Study Loan for Ireland 2022: How & Where to Get a Student Loan for International Students in Ireland Image
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Study Loan for Ireland 2022: How & Where to Get a Student Loan for International Students in Ireland

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Yocket Editorial Team
13 mins read
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More and more people are opting to study abroad and Ireland is one of the popular destinations for aspirants. However, studying in Ireland comes at a high cost. Students not only have to bear the cost of studying that can range from €10,000 - €40,000 per year, but also the cost of living which can go up to €12,000 per year.  While there are many ways to finance your education in Ireland, student loan Ireland remains a popular choice. Student loan for international students in Ireland are available through various financial institutions at pretty decent rates. So, let's find out all about the best student loans Ireland and requirements for the same.

 

Table Of Contents:

 

  1. Why Do You Need an Education Loan Ireland?
  2. Eligibility Criteria to Secure an Education Loan for Ireland
  3. Types of Education Loan for Ireland
  4. What Documents Are Required to Get an Education Loan?
  5. How to Apply for an Education Loan to Study in Ireland?
  6. Best Student Loans Ireland: Best Banks Offering Loans for Ireland
  7. What Expenses Are Covered in Student Loan Ireland?
  8. Repayment of Student Loan For International Students in Ireland
  9. Frequently Asked Questions About Student Loans in Ireland

Why Do You Need an Education Loan Ireland?

 

Studying in Ireland might burn a hole in your pockets. But, that’s the case if you head out to study without the right financial planning and backup savings.

 

You will need money to cover your cost of living in Ireland and your university expenses. In addition to this, you might want to explore a foreign country. This implies that a travel expenditure is added to your expense list. As the list goes on it is difficult to make ends meet abroad. In spite of taking up a part-time job, you might still need additional support.

 

Boiling it down for you, you will roughly need about:

 

Expenses

Expenditure

Bank balance

€7000

Visa cost

€45

Cost of living in Ireland

€800 - €1200 /month

Cost of studying

€10,000 - €40,000 /year

 

It is evident that you will need a big sum to study in Ireland. Therefore, taking a student loan Ireland is a feasible option.

 

RECOMMENDED: What are the DIfferent Ways to Finance Your Education in Ireland?

 

Eligibility Criteria to Secure an Education Loan for Ireland

 

Once you decide to take an education loan for Ireland, check on the eligibility box to take an education loan. The criteria to get an education loan for Ireland in India are:

 

  • The applicant needs to be a citizen of India.
  • The student must have been accepted in any of the banks recognised Irish universities to be eligible for a loan.
  • The student should be 18 years of age to be eligible to apply for a loan.
  • The applicant should have been accepted into a job-oriented course to repay the loan after their education.

 

After confirming your eligibility, the next step towards the loan is to assess the type of loan you would like to take.

 

Types of Education Loan for Ireland

 

Students can apply for two types of education loans for Ireland:

 

Secured Loan: In a secured loan, you will be presenting the bank with a collateral security to attain the loan amount.

 

Unsecured Loan: In the case of an unsecured loan, you don’t give any collateral to the bank to get the required loan amount. The difference between the two is that you will be paying a slightly higher interest rate for an unsecured loan.

 

Now that you have decided the type of loan you will be applying for, the next step would be arranging all the essential documents -

 

What Documents Are Required to Get an Education Loan?

 

To procure an education loan you will have to submit the following documents to the bank. These documents provide the legitimacy of your education loan application:

 

  • Letter of admission from the accepted college/University
  • The loan application form filled out in full (with all honesty)
  • Documents on the cost of studies
  • Identification proof
  • Residence proof
  • PAN details of the borrower
  • Previous study records (marks sheet and other achievement certificates)
  • Guarantor/student's bank statements
  • Guarantor/student's statement of assets (For secured bank account)
  • Guarantor/student's proof of income

 

Having arranged the documents, the next step us to apply for the loan-

 

How to Apply for an Education Loan to Study in Ireland?

