Education loan for MS in Ireland

Education loan for MS in Ireland

Want to go to Ireland for higher studies? Thinking of applying for an education loan for MS in Ireland? Great choice! Because Ireland has earned a reputation as a leading educational destination for international students over the years, and with good reason. Ireland provides a diverse range of options, ranging from post-secondary courses to vocational and technical training to complete degrees and postgraduate degrees.

Nowadays, students have several reasons for selecting abroad as their study destination. Their first step is to choose the best affordable country that offers them the best exposure and the best opportunities. The majority of them pay for their higher education by taking out an education loan. Many students consider Ireland one of the best countries to study. Also, applying for an Education loan for MS in Ireland is quite simpler than in other countries.  

How much does it cost to study MS in Ireland?

How Much Does It Cost To Study MS in Ireland

In terms of graduates per 1,000 people, Ireland ranks top in Europe. The costs of humanities, education, and the arts are low in Ireland, while medicine, engineering, business, and management are often expensive. The study cost in Ireland would include tuition fees, food & accommodation, books & stationery, medical insurance, transport, and personal expenses.

Ireland offers much cheaper prices in terms of education and living expenses than other higher education programs. Hence Ireland considered being a perfect and affordable study destination. The living expenses depend on the place and house you stay in. 

MS in Ireland costs between 5,000 to 25,000 EUR every year. This approximates around 4 to 23 lakhs per year for Indian aspirants. 

Find the list of top universities' average tuition fees ranges in Ireland below.

S.NO Top universities in Ireland Average tuition fees
1 Trinity College Dublin     23,000 - 24,000 EUR/year
2 University College Dublin 24,000 - 25,000 EUR/year
3 University College Cork     18,000 - 19,000 EUR/year
4 Dublin City University 17,000 - 18,000 EUR/year
5 National University of Ireland, Galway 17,000 - 18,000 EUR/year

When will students require their study loans for education in Ireland?

If you know the exact deadline for the entire admission process, you can be ahead of the college loan process. This will help you determine where the funds are needed.

Despite Ireland's lower cost of living than other nations, students require financial support to cover their tuition and living expenses. Hence, it is common to apply for an education loan when deciding to study in different countries.

Let’s discuss some of the major reasons why students apply for their study loans for education in Ireland,

  • Although students receive scholarships from college, they still need financial support for their books, stationery, and other expenses. 
  • Educational loans will provide financial support to students who find it difficult in attending college, such as transportation.
  • Interest rates of the student loans are considered to be lower than private loans.
  • Mainly, education loans have fixed interest rates that do not allow the repayment amount to change over time.

What are the educational loan options for MS in Ireland?

As previously mentioned, Ireland's costs are quite inexpensive in comparison to other countries. However, money is still required. So, an education loan is necessary to handle all the study and personal expenses. Education loans for Ireland are provided by Government banks as well as NBFCs. 

Types of educational loans for MS In Ireland

An education loan for study abroad covers your basic course fee, tuition fee as well as other related costs, making it a viable choice for funding your studies. There are two main types of educational loans for MS in Ireland,

  • Secured education loan (or) collateral
  • Unsecured education loan (or) without collateral

Secured education loans

Secured loans, also known as collateral education loans, require loan applicants to put up some kind of collateral security as collateral for their abroad education loans. The majority of secured loans are made by government banks. Those who want to pursue a master's degree in Ireland with an education loan can mortgage any one of their valuable assets. The loan amount will depend on the value of the financial assets. 

Unsecured education loans

Unsecured loans are made without the use of any collateral. Such loans are made based on the borrower's creditworthiness and income. For an unsecured loan, it is not necessary to provide a property as collateral to repay the loan. Another important difference between secured and unsecured debt is the interest rate. The rate of interest is pretty much in unsecured loans when compared to secured loans.

Whether you are planning to get secured loans or unsecured loans, our dedicated team will assist you in the loan application process and we will make you get a loan with our complete support. 

Education loan for MS in Ireland without collateral

Education Loan For MS in Ireland without Colleteral

 for MS in Ireland without collateral or unsecured loans is for the people who do not have any financial assets for collateral. If you are looking to apply for unsecured loans, have a look at the given information below. 

Features Public Banks   Private Banks 
NBFCs
Example Lender 1 SBI Axis Bank Avanse
Example Lender 2 BOB   Incred
Total Loan Amount (INR) NA NA Up to INR 25 lacs
Interest Range in %     12%-16.5%
Processing Fees in INR     1%-2%
Total number of colleges   Supported    

More than INR 20k per month  

Repayment Period - The repayment period in the case of NBFCs is 10 years. 

Processing Period - NBFCs take 3-4 days to process education loans. 

