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✓ Up to 75 lacs of Education Loan
✓ Without the need for collateral
An Education loan can offer up to 1.5 Crores at an interest rate starting from 8.55% per annum for your education in Ireland. You can get both secured and unsecured loans for Ireland. In order to apply for a Visa to Ireland, 7000 euros need to be presented as proof of funds towards the living expenses. You also need to pay the first-year tuition fee in order to start the immigration process.
You can avail of up to 75 Lacs for higher education in Ireland, with a repayment period of 10 years. Generally, Unsecured loans are taken from private banks or NBFCs which require total simple interest or partial simple interest to be paid during the moratorium period.
|
Parameter |
Details |
|
Loan Limit |
Up to 75 Lacs |
|
Expenses covered |
Tuition fees, Accommodation charges, 7000 Euros as proof of funds, Cost of books, uniforms, Laboratory, Library fees |
|
Eligible courses |
MBA, Master’s, Bachelor, Ph.D., professional and vocational courses |
|
Interest rate |
Starts from 11% |
|
Moratorium Period |
The total duration of the course + 1 year |
|
Repayment Duration |
Upto 10 years including the moratorium |
|
Repayment policies |
During the moratorium period, simple/ partial simple interest is to be paid. |
|
Eligibility Criteria |
|
Tip: Having a good financial co-applicant can help you get the most out of your unsecured loan. Also, try to aim for the top universities in Ireland as it increases your academic credibility.
To know more about the eligibility of your financial co-applicant or to check if your university is on the prime list of institutions of any of the lenders you can reach out to the WeMakeScholars team.
Step 1: Visit our website and request a callback from our financial officers.
Step 2: You will shortly be contacted by one of our FOs to analyze your profile to check your eligibility to get an unsecured education loan.
Step 3: After performing a thorough analysis of your profile, you will be informed about all the lenders you can take an unsecured loan.
Step 4: After choosing a lender from the list of lenders, you will be provided with a checklist of documents.
Step 5: You will then be sent a link to the WMS-secured document portal. Upload all the required documents in the encrypted portal.
Step 6: After you submit your documents your profile will be logged in and you will be told the result of your application in 2-6 days.
Step 7: You then need to sign the loan agreement and receive your sanction letter.
Here are some benefits you get when you process your unsecured education loan with us!
● Automatic 0.5% reduction in ROI: As, WeMakeScholars is an initiative funded and supported by the Ministry of IT, Govt of India under the Digital India scheme you automatically receive a 0.5% reduction on your ROI on your unsecured education loan.
● Negotiation: We can further reduce the ROI by upto 2% by negotiation in addition to the 0.5% reduction depending on your profile and the university. There have been many cases where the interest rate was reduced from 14% to 12% upon negotiation.
● Cashback: Upon disbursement of your loan you’ll receive a cashback of Rs. 3000 as a thank you for supporting the Digital India campaign.
● Profile Analysis: You will be provided with a list of all the possible lenders after a thorough analysis of your profile. This won’t be the case when a lender is approached directly.
Below provided are the documents required to acquire an unsecured education loan for Seeking higher education in Ireland
|
Parameter |
Details |
|
Basic documents |
1. Education Loan form provided by WeMakeScholars FO 2. PAN card and passport as identity proof 3. Any of the following as Address Proof:
Note: If the current address and the permanent address of the student are not the same, two different address proofs are required. 4. Bank account statement (6 months) of the co-signer (personal or salary) If the co-signer is, Self-employed: - 1 yr business transactions Salaried: - 1 year of salary credits 5. Liability and Personal Asset statement. All the documents should be self-attested. |
|
Applicant academic documents |
1. 10th, 12th & degree mark sheets 2. Proof of admission into the university/institution 3. The cost structure of the course 4. Scorecard of GRE, GMAT, or IELTS 5. University ranking printout form |
|
Financial Co-applicant Income documents
|
If Salaried: 1. Salary slips for 3 consecutive months 2. Form 16 from the last 2 years 3. Employer’s ID card 4. ITR filed for the previous 2 years If Self-employed: 1. Filed ITRs of the previous 3 years 2. P & L account and balance sheet of last 3 years 3. Address proof of the business |
|
Other Documents |
|
The rate of interest for an unsecured education loan starts at around 11% and as we already know that for most unsecured loans full simple interest is charged during the moratorium period. Considering these criteria the EMI payment schedule would look the following.
