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Student education loan for Ireland- Eligibility, Types, Requirements, Cost
Edited By Hema Gopalakrishnan | Updated on Aug 30, 2023 12:37 PM IST
Student education loan for Ireland - Ireland is one of the popular study-abroad destinations for Indian students and this is not without reason. Ireland has scenic locales combined with reputed universities offering diverse courses and a friendly local population. What more could a student ask for? It is no wonder many students wish to study in Ireland. If you are one of them and have started your application process or better still secured admission to your desired course in Ireland, then you must also consider the funds required to study in Ireland. You can consider applying for an education loan for studying in Ireland. While some students can fund their studies on their own, others will need external funds. The best option in case you need funds is to go for education loans. We will discuss about student education loans for Ireland in this article.
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Why do you need a student education loan for Ireland?
Tuition fee and living expenses for an international student is lower in Ireland when compared to other popular study abroad destinations such as the UK or the US. The tuition fee for courses in Ireland can range between 9900 Euros to 34,000 Euros. As for living expenses it comes to 5000 to 9000 Euros per month. But when students apply for an Ireland student visa, they must fulfill certain financial requirements- students must show that they have the required bank balance to meet their living expenses for a year which is fixed at 7000 Euros by the Irish government.
Another fact is that Irish universities require that students should pay the tuition fee for the entire year before they begin their studies. These financial requirements obviously call the need for paying a huge sum of money at one go which will not be feasible for every student. The best option is to take student loan for international students in Ireland. Apart from this taking an education loan Ireland means that you will have to pay a lesser amount of interest when compared to a regular loan and female students will get an additional discount of 0.5% on the interest. And of course getting an education loan Ireland will reduce the financial burden on your parents. Here are some facts regarding applying for an education loan for studying in Ireland.
Must Read - Benefits of studying in Ireland
Where can you get student education loan for Ireland?
Banks and financial institutions in India provide student loans to study in Ireland. Both public and private banks and some NBFCs offer these loans. As we mentioned earlier, these loans have a lower interest rate and come with flexible repayment options. In some cases, you can repay your loan after you finish your studies. But every financial institution has different loan conditions and payment terms if you are opting for an education loan for study in Ireland. Consider all these aspects before you apply for student loan for international students in Ireland.
What costs are covered under student education loan for Ireland?
- Tuition fee and hostel fee for your course
- Expenses related to traveling to Ireland
- Premium for insurance policy
- Cost of books and other resources required to finish the course
- Costs related to examination, laboratory and library fees
- Expenses related to caution deposit and other refundable deposits
Student education loan for Ireland eligibility
You must be an Indian citizen.
Your age must be between 18 and 35.
You have been accepted for a course by a university in Ireland.
You have a co-applicant who can be your spouse or your parent.
Your co-applicant has a regular source of income.
Terminology related to student loans
Principal amount | Amount given to students as education loan |
Co-applicant | A person ( usually a close family member) who agrees to repay the loan along with the applicant. |
Collateral | A physical or non-physical asset that is provided as guarantee against a loan |
Moratorium | The course duration and an additional 6-12 months when you are not obliged to pay the accrued interest. |
Repayment period | The period in which a student is liable to pay the entire loan amount. |
Types of education loans For Student education loan in Ireland
Education loans for Indian students who wish to study in Ireland are of two types:
- Collateral education loan
- Non-collateral education loan
Collateral education loan: This is a secured Ireland student loan in which you must offer a security or collateral in order to get a loan. The security or collateral can be either physical or non-physical assets such as real estate or fixed assets like FDs.
Non-collateral education loan: This is also known as an unsecured loan. For getting this study loan for Ireland, you will not be required to provide any security or collateral when applying for a loan.
Student education loan for Ireland - Which education loan to opt for?
There are many factors to consider before you decide on the type of education loan Ireland to apply for. Let us look at the features of each type of loan to help you make the right decision before applying for an education loan for studying in Ireland.
Collateral loan:
A collateral loan usually guarantees a higher loan amount than a non-collateral loan because the applicant is ready to provide security against the loan in case of non-repayment. These loans carry a lower interest rate as well. You can consider them as education loan for MS in Ireland.
Student education loan for Ireland calculator
Features | Public sector banks | Private banks | NBFCs |
Loan amount | Up to INR 1.5 crores | Upto INR 60 lakhs | Upto INR 60 lakhs |
Interest rate | 7 to 9% | 10 to 13% | 12% to 14% |
Payment during study period | None | None | None |
Repayment period | 15 years | 20 years | 10 years |
Processing time (working days) | 12-15 days | 10-12 days | 7-8 days |
Percentage of study expenses covered | 90% | 85% | 100% |
Student also liked - Study in Ireland VS UK
Non-collateral education loan:
Students who do not have financial assets to provide as collateral against a student loan for international students in Ireland can apply for a student loan Ireland without collateral. While public and private sector banks in India can offer a limited amount as a non-collateral loan, NBFCs will be able to offer a higher amount to students in the form of a loan.
