Study Abroad Loans: Education Loan to Study in Ireland

Cost of Studying Masters In Ireland

If you want to study masters in Ireland, you need to know about the cost of studying there. Indian students who want to study for their master’s in Ireland should be prepared to pay  €10,000 – €40,000 every year. The cost of masters ranges between this amount. Be mindful that it is only the university cost you will be required to pay extra for your other expenses such as living, travelling, studying materials, etc. However, to meet other expenses, you can opt for a part-time job to support your studies and living expenses.

 

What are the Education Loans for MS in Ireland Options?

Basically, to study for a master’s in Ireland, if you are going to obtain an study abroad loans, you will be required to know what your loan can cover. So, an education loan can cover your university fees and tuition fees. Here is an overview of loan and loan providers; it can help you choose the right lender and manage your finances accordingly. 

Features	Private Banks	Public Banks	NBFCs
Lenders	SBI, BOB, UBI	Axis Bank, ICICI Bank, IDFC First Bank	Avanse, Auxilo, Incred
Loan Amount	With Collateral – up to INR 1.5 Cr Without collateral – INR 7.5 Lakhs	With Collateral – Up to INR 60 Lakhs Without collateral – INR 35 – 40 Lakhs	With Collateral – Up to INR 60 Lakhs Without collateral – INR 30 – 40 Lakhs
Interest Rates	8.75% – 11.15%	Secured – 10% – 11%Unsecured – 11% – 13%	Secured – 11%Unsecured – 13% – 14%
Processing Charges	INR 10,000 + GST + Property valuation charges	1% – 2% of the loan amount	1% – 2% of the loan amount

Education Loan for MS in Ireland Without Collateral

Generally, students are required to obtain an education loan with collateral to obtain a higher amount of loan. But it also involves several consequences, such as you will be required to provide your collateral if you fail to pay the loan amount on time. However, in this situation an education loan without collateral can be a great option for Indian students with no financial burden. However, the real problem is that loans without collateral are not available from public banks. On the other hand, private banks like NBFCs offer higher education loan amounts without collateral. Here, we have mentioned some of the essential benefits of opting for a private bank like NBFCs. 

 

• You will be surprised to know that the loan repayment period for private banks to study masters in Ireland is 10-12 years, specifically 10 years for NBFCs.

• The loan processing time for education loans without collateral is between 6-7 days, and for private banks, it is 4-5 days. 

• Public banks can cover 85% of your total cost of study, but if you go with private banks, such as NBFCs, they can cover 100% of your total expenses. 

• Public or some private banks usually ask for a precise amount that should be paid by the co-applicant, but in private banks like NBFCs, co-applicants are required to provide just 50% of their income to pay the monthly interest rates. 

• Applying for an education loan through some private and public banks requires submitting a plethora of documents. A lack of documents can result in loan rejection. However, if you apply through HiWiPay, they will ensure that your loan application must not get rejected due to less paperwork. 

Eligibility to Apply for Study Abroad Loans in Ireland

Once you get to know all your expenses, you must check your eligibility to apply for a required loan amount. You must meet the eligibility criteria to obtain the desired loan amount. Different banks have their own criteria and loan application guidelines. Here, we have mentioned some of the common eligibility criteria that are considered by almost every Indian bank. 

• To apply for an education loan, you must be an Indian citizen. 

• The minimum age requirement for an education loan to study for a master’s degree in Ireland is 18 years; students below 18 are required to have a co-applicant. 

• Banks can also ask for an admission letter in addition to your loan application. You must provide an admission letter when you apply for a loan. 

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

If you are planning to study for an MS in Ireland, you must choose the best education loan. You must look for better loan options that suit your situation and provide you with better interest rates. Apart from that, it is also important to go for a loan provider who has minimal processing fees, processing time, margin money, moratorium period, tax benefits, loan duration, expenses covered and hassle-free re-payment options. You must know that a secured education loan from private banks instead of public or government banks can provide you with lower interest rates. 

 

Application‌ ‌Procedure‌ ‌for‌ ‌Loans‌ ‌for‌ ‌MS in ‌Ireland

If you are going to apply for an education loan for MS in Ireland, you must consider or follow these steps: 

• Before you apply, it is essential that you check your eligibility.
• Gather all the required documents.
• Calculate the entire cost of your education along with the living costs. 
• Always look for more than one loan option and select the best option. 
• Never forget to check the expenses covered by your education loan.
• You must know the right time frame before applying for a loan. 
• Always understand the entire repayment process and period. 

Top Universities in Ireland Eligible for Education Loan

Here are some of the top-notch universities in Ireland that provide options for an study abroad loans.  

• Dublin Business School
• Griffith University
• Letterkenny Institute of Technology
• University college cork
• Trinity College Dublin
• National University of Ireland
• National University of Ireland Galway

Scholarships for MS In Ireland

Reducing the loan amount or studying in Ireland without an education loan leads to scholarships for MS in Ireland. The Government of Ireland’s higher education authority provides more than 60 scholarships in Ireland. These scholarships are specifically for undergraduate, postgraduate, and research programmes. Here is the complete list of scholarship programmes provided by the Irish government. 

Name of The Scholarships	Amount
Government of Ireland Postgraduate Scholarship programme	€18,500
Fullbright Scholarships	It may vary
NUI Galway International Student Scholarships	€2,000 – €4,000
The Walsh Fellowship	€24,000
Trinity College Dublin Scholarships	€5,000 – €10,000
University College Cork Scholarship	It can vary
Maynooth University Scholarships	€1,000 – €4,000

Budgeting Tips for Indian Students

It is evident that every country has its own rules and regulations and living costs. As an Indian student, it can be difficult for you to manage your expenses in this country. However, by following a few initial steps, you can also manage your expenses and live comfortably in Ireland. 

• First of all, it is crucial to understand the currency exchange rates between the two countries. It can help you to plan your budget accordingly. In this way, you can become more familiar with credit card acceptance and other policies related to financial expectations. 

• Segregate the categories of your expenses and allocate your funds accordingly. Dividing your expenses into different categories, such as travel allowances, rent, study materials, food expenses, and miscellaneous expenses. 

• Opening a local bank account can also help you in budgeting while studying in Ireland. It can help you with easy transactions within the country. 

• Use your student ID card to save those extra pennies that may be painful for you. For your information, you can use your student ID card to save your travel allowances and get extra discounts at restaurants and shopping centres. 

Conclusion

In conclusion, studying abroad can be a dream come true for many students. For Indian students, choosing Ireland as their dream country can be easy, but it can be difficult to afford the expenses. In such a scenario, it becomes really important to obtain an education loan. However, certain private and government banks provide loans to study in Ireland. But it is important to choose the right loan provider with essential benefits. 

FAQ of Study Abroad Loans