Loan amount: 22,00,000
Rate of Interest: 11%
Repayment tenure: 10 Years
Grace period: 6 months
|
Repayment cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
|
End of 1st year |
30305 |
19096 |
11209 |
2072015 |
|
End of 2nd year |
30305 |
17799 |
12506 |
1929220 |
|
End of 3rd year |
30305 |
16352 |
13953 |
1769900 |
|
End of 4th year |
30305 |
14737 |
15568 |
1592144 |
|
End of 5th year |
30305 |
12936 |
17369 |
1393819 |
|
End of 6th year |
30305 |
10926 |
19379 |
1172544 |
|
End of 7th year |
30305 |
8683 |
21622 |
925662 |
|
End of 8th year |
30305 |
6181 |
24124 |
650213 |
|
End of 9th year |
30305 |
3390 |
26915 |
342888 |
|
End of 10th year |
30305 |
275 |
30030 |
0 |
You can receive funding of upto 1.5 Crores at an interest rate of 10.25% for your academic expenses by going through secured loans, which are mostly offered by public banks, you don’t have to pay any interest during the moratorium period
|
Parameter |
Details |
|
Loan Limit |
Upto 1.5 crores |
|
Expenses covered |
Course fees, Hostel, and living charges, proof of funds of 7000 Euros, Cost of books, uniforms, Laboratory, Library fees |
|
Eligible courses |
MBA, Master’s, Bachelor, Ph.D., professional and vocational courses |
|
Interest rate |
Starts at 10.25% |
|
Moratorium Period |
The total duration of the course + is 6 months |
|
Repayment Duration |
Up to 15 years |
|
Repayment policies |
Payment of interest during the moratorium period is not mandatory |
|
Eligibility Criteria |
|
|
Types of Collateral |
Immovable property: House, Flat, Non- agricultural land Liquid security: Fixed deposit, Government bonds, LIC policies |
|
Value of collateral (In case of a collateralized loan) |
Immovable property - 1.25 times the loan amount Liquid security - 1.1 times the loan amount |
Step 1: Start your education loan process by requesting a callback from us.
Step 2: You will shortly receive a call from one of our financial officers who will enquire about your basic details and send you the common application form
Step 3: Based on the details provided by you, the financial officer will analyze your profile and give you a comparison of all the lenders you can get a loan from.
Step 4: After you pick a lender to process your loan from, you will be given a checklist of documents, according to which you need to submit the documents to the bank branch nearest to you.
Step 5: Your loan application result will be told to you within 15-20 days.
Step 6: After which, you need to sign the loan agreement and receive your sanction letter.
All the services provided by us at WeMakeScholars are completely free of cost as we are an initiative that is funded by the Ministry of IT under the Digital India scheme.
In order to avail of a secured student loan you need to have all the applicant and co-applicant documents previously mentioned and the following property documents.
1. Property Title Deed
2. Registered Sale Agreement / Gift Deed / Will
3. The original receipt of registration for the above-mentioned agreement
4. If applicable, a Letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.
5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.
(If you own the property for more than 30 years, then the previous sale deed is enough.)
6. The newest property tax bill and Latest electricity bill bearing the same address
7. A Copy of the municipality-approved building plan or plot layout.
Each city has its own list of document requirements. To know more about the city-specific documents required for a collateralized loan contact us by requesting a callback from the WMS team.
Considering that the interest rate for secured loans starts at 8.55% and that you are given an option to not pay anything during the moratorium period the following Amortization table has been made.
