Education Loan For Ireland? Know the best schemes!
Then you have landed on the right blog! Apart from possessing knowledge about studying in Ireland, it is extremely important to know how you can fulfil the financial requirements for the same with the help of an education loan for Ireland. A lot of Indian students have Ireland on their list of top countries to study. A major percentage of these students fund their higher studies by borrowing an education loan for Ireland. You can avail all your information about fulfilling the Irish student visa requirements, as well as fulfilling all the financial requirements with the help of an education loan for Ireland.
Or better yet, hear it straight from the horse’s mouth! The below video is the 24th episode of Loanflix, which is a comprehensive web-series on the various aspects of the abroad education loan process. Our education loan expert, Damini, tells you all about the process of borrowing an education loan for Ireland.
Types of Education Loan for Ireland
Our team often comes across questions like, ‘Can I apply for an education loan in Ireland for higher education?’. Our answer to such questions is, why struggle for an education loan in Ireland for higher education when you have multiple options in your own home country? Both government banks, as well as NBFCs, provide study loan for education in Ireland.
There are majorly two types of education loans. The education loans are distinguished according to the requirement of security against the loan. The two categories of education loans are secured education loans and unsecured education loans.
Secured loans or collateral education loans require loan applicants to pledge some kind of collateral security against their abroad education loans. Government banks are the major lenders of secured loans. Those who wish to study for Masters in Ireland with education loan can pledge any of the following three kinds of assets as collateral.
- Immovable property: All government banks accept immovable properties such as a residential flat, independent house, non-agricultural land/ empty plots with defined boundaries as collateral security against an abroad education loan.
- Liquid security: Liquid assets such as FDs (preferably opened with ), Govt Bonds, a life insurance policy with a fixed maturity date from government-approved national insurance providers, etc. are also accepted as tangible collateral security against an abroad education loan.
- Third-party collateral: Government banks also accept assets belonging to a third party (someone apart from the co-applicant) as collateral security against education loans. Like collateral belonging to uncle/ aunt/ other relatives/ family friends are acceptable as well.
Maximum secured loan available for Ireland: The maximum secured loan amount that can be availed from government banks depends on your financial requirement. Candidates can avail secured education loans of up to Rs.1.5 Cr. A whole lot depends on the education loan terms and conditions of the lending bank.
Unsecured education loans
As the name goes, unsecured education loans are lent without guarantee of any kind against education loans. Government banks lend up to Rs.7.5 Lakhs as education loans without any security. NBFCs (Non-Banking Finance Companies) are the biggest unsecured education loan, lenders. Those seeking an education loan for Ireland can avail of both kinds of loans.
Maximum unsecured education loan for MS in Ireland: NBFCs offer Rs.15 Lakhs to Rs.20 Lakhs to those who wish to study for their higher education in Ireland with education loan.
Although there are many NBFCs that provide and education loan for Ireland, unsecured loans should not be your first choice. Even though the process of borrowing an education loan without collateral may seem easy and hassle-free, it is always essential to take note of the education loan policies of NBFCs before you decide to proceed with the entire process.
Government banks, on the other hand, may follow a lengthy education loan process, but their repayment policies are student-friendly and flexible. This makes public banks the safest option to borrow your education loan from. The education loan process of government banks takes time because of red-tapism and the ignorance of many officials who are involved in the process.
This is where WeMakeScholars comes into the picture. Due to our team’s rapport with all the major lenders of secured education loans, the loan procedure becomes an extremely easy and hassle-free process. Request a callback today to get in touch with a financial officer and avail our assistance in your Ireland education loan process.
When will students require their study loan for education in Ireland?
When it comes to the education loan process, time is of the essence. You can stay ahead in the education loan process if you are aware of the exact timeline of the entire admission process. This can help you determine exactly when you will be requiring funds.
The below guidelines will help you understand the exact time at which you will be requiring an education loan for Ireland.
The admission process to study in Ireland consists of the following major phases:
- Securing admission to a university of your choice.
- Fulfilling the financial prerequisites mentioned in your admission letter.
- Applying for an education loan for studying in Ireland and arrange for the living expenses through the same.
- Applying for an Irish student visa.
What are the Financial Requirements for an Irish Student Visa?
There are many online sources that provide vast information about applying to various universities abroad. However, there are very few which tell you how you can arrange for finances to fund your higher education. There are certain financial prerequisites that all students need to fulfil before they can qualify for a student visa for Ireland.
- Candidates need to show the presence of their living expenses in their bank accounts before qualifying for an Irish student visa. This is a mandatory requirement of the Irish embassy for students who wish to study in Ireland. The exact amount estimated as living expenses is 7000 euros.
- Another financial requirement that you may across is made by universities in Ireland. These universities also require you to pay the entire year’s tuition fees in advance.
So how do you go about it? How can you arrange for these funds if you plan to study in Ireland with education loan? You can apply for a student visa to study in Ireland with education loan by following the guidelines mentioned here.
The Process to Obtain an Education Loan For Ireland
How to apply for an education loan for Ireland?
