • Expenses Covered
    • Prepayment terms and conditions

     

    Blindly picking any lender for an education loan will only cause more distress down the line. To avoid such instances, another important step that you can take is using our Loan Eligibility tool; it tenders a list of loan options based on your financial profile and requirements. You can also use our customizable EMI calculator to compare the loan options based on monthly interest payments. Additionally, you can also ask for aid from our loan counselors. They will go through your financial profile with a fine-tooth comb and evaluate which lender fits you.

    Read Also -  Path to Permanent Residency in Ireland

    GyanDhan has come to the rescue of many students looking for student loans for Masters in Ireland. If your goal is to study MS from Ireland too, then give us a call. In a few short minutes, we’ll provide a rough analysis and furnish the best student loan possibilities. 

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