MBA in Ireland- The Best Education Loan Options for Students

There is a complete range of educational institutions that have the world’s best MBA programs. Earlier, it used to be a big deal if you wanted to go to Ireland for an MBA. Now there is no dearth of lenders who are willing to give education loans to study MBA in Ireland. Now there are plenty of lenders both from the private and public sectors who give education loans for Ireland or for that matter most countries that are preferred by Indian students. 

Cost Of Doing MBA in Ireland 

The cost of an MBA in Ireland depends on a lot of factors, and it differs from one student to another. However, the overall cost remains the same but there is some difference which one must take into consideration before moving ahead with the student loans for MBA in Irelands.

One must consider the following factors for calculating the cost of doing an MBA in Ireland:

Tuition Fee For MBA:

The tuition fee is certainly a crucial part of the overall cost of education. The tuition fee varies from one university to another, and also varies for different courses. In this aspect, you are lucky if you are planning to do an MBA from Ireland. Unlike most international universities, the fees for MBA in Ireland is pretty affordable with the tuition fees varying from 8,500-33,000 Euros per month. This helps students in studying at an affordable cost without compromising on the qualitative aspect of the education which brings us to the next factor that affects the cost of education, the accreditation of the university.

The Accreditation of the University:

The total expense of studying also depends on the accreditation of the university wherein the student wishes to pursue higher education. The more number of accreditation usually implies a costlier fee structure. There are three accreditation bodies globally, and if a university has all three accreditation then the fees will be more comparative to other universities. However, the universities with accreditation from top universities also imply better opportunities post completion of the studies. The three main International accreditation bodies are:

• The European Quality Improvement System (EQUIS)
• The Association to Advance Collegiate Schools of Business (AACSB) accredits business schools in America
• The Association of MBAs (AMBA) in London accredits MBA programs in the UK. 

The Cost of Living:

It is one of the crucial expenses which depends on the place where the university is located. If you are getting an equally good level of education at two different locations, the most prudent decision in this regard would be to go for the one where the cost of living is less. The cost of living usually includes the following expenses:

• The cost of accommodation. 
• The cost of food(eating out).
• The cost of transportation.
• The cost of groceries. 
• The cost of entertainment 
• Any other miscellaneous expenses

These costs usually vary from one place to another, and we are providing a rough estimates. The cost of living also varies largely on personal preferences. Many students who don’t do outings tend to save more than those who spend on eating out and partying. So, if you want a considerable sum of money can be saved by just avoiding miscellaneous expenses. 

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Scholarships and Grants for doing MBA from Ireland 

When it comes to saving money on the cost of education, nothing beats scholarships and grants. If you are planning to do an MBA from Ireland the best way to save money on tuition fees or for that matter even the cost of studying is to get a scholarship. The scholarships help students from humble backgrounds to study without having the need to worry about the finances. There are many scholarships available for students who wish to do an MBA. One of the scholarships available for international students is Achiever MBA Scholarship, which covers the entire tuition fee. Another one is the Forte Fellows Program which is available at Forte sponsored colleges in Ireland. 

Education Loan Options for MBA in Ireland 

There are different education loan options for students who wish to pursue an MBA from Ireland. Both Public Sector Banks(PSBs) and Private Banks offer loans to students. In the recent years newer options have also emerged like NBFCs and international .

 

Loan Components	Public Sector Banks	Private Banks	NBFCs
Major Lenders	No Unsecured Loans for abroad education From Public Sector Banks	Axis Bank, ICICI Bank	Avanse, InCred
Rate Of Interest	No Unsecured Loans for abroad education From Public Sector Banks	14%-16%	14%-17%
Maximum Loan Amount(in INR)	No Unsecured Loans for abroad education From Public Sector Banks	Up to 40 lakhs	No Limit
Expense Coverage	No Unsecured Loans for abroad education From Public Sector Banks	90%-100%	100%
Moratorium Period	No Unsecured Loans for abroad education From Public Sector Banks	6 months to 12 months	6 months
Repayment Period	No Unsecured Loans for abroad education From Public Sector Banks	Up to 20 years	Up to 10 years
Loan Processing Time	No Unsecured Loans for abroad education From Public Sector Banks	10-15 days	Upto 10 days

lenders. Students should first aim for PSBs as their loans are more affordable for a common man than those offered by private banks, NBFCs or international lenders. We will provide you all the details about loans from major lenders offering loans for pursuing an MBA from Ireland. 

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Secured Loans for MBA in Ireland 

The loans for which the borrowers have to pledge a collateral are secured loans. One can pledge land(non-agricultural), apartments, gold, fixed deposits, government bonds, etc,. Usually public sector banks and private banks are the best choices for secured loans. In fact, PSBs are the most preferred choice for secured loans as their rate of interest to terms of repayment are pretty conducive to a borrower from middle or lower income groups.

 

Read more about: Types of Collateral Security Acceptable for an Education Loan

 

Loan Components	Public Sector Banks	Private Banks	NBFCs
Major Lenders	SBI, BoB, Central Bank of India	Axis Bank, ICICI Bank, HDFC Bank	Avanse, InCred
Rate Of Interest	8.85% onward	11% onward	12% onward
Maximum Loan Amount(in INR)	1.5 Cr	1.0 Cr	No Limit
Expense Coverage	70% to 100%	100%	100%
Moratorium Period	Six months to One year	Six months to One year	Six months
Repayment Period	Up to 15 years	Up to 20 years	Up to 10 years
Loan Processing Time	20-25 days	10-15 days	Less than 10 days

Unsecured Loans For MBA in Ireland

The loans for which the borrowers don’t have to pledge collateral are unsecured loans. Unsecured loan options help students from financially humble backgrounds to get an abroad education loan. If you have secured admission to a university abroad, and don’t have collateral, then unsecured loans are the best way out. Public Sector Banks don’t have unsecured loan options for borrowers. Private Banks and NBFCs give unsecured loans to students for pursuing courses at universities abroad. Currently, unsecured loans aren’t possible for MBA in Ireland.

 

Read Also:

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• Path to Permanent Residency in Ireland