Student education loan for Ireland without collateral
Features | Public sector banks | Private banks | NBFCs |
Loan amount | Up to 7.5 lakhs | 25 to 40 lakhs | 35-60 lakhs (based on the country) |
Interest rate | 9% to 13% | 10.5% and above | 11-13.5% (based on the country) |
Payment during study period | None | None | None |
Repayment period | 15 years | 20 years | 10 years |
Processing time (working days) | 12-15 days | 12 days | 4-5 days |
Percentage of study expenses covered | 90% | 85% | 100% |
Also read
Student education loan for Ireland - Documents required
Here is the list of documents required for study loan for Ireland:
Valid passport
Student visa to study in Ireland
Admission letter from the Irish institution where you have got admission
Transcripts of your previous education from school/college
Birth certificate
Identification proof
Proof of address
Salary slips if you have been employed
Most recent statements from your bank
ITR of applicant (if employed) and co-applicants
Scholarships for study in Ireland
Apart from applying for student loans to fund their studies in Ireland, international students can also opt for scholarships. They can apply for scholarships to study in Ireland. Some of the scholarships are:
Top scholarships to study in Ireland
Irish Aid funded Fellowship Training Program | DIT Centenary Scholarship Program |
Galway Mayo Institute of Technology scholarships | Claddagh Scholarship Program (Chinese students) |
Opportunities in Ireland for Ontario College Graduates | |
Postgraduate Fellowships: The Walsh Fellowships | Irish Research Council for the Humanities and Social Sciences (IRCHSS) |
Law PhD Scholarship Opportunity at DCU | National College of Ireland Scholarships |
NUI Galway International Student Scholarships | DCU International Student Scholarships |
Maynooth University Scholarships | UCC Excellence Scholarships |
UCD Scholarships | Smurfit Business School scholarships |
Undergraduate scholarships | Graduate scholarships |
UCD USA scholarships | UCD Global Excellence Undergraduate Scholarship- USA |
Work opportunities in Ireland after study
Students can apply for work opportunities after their studies by applying for a post-study work permit which has a duration of two years after they have completed their studies. The government of Ireland allows international students who have completed their studies to stay in Ireland for up to 24 months under the Third Level Graduate Scheme to find a job. This is open to graduates at the bachelor's, master's and PhD levels. This opportunity will give them a chance to earn money and recover the cost of studying in Ireland or repay the education loan that they may have taken to study in Ireland.
Some of the factors you should consider when deciding on the best student loans Ireland either collateral or non-collateral are the loan amount limit, the interest rate that will be charged, the processing fee, the moratorium period, and the time given for repayment of the loan. You should choose an education loan for Ireland which best suits your needs.
Articles
Dec 19, 2024
Dec 19, 2024
Questions related to
Get answers from students and experts
Hy,
With an MSc in Toxicology, especially with a specialization in neurotoxicology from the National University of Ireland Galway, you may have various job opportunities globally.
You can look for job openings in toxicology on international job portals like LinkedIn, Indeed, Glassdoor etc.
Networking with professionals in the similar fields can lead you to job referrals and opportunities.
Many institutions in India and globally hire researchers and specialists with your qualifications of research work.
Many companies in pharmaceuticals, biotechnology, environmental consulting, and chemical industries sectors hire toxicologists for various roles.
Radhika Goyal 13 July,2024
Correct Answer: during
Solution : The correct choice is the first option.
The sentence implies that red kites were viewed as vermin in Britain and Ireland, specifically during the 16th century. The use of during emphasises the temporal relationship, indicating that this negative perception was prevalent in that particular historical period.
The meanings of the other options are as follows:
- Along means in the course of; over the length of.
- While means at the same time as; during the time that.
- Across means over the surface of; from one side to the other.
Therefore, the complete sentence is: "Red kites were considered vermin across Britain and Ireland during the 16th century."
Team Careers360 23 January,2024
Correct Answer: MLIDZB
Solution : Given:
ASIA is written as ZHRZ, and IRELAND is written as RIVOZMW.
Write the opposite pair of each letter of ASIA to obtain the required code –
A→Z; S→H; I→R; A→Z
Thus, ASIA is coded as ZHRZ.
And in, IRELAND is written as RIVOZMW –
I→R; R→I; E→V; L→O; A→Z; N→M; D→W
Thus, IRELAND is coded as RIVOZMW.
Similarly, follow the same pattern for NORWAY–
N→M; O→L; R→I; W→D; A→Z; Y→B
So, NORWAY is coded as MLIDZB. Hence, the second option is correct.
Team Careers360 22 January,2024
Correct Answer: controlled
Solution : The correct choice is the third option.
The phrase "and their numbers were rigorously controlled" indicates that deliberate measures were taken to manage or limit the population of red kites. The word controlled appropriately reflects the idea of active management or regulation, making it the most fitting choice.
The meanings of the other options are as follows:
- Changed means altered or modified.
- Choked means hindered or obstructed.
- Loosened means made less tight or strict; relaxed.
Therefore, the right word to fill in the blank is controlled.
Team Careers360 24 January,2024
Correct Answer: killed
Solution : The correct choice is the second option.
The sentence indicates that 20 red kites were confirmed to have been killed in the UK as a result of the actions of shooting, poisoning, and trapping mentioned earlier in the passage. The term killed signifies a fatal outcome caused by these harmful actions.
The meanings of the other options are as follows:
- Awakened means woken up from sleep or inactivity.
- Subjected means exposed to a particular experience or treatment.
- Rooted means fixed or established deeply.
Therefore, the complete sentence is: "In 2020 alone, 20 red kites were confirmed to have been killed this way in the UK."
Team Careers360 23 January,2024
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