 

The process of applying for an education loan can differ from person to person. Also, the acceptance factor of your loan depends on many factors, such as your bank credit scores, the type of loan you want to opt for and more. To smoothen this process, it is recommended to take a professional counsellor’s help to ease the process.

 

Here’s a quick look at the stepwise process for applying for an education loan:

 

  1. Take a form from the bank you wish to apply for an education loan
  2. Fill out the complete form
  3. Gather all the required documents
  4. Submit the documents and allow the bank to process your education loan
  5. Once accepted, the bank transfers the requested amount directly to the university’s account on behalf of you.

 

When should you apply for an education loan in Ireland?

You should keep a minimum period of 15 days - 1.5 months to get your loan amount sanctioned. Therefore, apply for an education loan immediately after receiving your acceptance letter from any university in Ireland.

Best Student Loans Ireland: Best Banks Offering Loans for Ireland

 

Many private and public banks offer you an education loan Ireland. To choose among the best student loans Ireland, you need to closely assess your options, calculate your minimum & maximum expenditure, plan your finances and also, make a repayment plan.

 

By following the above method, you can choose the education loan Ireland that suits your plan. Some of the best student loan for international students in Ireland are:

 

Factor

Axis Bank

HDFC Credila

Avanse

InCred

Interest rate

10.75 - 14.0%

11.75 - 14.5%

12.00 - 14.5%

10.5 - 14.5%

Processing fee

1-2%

0-2%

1-2%

0-1%

Repayment period

7-15 years

7-15 years

7-15 years

7-15 years

Loan amount with collateral

No limit

No limit

No limit

75 lakhs

Loan amount without collateral

40 lakhs

35 lakhs

40 lakhs

7.5 lakhs

 

Choose the education loan Ireland that works the best for you. To do that, you can make a post-study work plan for your repayment.

 

What Expenses Are Covered in Student Loan Ireland?

 

Most of the private banks cover about 85%-100% of your expenses. Whereas NBFCs (Non Banking Financial Company) cover about 100% of your study cost in Ireland. Your loan inclusions are: 

 

  • Ireland tuition fees
  • Pre-departure bank requirement of € 7000
  • Cost of living expenses
  • Accommodation expenditures
  • Caution deposit money (security)
  • Health insurance
  • Travel expenses
  • Study tours and project work during the academic year
  • Purchase of books, laptop, and stationary
  • Any other reasonable expense you would need to successfully complete your course

 

Repayment of Student Loan for International Students in Ireland

 

Taking an education loan does take off some burden from your shoulders. However, it’s the job of a loan to haunt you for a couple of years after you graduate. Hence, it is advised that you start paying in bulk to end your education loan in a few years after your studies.

 

The repayment cycle of your loan depends on the type of loan and the bank/financer who’s lent you money. Students are usually given a time bracket of 7-15 years to repay the loan.

 

Implying that if you have taken a loan from a public bank, you wouldn’t have to pay for as long as you’re done with your education and six months after that. You start paying after 6 months of your education. You also get up to 15 years to repay your loan.

 

SUGGESTED: Know all about post study job in Ireland

 

Before we end the blog, let us answer a few commonly asked questions -

 

Frequently Asked Questions About Student Loans in Ireland

 

  1. Can I get a Masters loan for Ireland?

Ans: Yes, Indian students can get up to 15 lakhs INR masters loan Ireland. Students will be able to pay off the loan in 10-15 years of time, depending on the bank they are taking a loan from.

 

  1. How much loan do you need to study in Ireland?

Ans: Students studying in Ireland will have to show about €7000 in their account to secure an Irish visa. Thus, as an Indian student, you will need a minimum loan of 61,0365 INR.

 

  1. What are the financial requirements to study in Ireland?

Ans: To study in Ireland you need to have at least about €7000 for the first academic year. Your guardian or you will need to also show an additional amount of €7000 for the subsequent year. In addition to this, you will have to spend on your university tuition fee, cost of living and health care to study in Ireland.

 

In totality, taking a student loan Ireland for your graduation or masters is simple and easy today. It is a rare case to be rejected for an education loan. This has also made studying abroad accessible to more and more aspiring students.

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