Education Loan for Studying in Ireland: Everything You Need to Know

7 mins read11.3K Views 9 Comments
Rahul
Rahul Singha
Study Abroad Expert
Updated on Mar 15, 2021 18:30 IST

Ireland has over the years developed as a prominent education hub for international students and rightly so. The island country is also home to some of the finest education institutes of the world with an excellent academic record. Top universities include University College (Dublin), University College of Cork, Trinity College (Dublin) and National University of Ireland (Galway). The education system in Ireland is broadly classified into Primary, Secondary and Tertiary Levels of education. The Republic of Ireland has seen a significant rise in the number of international students visiting the country. And this is only set to rise further. The government of Ireland invests over millions of euros every year into its education infrastructure, bringing it at par with the best in the world. Such hard work has resulted in universities in Ireland pioneering in the field of natural sciences, social sciences, and humanities globally.

Ireland – The Country

Ireland enjoys a rich culture and tradition and is one of the few countries in the European Union to recognize English as an official language. International students pursuing undergraduate and postgraduate courses, acquire a unique opportunity to join research programmes that are propelling innovation and altering lives worldwide. The country is also recognized as one of the safest and friendliest countries in the world, allowing international students to complete their course without worrying about their overall wellbeing.

Cost and Work Opportunities

The average tuition fee for undergraduate and post-graduate courses for Indian students planning to pursue higher studies in the Island nation range from €8,000- 30,000, while the cost of living varies between €6,000-10,000 per year. While the cost of education is moderately low for Indian students as compared to other international destinations, another advantage which students enjoy is the option of staying back for one-year after the completion of their course in pursuit of employment opportunities.

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Scholarship and Opportunities in the Country

Outstanding scholarship programmes are also available for international students to apply and each scholarship is based on specific criteria of eligibility laid down by individual institutions. All international students holding a valid work document are permitted to work 40 hours/week between the months of June to September and December to January and 20 hours/week for the rest of the year. Ireland is also home to some of the world's biggest and best brands that function out of the country. Companies like Facebook, Google, Apple, PayPal, Intel, Twitter, EA Games, and LinkedIn have set up operations in the Island nation, apart from Ireland's own homegrown organizations like DCC, CRH, and Kerry groups. These organizations also provide employment opportunities to several international students on completion of their courses.

Top Universities in Ireland

Eligibility Guidelines to Apply for an Education Loan to Study in Ireland

It is important for students to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The eligibility criteria vary for different banks. However, some common factors that are taken into account by all money lending institutions (banks) include

  • The student (borrower) is required to be an Indian Citizen.
  • The applicant should be above 18 years of age to be able to apply for an Education Loan. Students below 18 are required to apply for the loan co-jointly with their parents.
  • The student is required to have successfully secured admission to a job-oriented professional/ technical Graduation Degree course/ Post Graduation Degree and Diploma course like MCA, MBA, MS offered by a reputed university.
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Understanding the Cost of Education in Ireland

Once a student decides to pursue his higher education in Ireland, there would be a lot of factors that would start looking important and cost money. Largely the cost of studying in Ireland would include:

  • Tuition Fees
  • Food and Accommodation
  • Books and Stationary
  • Medical Insurance
  • Transport
  • Telecommunications
  • Visa Application
  • Utilities
  • Personal Expenses

Read: Studying Abroad attracts tax collected at source (TCS) of 0.5 and 5%

Applying for an Education Loan

Today, applying for an Education loan has become extremely consumer-oriented. With the latest technological developments, applying for a loan has become simpler and much more customer-friendly. Students should be closely in touch with their coordinators abroad to determine the expenses they would incur while abroad and apply for an education loan accordingly. With banks introducing lucrative schemes, all-round-the-year borrowers should do a thorough research of the market before settling in on their choice. Factors that should determine their preferred bank are:

  • The interest rate offered by the Bank
  • The processing fee that would be levied
  • Expenses covered under the Education Loan
  • Loan processing duration
  • Repayment terms and duration

Expenses covered under the Loan include

The loan sanctioned by nationalized banks would be solely for education purpose and not cover personal expenses. Apart from Tuition and Accommodation fees, the loan would also extend to examination/library/laboratory fees; purchase of books/equipment/instruments/uniforms; purchase of computer- essential for completion of the course; caution deposit/building fund/refundable deposit; travel expenses/passage money for travelling abroad; cost of a two-wheeler up to Rs. 50,000/- and any other reasonable expenses required to complete the course like study tours, project work, etc.