The application procedure for obtaining student loans for Masters in Ireland is a very simple process. Most government banks and NBFCs have their own websites on which the online education loan application form is readily available. However, if you are expecting a prompt and fast delivery of services, it is always better to apply with WeMakeScholars.
Our financial team has had a long history of helping students get their education loan for Ireland right on time. Apart from advising students about the right financing options for their higher studies abroad, our financial team also provides complete support, once your application has been approved for an education loan sanction process. Ireland higher studies hopefuls can also check their eligibility for an education loan for Ireland on our website.
When to Apply for an Education Loan For Ireland?
The correct time to apply for an education loan for MS in Ireland would be at least 1.5 months prior to the requirement of funds. This timeline has been calculated by keeping in mind the approximate processing time of the lending banks. The exact breakdown of the timeline is as follows:
- General processing time taken by public banks for education loans (when you apply through WeMakeScholars): 18 – 20 days.
- The General processing time taken by NBFCs (when you apply through WeMakeScholars): 8 – 10 days.
- Visa process: 2-3 weeks.
You can expect your education loan to be sanctioned according to the time period mentioned above only if there are no anomalies in your profile and all the parameters of your loan profile meet the standards set by the lending organizations. You can expect further delays if your lender finds any deviation from the usual loan profile. An education loan for Ireland has to be disbursed prior to the visa process. Don’t worry, we have got it covered for you in the following paragraphs!
A pre-visa disbursement process spells horror for many students who had taken an education loan for studying in Ireland, from public banks in the past. This is not the case any more. Before we delve into the details, here’s a small definition of a pre-visa disbursement.
A disbursement refers to the depositing of the loan amount by the lender into the applicant’s account. Due to the financial prerequisites mentioned in the previous paragraph, students may have to arrange for their funds even before they apply for a visa.
A pre-visa disbursement refers to any component of an education loan that is disbursed before the visa process.
Now one of the major achievements of the WeMakeScholars team is that, through our continued efforts, we have managed to convince SBI, one of the major public banks in India to allow candidates to avail of pre-visa disbursements. Some other banks have also followed suit. So, from now on, candidates don’t have to worry about not getting their pre-visa disbursements when they apply through our team. Although a general circular regarding the same exists, many bank officials are still unaware of it.
Once again, if your pre-visa disbursement is still stuck with any lender in our panel, you may avail our team’s services by requesting a callback.
Education loan repayment
For Secured Loans: Students who wish to study in Ireland with education loan from public banks get to enjoy the benefit of a payment-free moratorium period. This period consists of your entire course duration, plus an additional six months’ time. This is one of the salient features of borrowing secured loans from public banks. The interest accrued during the moratorium period is calculated on the basis of simple interest. Candidates can also avail an income tax exemption on their interest payment under Section 80 E of the Income Tax Act. Public banks grant a repayment tenure of 15 years for those who wish to study in Ireland with education loan.
For unsecured education loans: NBFCs also grant a moratorium period to their loan applicants. However, this period is not payment-free. Candidates will be required to make their interest payment immediately after their loan disbursement is done. NBFCs grant tenure of 10 years for loan repayment.
Why go for WeMakeScholars?
Why not? Our financial team has worked towards the implementation of many changes in the education loan policies made by most of the major banks in India.
- Each candidate gets to avail the necessary assistance provided by financial officers who are dedicated to them.
- When you apply for unsecured education loans through us, you also get to avail an additional 0.5% off on your abroad education loan interest rate. Pre-visa disbursements are released on time.
- You expect your education loan to be sanctioned within a short span.
The Visa Approval in Principle Scheme for Indian Students
This is one of the provisions made by the Irish immigration department for Indian students who wish to apply for a student visa.
According to the Ireland foreign affairs website,
- The Approval in Principle scheme will only operate for students who are attending universities in India or Sri Lanka and are waiting to receive their results in late July/early August. You must provide a letter from your university confirming this.
- Under this scheme, applicants applying for a study visa from India, and who have been accepted on to a University course, Institute Technology course or QQI (Quality and Qualifications Ireland) approved course, can apply for a study visa without having to pay the full requisite college fees in advance. They must pay €6000 towards the cost of the fees when applying under the Approval in Principal Scheme and pay the remainder when they confirm their results with the Education Provider in Ireland.
- Full fees need only be paid when the visa application has been approved and the applicant has received their results from the university in India. Once evidence of the Electronic Fee transfer (EFT) had been submitted to the Visa Office, Irish Embassy, New Delhi, the visa will be issued. This only applies to those students applying under the Approval in Principle Scheme.
Studying for your Masters in Ireland with an education loan may seem like a herculean task. When you apply for student loans for Masters in Ireland with the WeMakeScholars team, you get to avail your education loan sanction without a lot of hurdles. So what are you waiting for? Request a callback here and get to avail the best out of any education loans for MS in Ireland.
The next episode of Loanflix is perhaps one of the most awaited episodes! It will tell give you insight into the education loan process to study in New Zealand. So do look out for updates here and do not forget to subscribe to us on YouTube!
Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others