Guide on Educational Loan for MS in Ireland

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.

How much does MS in Ireland cost?

The tuition fee for full-time MS from top colleges in Ireland have been listed below:

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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What are the education loan for MS in Ireland options?

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:

• Loan without collateral (Unsecured loans)
• Loan with collateral (Secured loans)

The table below gives an overview of lenders and the loans they provide:

Education loan for MS in Ireland without collateral

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.

• Repayment period: The repayment period for private banks in unsecured education loans is 10-12 years, 10 years for NBFCs.
• Processing time: Processing time for unsecured education loans is 6-7 days for private banks and 4-5 days for NBFCs. 
• Expenses covered: Private banks cover 85% of the total costs. NBFCs cover 100% of the total expenses in education loans for MS in Ireland. 
• Co-applicant income requirement: For unsecured loans, private banks and NBFCs generally require co-applicants income to be more than 30K per month. The exact income, though, will depend on the loan amount. In the case of NBFCs, approximately 50% of the co-applicant income should be sufficient to bear the monthly interest.
• Common decline reasons: Incomplete documents and poor CIBIL scores are the main reasons banks decline a loan application. NBFCs generally reject applications due to low co-applicant income and poor CIBIL scores. Check your loan eligibility with GyanDhan and increase your loan approval chances with our expert assistance. 
• Documents required: Applicant and the co-applicant's KYC (Know Your Customer) documents, academic documents, proof of admission from the university, income certificates, etc.

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Education loan for MS in Ireland with collateral

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.

• Repayment period: The repayment period for education loans with collateral in the case of public banks is 10-12 years. In the cases of private banks and NBFCs, the repayment tenures are 7-10 years and 10 years, respectively.
• Processing period: Public banks usually take 15-20 working days to process these loans. Private banks and NBFCs take 7-10 working days. 
• Expenses covered: Loans from public banks cover 90-100% of the total costs, depending on the bank from which you take the loan. Private banks cover 85% of the total expenses. NBFCs. 
• Common decline reasons: Both public and private banks decline collateral education loan applications for two key reasons; incomplete collateral documents and poor CIBIL. NBFCs reject applications for low co-applicant income, poor CIBIL scores, and incomplete documents. 
• Documents required: The student’s and co-applicant’s KYC (Know Your Customer) documents, academic documents, documents related to security being pledged, etc. The property documents required vary even per different areas within a city. GyanDhan makes the process easy for you by providing a customized document checklist at the start of the process, booking a free consultation call and getting personalized assistance.

Read more about: Direct or Indirect Liabilities in Education Loan

How to choose the best education loan for MS in Ireland?

Below are a few factors that applicants should meticulously analyze to determine which loan best suits their requirements and profile: 

• Interest rate
• Processing fee
• Processing time
• Margin money
• Moratorium period
• Tax benefits 
• Loan duration 
• Expenses covered
• Prepayment terms and conditions

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.

Read Also:

• Part-Time Work Options in the Ireland
• Indian Government Education Loan Schemes to Study Abroad
• Ireland Visa For Study
• Germany vs Ireland: Which is Better for International Students?
• Study Abroad Scholarships for Indian Students
• Path to Permanent Residency in Ireland

Frequently asked questions