Bank Formalities

While the formalities vary for different banks while applying for an Education Loan, however, there are a set of formalities that are identical across the board such as documents that you would require to disclose along with your Loan Application Form. The documents primarily include but not limited to:

For Student-applicants

  • Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • Passport
  • Academic Records: 10th Result and 12th Result
  • Graduation Result: Semester-wise (if applicable)
  • Entrance Exam Result through which admission has been secured (GMAT, GRE, TOEFL, and IELTS)
  • Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
  • Statement of cost of study/ Schedule of expenses
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

For Co-applicants

  • Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

For Income Proof for Salaried Co-applicant/ Guarantor

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.
  • Bank account statement for the last 6 months (of Salary Account)

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

  • Business address proof (If applicable)
  • IT returns for last 2 years (if IT payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
  • Bank account statement for last 6 months

Loan and Repayment Formalities

Students traveling to Ireland for higher education can avail a maximum loan amount of Rs. 20 Lacs. However, higher loan amounts for studying abroad are considered on a case to case basis. As mentioned earlier, international students will have the opportunity to work part-time to ease their living and tuition costs abroad. All international students holding a valid work document are permitted to work 40 hours/week between the months of June to September and December to January and 20 hours/week for the rest of the year. Students will also be given the option of staying back for 12 months to look for a job that corresponds to their area of qualification.

Students who have applied for an education loan from a nationalized bank are required to start the repayment process after the completion of the course period and moratorium period (Repayment commences one year after the course completion or 6 months after securing a job, whichever is earlier). However, students should understand the moratorium time varies for different loan providing institutions.

Also read:

About the Author
Rahul Singha
Study Abroad Expert

With over 8 years of experience in overseas education, Rahul Singha has been previously associated with prominent education houses. He is also responsible for keeping a sharp eye on education policies of major study... Read Full Bio

Comments

(9)

Hi Rahul,
I've received an offer from NUIG.
My course tuition fee is 15,540 euros and living expenses they've mentioned approximately 1200 per month. So, how much amount of loan can I take and how much do I need to show self fundings

Reply to Atharva Bhise

R

Rahul SinghaStudy Abroad Expert

28/02/22

Hello Atharva. Around 30% of the total amount should be ideally self-financed the rest could be on loan. This way you would not have a problem while applying for your study visa.

M

Meghna Dey

17/11/21

Hi Rahul,
I have an offer from UCD.
My course fee is around 21L and living cost around 10L that I have to show. So, how much maximum can I take as loan, so that my visa doesn't get rejected? Can I take 30-35L?

Reply to Meghna Dey

R

Rahul SinghaStudy Abroad Expert

30/11/21

Hello Meghna. The total cost of your education is 31Lacs. 30% of this amount needs to be self-funded the rest can be taken on Education Loan. You are not required to show any extra money.

Could you please explain if there would be problem in visa application, if I have obtained around 90 % loan and I do have enough liquid funds to maintain for one year which is my duration of course.

Reply to Kirti Toshniwal

R

Rahul SinghaStudy Abroad Expert

01/08/21

Hello Kirti. You need to show minimum of 10k euro for living expenses in Dublin & 7500 euro for outside Dublin location for a visa.

s

suhas reddy

05/07/21

Hi Rahul,
To show enough funding, can I show sanctioned loan?
As I have paid 70% fees by my own, and sanctioned loan of 16lac. So pending fees is 3.5lac. Can I show that sanctioned amount for visa or I need to have liquid fund?

Reply to suhas reddy

R

Rahul SinghaStudy Abroad Expert

01/08/21

Hello Suhas. Yes, you can show a loan sanction letter. Do explain your self-funding in the cover letter and the source of fund which you have used to pay 70% fee payment.

Hi Rahul.
What is the Ielts requirement for IT Carlow.
Overall 6.0 is ok or each band having particular score like 5.5 .

Reply to Dudipalli Thirumalarao

R

Rahul SinghaStudy Abroad Expert

18/03/21

Hello Dudipalli. You can check out IT Carlow admission requirements, here: https://studyabroad.shiksha.com/ireland/universities/institute-of-technology

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