Study Abroad Loans: Education Loan to Study in Ireland

Study Abroad Loans : Education Loan to Study in Ireland

To pay your university tuition fees and support your stay in Ireland, an education loan is of utmost importance. An Indian student belonging to a middle-class family may require this loan to fulfill their dream of studying abroad. However, if you want to study abroad, specifically in Ireland, you will need to apply for an education loan because the cost of studying in this country is much higher than you think. Here in this specific blog, we have covered everything related to education loans you need to study in Ireland. So what are we waiting for? Let’s dive deep into the blog to learn everything about studying in Ireland.

Table of Contents

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. 

FeaturesPrivate BanksPublic BanksNBFCs
LendersSBI, BOB, UBIAxis Bank, ICICI Bank, IDFC First BankAvanse, Auxilo, Incred
Loan AmountWith Collateral – up to INR 1.5 Cr Without collateral – INR 7.5 LakhsWith Collateral – Up to INR 60 Lakhs Without collateral – INR 35 – 40 LakhsWith Collateral – Up to INR 60 Lakhs Without collateral – INR 30 – 40 Lakhs
Interest Rates8.75% – 11.15%Secured – 10% – 11%Unsecured – 11% – 13%Secured – 11%Unsecured – 13% – 14%
Processing ChargesINR 10,000 + GST + Property valuation charges1% – 2% of the loan amount1% – 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: 

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  • 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 ScholarshipsAmount
Government of Ireland Postgraduate Scholarship programme€18,500
Fullbright ScholarshipsIt 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 ScholarshipIt 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. 


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

Can I get an education loan in India to study MS in Ireland?

Yes, you can certainly get an education loan in India to study for your master’s in Ireland. Certain prominent banks offer education loans at great interest rates and processing fees. However, it is crucial to look for more options rather than just choosing according to your preferences. 

Which Indian banks offer education loans for MS in Ireland?

Axis bank, ICICI Bank, IDFC first bank and Bank of Baroda are some of the Indian banks that offer education loans for MS in Ireland.  

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

1. Griffith University
2. Letterkenny Institute of Technology
3. University college cork
4. Trinity College Dublin
5. National University of Ireland
6. National University of Ireland Galway

Will all expenses be covered under the education loan for MS in Ireland

It totally depends upon who your loan provider is and from where you are obtaining the loan. You have to check properly which expenses will be covered under your education loan.

Can I get a 100% loan to study abroad?

Yes, if you opt for NBFCs, you can certainly get a 100% loan to study abroad. 

Who is eligible for student loans in Ireland?

You must be an Indian citizen, and your minimum age should be 18. If you are below 18, you will require a co-applicant

Is a personal loan accepted for an Ireland student visa?

Yes, a personal loan can be accepted for an Ireland student visa. 

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