Expenses Covered - In the case of educational loans for MS in Ireland, NBFCs cover 100 percent of the total costs.

Co-applicant Income Requirement - NBFCs typically require co-applicants to have a monthly income of more than 30,000. However, the exact income will be determined by the loan amount. According to our experience, in the case of NBFCs, approximately half of the co-applicant income should be sufficient to cover the interest per month.

Common Decline Reasons - Low co-applicant income and poor CIBIL scores are common reasons for NBFCs to reject applications. 

Documents Required - For education loans without collateral, NBFCs require plenty of documents. Academic records, proof of admission to an Irish university, income certificates, and the KYC of both the student and the co-applicant are all required.

What is loan with collateral option for MS in Ireland

Education loan for MS in Ireland with collateral or secured loan is a better option for everyone since it has a low interest rate. But, in order to apply for secured loans you must show the proof of your financial property. Your loan amount will depend on your collateral assets. 
 
To know more about the loan with collateral option, find the below information

Features Public Banks   Private Banks NBFCs
Example Lender 1 SBI Axis Bank Avanse
Example Lender 2 BOB   Incred
Total loan amount in INR Up to INR 1.5Cr Up to 60 lacs (INR) Up to 60 lacs (INR)
Interest Rate in % 10%-10.5% 11.5%-13.5% 12%-14%

Processing Fees in INR

INR 11800
0 if < 20 lacs, INR 750 on each lac above INR 20 lacs   1%-2% loan amount  

Payment during course time
None Simple Interest
Simple Interest

Repayment Period - The period for repayment of secured education loans in public banks is 15 years. In private banks and NBFCs, the repayment period is 20 years and 10 years respectively.

Processing Period - These loans are typically processed within 12-15 working days by public banks. Private banks take 10-12 days to process and NBFCs 7-8 working days.

Expenses Covered - Loans from public banks cover 90-100 percent of total expenses, depending on which bank you borrow from. Private banks, on the other hand, cover 85 percent of total expenses. NBFCs cover the entirety of the costs.

Common Decline Reasons - Both public and private banks reject collateral education loan applications for two reasons, imperfect collateral documents, and a low CIBIL. NBFCs typically reject applications due to low co-applicant earnings, low CIBIL scores, and partial documents.

Documents Required - Some of the standard documents needed for a secured loan like the student and co-applicants KYC documents (know your client), suitable mark sheets, university admission letters and mortgage-related documents, fee structure, and so on. The required documents will also vary for different parts of a city.

Which education loan is preferred for MS in Ireland - secured or unsecured?

Is it your dream to study MS in Ireland? An education loan can make your dream come true. But choosing the best option is important. As you know, there are two options: secured and unsecured education loans. In general, secured loans are better than unsecured ones since they have a low interest rate. If you do not have any financial assets, then unsecured loans are the only option for you. 

Find the small comparison of secured and unsecured education loan below

S.no Features Second education loans Unsecured education loans
1 Interest rates Low interest rates High interest rates
2 Tax benefits Additional tax benefits  No tax benefits
3 Processing fee
Processing fee is lower in the banks
Processing fee is higher in NBFCs

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

The application procedure for applying for education loans for MS in Ireland consists of the following steps,

  1. Check your loan eligibility before everything, as it differs for different banks.
  2. Confirm that you are having all the required documents.
  3. Check and calculate the total cost of studying and living expenses in Ireland.
  4. Analyze and choose the best education loan for MS In Ireland.
  5. Check what are the expenses covered under the education loan
  6. Know the correct time frame to apply for an education loan.
  7. Finally, understand the loan repayment methods and period.

Eligibility criteria/ prerequisite for education loan to study in Ireland

To apply for an education loan for MS in Ireland, there are a few eligibility criteria which are listed below for your reference, 

  • Student's age must be above 18 years of age. Below 18 years of age students must co-joint with their parents to apply for an education loan for MS in Ireland.
  • Students must be a citizen of India.
  • Students must be a degree holder like MBA, MCA provided by a good reputed university.

Documents required

For Student-applicants

  • Identity proof (any one) - PAN/ Passport/ Driver’s License/ Voter ID card
  • Residence/ Address proof (any one) - Copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card Passport
  • Academic Papers - 10th Result and 12th Result
  • Graduation Paper- Semester - wise (if relevant)
  • Entrance Exam Results, by which admission is obtained (GMAT, GRE, TOEFL, and IELTS)
  • Admission proof - Offer Letter or Admission Letter from the Institution.
  • Cost of study/ Schedule of expenses statement
  • two passport-size photos
  • Last one year loan A/C statement, if any prior loan from other Banks/Lenders.