Loan amount: 60,00,000
Rate of Interest: 8.55%
Repayment tenure: 15 years
|
Repayment cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
|
End of 1st year |
68398 |
47794 |
20604 |
6687312 |
|
End of 2nd year |
68398 |
45962 |
22436 |
6428308 |
|
End of 3rd year |
68398 |
43966 |
24432 |
6146271 |
|
End of 4th year |
68398 |
41794 |
26604 |
5839152 |
|
End of 5th year |
68398 |
39428 |
28970 |
5504720 |
|
End of 6th year |
68398 |
36851 |
31547 |
5140547 |
|
End of 7th year |
68398 |
34046 |
34352 |
474398 |
|
End of 8th year |
68398 |
30991 |
37407 |
4312161 |
|
End of 9th year |
68398 |
27664 |
40734 |
3841931 |
|
End of 10th year |
68398 |
24041 |
44356 |
3329884 |
|
End of 11th year |
68398 |
20097 |
48301 |
2772300 |
|
End of 12th year |
68398 |
15801 |
52597 |
2165128 |
|
End of 13th year |
68398 |
11124 |
57274 |
1503960 |
|
End of 14th year |
68398 |
6030 |
62368 |
783994 |
|
End of 15th year |
68398 |
484 |
67914 |
0 |
Tuition fee: In order to receive the confirmation letter for Ireland, the student has to pay the first-year tuition fee before applying for the student VISA. This expense is covered by the student loan
Living expenses: Living expenses of 7000 Euros have to be shown as proof of funds towards living expenses before applying for the student VISA
Other expenses covered by the education loan for Ireland Include:
|
Name of the scholarship |
Coverage offered by the scholarship |
|
20,000 Euros (4-year degree) 15,000 Euros (3-year degree) |
|
|
18,596 Euros |
|
|
3000 euros |
|
|
100% financing of tuition fees |
|
|
6000 Euros |
|
|
50% of the tuition fee is covered |
|
|
Complete tuition fee funding |
|
|
7751 Euros |
HDFC Credila offers Unsecured, secured, and partially secured loans up to 40 Lakhs at interest rates starting from 9.5%. By going through WeMakeScholars you can further reduce the interest rate by upto 2%
|
Parameter |
Details |
|
Loan amount |
Up to 40 Lakhs |
|
Rate of interest |
Starts from 9.5% p.a. |
|
Moratorium period |
Course duration + 12 months |
|
Loan repayment |
10 Years |
|
Processing fee |
1% of loan amount + GST |
|
Repayment policy |
Partial simple interest is to be paid during the moratorium period |
EliteScholars is an initiative started by WeMakeScholars whose aim is to provide students aspiring to pursue their higher education in Ireland. It primarily focuses on financing STEM (Science, Technology, Engineering, Mathematics) courses.
Key features of Elite Scholars
provides the master’s degree in courses and research-based programs. You will be able to get both secured and unsecured loans for an MS in Ireland at an interest rate of 8.55% p.a.
Ireland offers MBAs in many specializations such as HRM, marketing, finance, project management, healthcare, sales, etc. Both secured and unsecured loans which can finance upto 1.5 cr can be taken out for pursuing an MBA in Ireland
All the banks have their list of institutes/ universities for which unique loan products are available. Many institutes from Ireland are on the list. To know if your university is present in any of these lists talk to the financial officers at WeMakeScholars by requesting a callback from us.
You can watch this video to learn more about the eligibility requirements, doucmentation, interest rates and reapyment plans. will have a comprehensive understanding of the entire process of obtaining an education loan for Ireland. From eligibility requirements to documentation, interest rates to repayment plans, we will cover every aspect of the process. By the end of the video you will have a comprehensive understanding of the entire process of obtaining an education loan for Ireland.
Education Loan FAQsHow much education loan can I get for MS in Ireland?
An Education loan for MS in Ireland can finance upto 1.5 crores which include tuition fee, caution fee, and other academic expenses
Can I get a student loan for a Masters in Ireland?
