Education Loan for Ireland - Courses, Loan Types, Eligibility, & Everything!
Ireland is a top study-abroad destination for international students. Academic and professional opportunities attract students globally, and the elite living standards are the cherry on top. However, the educational cost can be challenging for many students. Studying in Europe is expensive for international students from developing countries in Asia, Africa, Latin America, the Pacific, and the Caribbean.
Thanks to education loans, anyone aspiring to study in Ireland can advance with hard work and smart planning. Let’s explore the education loan options for international students to study in Ireland, a hub of rising career opportunities.
Cost of Study in Ireland
The cost of education in Ireland varies depending on your course and university, while your city of residence influences the cost of living.
- Tuition: The tuition fees for undergraduate courses range between €9,000 and €45,000, and for postgraduate courses, between €9,150 and €37,000.
- Room rent: The rent could be €800 – €1,000 per month.
- Food: The average bill for food per month can be €500 – €800 per month.
- Travel: The bus cost alone can be €60 – €75 a month.
Types of Education Loans for Ireland
Many lenders list Ireland as a top study-abroad destination for an education loan. When you apply for an education loan for MS in Ireland or similar courses like an MBA or engineering, the lender might ask for security and a responsible cosigner. Based on this, we can divide Ireland’s education loan options into two categories:
- Secured education loans: The education loan options for Ireland available on the guarantee of tangible or intangible collateral are called secured education loans. The collateral can be a plot, a fixed deposit, a bond, etc. You will get 70% – 100% of the collateral value as the loan amount at affordable interest rates.
- Unsecured education loans: Ireland education can be sponsored with an unsecured education loan when you don’t have collateral for an education loan guarantee. Instead, a financially responsible cosigner is required to offer the education loan guarantee. In this category, international lenders provide education loans without collateral or cosigners, but these loans are extremely limited for universities in Ireland.
Courses Eligible for Education Loans for Ireland
A lender evaluates your course of study before granting an education loan approval, ensuring the job prospects are secured for the loan repayment. For example, education loans for MS in Ireland is a popular category.
- Graduation courses from top universities, especially STEM courses
- Executive courses like an MBA in which ready job potential is higher
- PhD
Top Lenders for an Education Loan for Ireland
There are two parameters to consider while choosing your lender for an Ireland education loan – your eligibility and financial need. The maximum limit of your loan amount can be 70% – 100% of your total cost of attendance, including your academic fees, accommodation, travel, food, etc.
The top education loan lenders for Ireland are:
- Indian banks – public and private
- NBFCs
- International lenders
Type of Lender | Sample Lenders | Maximum Loan Amount | Interest Rates | Repayment Period |
Public Banks | SBI, BoB, UBI | Up to INR 80 Lakhs – INR 1.5 Cr | 9.65% for girls, 10.15% for boys | 10 – 12 years |
Private Banks | Axis, ICICI, IDFC FIRST | Up to INR 50 Lakhs | 10% – 13.5% | 10 – 20 years |
NBFCs | Credila, Auxilo, Avanse, InCred | Up to 2INR 20 Lakhs | 12% – 13.5% | 10 – 15 years |
International Lenders | MPOWER Financing, Prodigy Finance | Up to 100,000 USD | 8.39% – 14% | 10 – 20 years |
Indian banks – public and private
Public and private banks in India offer secured and unsecured education loans to eligible students in Ireland. Banks often list eligible universities and courses to grant an education loan to study in Ireland. If the bank does not list your university, the maximum loan amount in the unsecured category (without collateral) is INR 7.5 Lakhs.
NBFCs
NBFCs like Credila, Avanse, InCred, and Auxilo offer unsecured education loans for studying in Ireland. The cosigner’s income and CIBIL scores are the determining factors in most cases. Without margin money, the maximum loan amount could be up to 100% of the total cost of education.
International lenders
International lenders offer education loans to students in Ireland without collateral or cosigner. However, your university and course must be listed by the international lender you are approaching for an education loan.
Who is Eligible for an Education Loan to Study in Ireland?
Individual lenders decide the eligibility criteria for applying for education loans to study in Ireland and can vary from person to person. Given below is a general list of eligibility criteria:
- Indian citizenship
- Minimum 18 years of age
- Get an offer letter from an Irish university
- Have a strong academic record
- Have a cosigner with a solid income
- Have a good CIBIL score (either the student or cosigner)
Documents Required for an Education Loan for Ireland
Once your education loan application has been started, submit the documents properly after connecting with the lender. The table below provides an overview of the documents required for your Ireland education loan application.
ID proof | Passport PAN |
Academic documents | Marksheets from the 10th till the last qualifying exam/ last semester Degree certificates |
Financial documents | Salary slips for the last three months (cosigner’s) Form 16 for the last two years ITRs for the last three years Bank statements for the last six months Balance sheets and profit and loss accounts |
Getting Started: Apply for an Education Loan for Ireland
Why wait? APPLY NOW for top education loans to study in Ireland with Nomad Credit’s expert guidance. With our counselor, navigate the loan application process easily, making your journey stress-free. Connect with us today!
Frequently Asked Questions
Can I get a student loan to study in Ireland?
Yes, you can. Explore your loan options, prepare documents, and start the application process. For more information and detailed guidance, connect with an expert today.
Is Ireland a cheap country to study in?
Ireland is not a cheap country for international students hailing from developing countries. The educational costs can be 4 – 5 times more expensive than in their home country. However, international students can manage their expenses and explore opportunities in Ireland with external funding from an education loan.
Do all lenders give Ireland an education loan?
Most lenders are happy to give you an education loan to help you study in Ireland. However, your university or college of admission is often scrutinized. Ideally, your chances are higher if you are admitted to any of the top universities in Ireland.
Which are the top universities in Ireland that are accepted for education loans by most lenders?
Trinity College Dublin, University College Dublin, University College Cork, University of Limerick, Dublin City University, Maynooth University, and University of Galway are the top universities accepted for education loans by most lenders. These universities are globally ranked for excellence.
How to submit Ireland education loan documents?
The education loan documents are submitted online or offline. Your education loan lender for Ireland will guide you through the documentation process.
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