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Going to Ireland for MS? Learn about education loan financing options with the lowest interest rates, minimum hassle, free doorstep service and other benefits.
Indians studying in Ireland are at an all-time high with 6,422 student visas issued in 2022 according to the embassy of Ireland. One of the key attractions for students is that Ireland offers post-study work opportunities for two years. Major tech companies like Google, Facebook, Microsoft, and LinkedIn have established their European headquarters in Dublin providing promising job opportunities. The cost of tuition for an MS degree in Ireland typically reaches 30,000 EUR or higher.
According to the Central Statistics Office, despite economic growth, cost of living in Ireland is a concern given inflation rate of 8% in February 2023 (which is just below the Euro zone average of 8.5%). Exploring the education loan for MS in Ireland will help you free your thoughts from financial concerns. Keep the Irish dream on! Let’s see the education loan for MS in Ireland.
The tuition fee for full-time MS from top colleges in Ireland have been listed below:
Top colleges in Ireland | Annual fee for MS courses |
---|---|
Trinity College Dublin |
18,653 - 27,000 EUR |
University College Dublin |
14,700 - 26,600 EUR |
National University of Ireland, Galway |
16,540 - 17,790 EUR |
University College of Cork |
7,000 - 23,600 EUR |
Dublin City University |
14,500 - 16,800 EUR |
Maynooth University |
15,000 - 17,000 EUR |
Added to the tuition fees, the cost of living in Ireland amounts to around 10,000 EUR - 17,000 EUR annually, depending on the type of accommodation and area where you live.
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An education loan to study MS in Ireland covers your basic course fee and other related expenses and thus is a feasible option to finance your studies. There are two types of loans that you can avail:
The table below gives an overview of lenders and the loans they provide:
Features | Public banks | Private banks | NBFCs |
---|---|---|---|
Lenders |
Axis Bank, ICICI Bank, IDFC First Bank |
||
Loan amount |
With collateral - up to INR 1.5 Cr Without collateral - INR 7.5 Lakhs |
With collateral - Up to INR 60 Lakhs Without collateral - INR 35 - 40 Lakhs |
With collateral - Up to INR 60 Lakhs Without collateral - INR 30 - 40 Lakhs |
Interest rates |
8.75% - 11.15% |
Secured - 10% - 11% Unsecured - 11% - 13% |
Secured - 11% Unsecured - 13% - 14% |
Processing charges |
INR 10,000 + GST + Property valuation charges |
1% - 2% of the loan amount |
1% - 2% of the loan amount |
An education loan without collateral makes sense for a student with no financial asset to pledge as security against the loan. While public banks like SBI do not offer unsecured loans for more than INR 7.5 Lakhs, private banks and NBFCs offer higher amounts, making them better suited for without-collateral education loans for Ireland.
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An education loan with collateral can help you get a higher loan amount. The reason is the security the applicant provides to the bank against non-repayment. You can get an education loan by pledging various collateral security such as a plot, a building, or over a fixed deposit in the bank, an insurance premium, a government bond, etc.
Read more about: Direct or Indirect Liabilities in Education Loan
Below are a few factors that applicants should meticulously analyze to determine which loan best suits their requirements and profile:
A secured education loan from public banks is considered for funding MS in Ireland, given their lower interest rates. If you can't pledge a security against the secured loan, an unsecured loan from private banks or NBFCs can be the next best option. Education loans from banks should be your priority, for they offer tax benefits under section 80 E. The loan processing fee for the banks is lower than that of NBFCs.
Picking the right education loan can be confusing; check your loan eligibility with GyanDhan, search the available education loan options, and select the most appropriate one.
These were your education loan for MS in Ireland. Get answers to your queries from industry experts and counselors and connect with prospective students like you by signing up on the GyanDhan community forum.
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Yes, you can, if you meet the eligibility requirements set by the lender such as academic, financial, and collateral requirements. The major education loan lenders in India for education loans to study MS in Ireland are public and private sector banks, and Non-Banking Financial Companies (NBFCs).
The maximum education loan amount you can get to study MS in Ireland depends on various factors, such as the type of education loan, value of the collateral or income of the co-applicant, your academic scores, the university of admission, etc. The maximum loan amount with collateral is up to INR 1.5 Cr and without collateral is up to INR 40 Lakhs from different lenders.
Various public and private sector banks offer education loans to study MS in Ireland if you match the eligibility requirements set by them. You must ensure your university and course are eligible according to the conditions set by the banks. Banks that offer education loans for MS in Ireland include SBI, UBI, BOB, Axis Bank, ICICI Bank, IDFC FIRST Bank, etc.
No. There are specific conditions regarding the university of study for education loans. The university of your study must be recognized and be eligible for the loan according to the lender’s conditions.
For Ireland, the list of eligible universities for education loans is selective for lenders. You have more chances of getting an education loan if you are admitted to a top institution in Ireland.
Here are the top 5 institutions in Ireland according to the QS World University Rankings 2024:
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