Yes, you can get both a secured and an unsecured loan for MS Ireland through public banks, private banks, and NBFCs
Is Ireland a good option for a master's?
Ireland ranks high in graduates, research, and research fields. Making the country a very good choice to pursue higher education.
How do I qualify for a student loan for Ireland?
The student has to be 18 years or older, must be a resident citizen of India, and the student must have received admission to their preferred university through a merit-based examination.
Is an Irish master's valid in India?
Yes, a post-graduation degree obtained from Ireland is accepted in India and worldwide.
Is Ireland good for MS for Indian students?
Ireland offers post-study work visa chances and high-quality education, making it a great choice for Indian students who want to continue their studies.
Does Ireland offer PR after masters?
Ireland grants students who want to work after completing their higher education a two-year post-study work visa.
NEWSIn recent years, Ireland has gained popularity among Indian students seeking higher education abroad. According to data from the Ministry of External Affairs, approximately 5,000 Indian students were studying in Ireland in 2022, a number that the Irish government claims is closer to 6,500. Fields like IT, data science, pharmaceuticals, engineering, and business management are preferred by Indian students, but there's a growing interest in marketing, design, medicine, nursing, tourism, sustainability, filmmaking, and equine sciences.
Graduates from Irish universities, including Indians, can pursue jobs across sectors, with opportunities in ICT, engineering, healthcare, teaching, and media. Ireland's allure lies in its high-quality education, affordable tuition, industry-linked courses, internships, and post-graduation employment prospects, particularly in the thriving tech industry. It's often dubbed the "Silicon Valley of Europe."
Ireland offers various scholarships, reducing tuition fees by up to 50%, with some institutions granting full fee waivers for exceptional international students. The Irish Government provides merit-based scholarships, covering one year's tuition and a €10,000 stipend for living expenses.
The focus on Indian higher education is shifting from what it lacks to the enriching experience of studying abroad. While Irish universities currently have no plans to establish campuses in India, there's potential for collaboration under India's National Education Policy. Cooperation agreements between Irish and Indian universities are expected to grow, fostering educational partnerships.
Last updated - 29/08/2023
Education in Ireland (EI), representing Irish Higher Education Institutions, has announced its 2024-25 academic year roadshow for Indian students. From September 30 to October 8 this year, 17 Irish institutions will tour five major Indian cities to engage with students.
The initiative, part of EI's #themakingofyou campaign, showcases Ireland's top-tier education and vibrant culture. Ross Curran of Enterprise Ireland notes that about 6,000 Indian students choose Ireland each year for its education and career opportunities.
The Study in Ireland Education Fairs will be held in Delhi (Sep 30), Pune (Oct 1), Mumbai (Oct 4), Chennai (Oct 7), and Bengaluru (Oct 8). The Irish Visa Office will also be present to guide students through visa applications and conduct seminars.
Participating HEIs:
This roadshow promises Indian students a glimpse into Ireland's world-class education and career prospects, making it an attractive destination for future academic pursuits.
In the academic year 2022/23, Ireland remained a popular choice for Indian students seeking international education, with 4,735 Indian students enrolling in Irish institutions, as reported by ApplyBoard.
Ireland witnessed a significant increase in its international student population, with 33,480 students enrolled in its universities, marking a 12% rise from the previous year, according to the Irish Higher Education Authority (HEA).
This data emphasizes the growth of international education in Ireland for 2022/23, driven in part by a 17.8% increase in Indian student enrollments, positioning India as a contender to surpass the United States as the leading source of international students for Irish institutions.
STEM subjects continued to dominate student preferences, representing 43% of all international students. Additionally, one in five international students pursued healthcare-related programs like nursing, social work, medicine, and childcare, reflecting the increasing demand in this field.
Master's programs also gained popularity, constituting 29.5% of international students, up from 20.8% in 2016/17. This rise can be attributed to Ireland's Third Level Graduate Scheme, offering extended work opportunities for master's graduates. Ireland's diverse academic offerings and opportunities continue to attract students from around the world.
Last updated - 30/10/2023