For Co-applicants

  • Identity proof (any one) - PAN/ Passport/ Driver’s License/ Voter ID card
  • Residence/ Address proof (any one) - Copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • two passport-size photos
  • Last one year loan A/C statement, if any prior loan from other Banks/Lenders.

For Income Proof for Salaried Co-applicant/ Guarantor

  • Last three months salary slip 
  • Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, accepted by IT Dept.
  • Last six months bank account statement (of Salary Account)

For Income Proof for Self-employed Co-applicant/ Guarantor

  • Proof of Business address (If applicable)
  • Last two years IT returns (if IT payee)
  • TDS Certificate (Form 16A, if applicable)
  • Qualification certificate (for MBA/MCA and other professionals)
  • Last six months of bank account statement 

What are the expenses covered under the student loans for MS in Ireland?

The majority of the student's reasonable expenses were covered by education loans, apart from personal expenses. Take a look at the lists below to see which expenses are covered by education loans.

  • Tuition and Accommodation fees,
  • Examination
  • Library 
  • Laboratory fees 
  • Books/Equipment/Instruments/Uniforms
  • Computer
  • Travel expenses
  • Study tours
  • Project work and much more which are essential for students to complete their course.

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

How To Choose The Best Education Loan For  MS in Ireland

Education loan is a great option for the students who wish to do their higher studies in different countries. It is necessary to choose the best lender for an education loan for MS in Ireland. Do not choose the education loan option blindly. 

Get some major factors that borrowers must analyze before choosing, 

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

Financial Requirements for an Irish Student Visa

Students must have sufficient financial support to obtain an Irish student visa. In addition to the course fee, you must demonstrate that you have at least 7,000 EUR in an instant and ready access. This is the cost of living in Ireland for a student for an academic year. You must also show proof that you and/or your sponsor(s) have access to at least 7,000 EUR per year of study, as well as tuition fees for each of those years.

When to Apply for an Education Loan For MS in Ireland?

The perfect time to apply for an education loan for an MS in Ireland must be at least 1.5 months before the need for funding. This deadline has been fixed taking into account the approximate settlement time of the lending banks. 

Find the following exact timeframe for an education loan for MS in Ireland,

  • General processing time of public banks for educational loans   -  18-20 days.
  • General processing time of NBFCs                                              -   8-10 days.
  • Visa processing time                                                                     -   2-3 weeks.

Education loan repayment

Education loan for MS in Ireland repayment period of the government banks, private banks, and NBFCs for secured and unsecured loans is quite different.

Repayment of the Education loans with collateral or secured loans is 15 years (longer), in the case of a government or public bank.

Repayment of the education loans without collateral or unsecured loans is 15 - 20 years (longer), in the case of private banks. Considering NBFCs the repayment period is 10 years which is shorter.

Summary

Ireland has some of the best educational institutions in the world with the best academic history. It also provides students with excellent employment opportunities during and after graduation. For many students, finances are a major obstacle.  But, applying and getting an education loan for MS in Ireland has become easier these days. Read the complete article to get knowledge, proceed with the loan application process and get sanctioned easily. 

FAQ

1.How to get a student loan for masters in Ireland?

Nowadays, getting a student loan for masters in Ireland has become simple. Check your eligibility to get an education loan for MS in Ireland. Then proceed with the loan application process.

2.How much unsecured education loan can I get for MS in Ireland?
 
Many NBFCs are there to offer education loans for MS in Ireland, but getting a secured loan is advisable. The maximum loan offered by NBFCs is Rs 15 Lakhs to Rs 20 Lakhs. 

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

There are two main options for a student to apply for an education loan. They are,

  • Education loan with collateral (or) secured loans
  • Education loan without collateral (or) unsecured loans

4.Secured or Unsecured loans, which one is the best option for students?

Although there are several NBFCs that offer education loans to students. Secured loans are preferable to unsecured loans because they have lower interest rates.

5.Is Ireland expensive for Indian students?

If this is your question, I can answer you as NO. Because when compared to popular countries like the US, UK, etc. Ireland is one of the affordable and best study destinations. Your education loan will cover most of your reasonable expenses.

6.How to get an education loan for MS in Ireland without collateral?

Yes, you can apply for an education loan even if you are not having any financial assets. Lot of NBFCs are sanctioning loans without collateral. But the interest rates of NBFCs are quite higher than public banks.

7.Will all expenses be covered under 

Education loan with collateral : Public banks education loan for MS in Ireland will cover 90-100 percent of all students expenses while private banks will cover only 85 percent.

Education loan with collateral : NBFCs education loan for MS in Ireland cover 100 percent of the students expenses.

 

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