Education Loan for Ireland
Get accustomed to the benefits, cost and opportunities
to study in Ireland
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Ireland is gradually becoming a preferable study destination among Indian students. It has one of the best education systems worldwide and houses some of the finest universities. Ireland offers incredible education in English, employment opportunities, a thriving job market, and a warm friendly environment. As a part of the EU, it offers numerous career opportunities across Europe. However, the high cost of living and tuition fees require some financial assistance like an education loan for Ireland helps you to pursue your studies in this student-friendly country.
Types of Education Loan for Ireland
There are primarily 2 types of education loans for Ireland, both of which are discussed below:
- Secured Loans
Loans that need you to provide your assets as security during the application process are called secured loans. These loans offer low interest rates and extended repayment tenure. Loan providers view the collateral in a secured education loan for Ireland as protection in the case of non-repayments.
- Unsecured Loans
If you do not have collateral to offer as security, you do not need to worry. There is another option called unsecured loans. These loans do not require you to provide your assets as security. Lenders offer high interest rates since the risk of approving such loans is higher. You need a co-signer with an excellent credit history which will determine the amount of loan you can avail of. Your co-applicant can be anyone from your family.
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Expenses Covered Under Education Loan for Ireland
The expenses covered under an education loan for studying in Ireland are listed below:
- Tuition fees
- Costs of living (accommodation, food, utility bills, etc.)
- Health and travel insurance
- Visa application and processing fees
- Costs related to studies (lab fees, books, stationery, equipment, etc.)
- Transportation
- Leisure activities and other miscellaneous expenses
Eligibility Criteria for Education Loan for Ireland
To avail of an education loan to study in Ireland, you need to meet specific eligibility criteria. Listed below are the eligibility requirements you should meet to get an education loan for Ireland:
- Your age must be 18 years or above
- You should have an excellent academic record.
- You must have an acceptance confirmation for a full-time course in a recognised Irish university
- You have to offer any asset as a security to avail of secured education loans.
- You should be a good prospect for unsecured loans.
Documents Required to Apply for Education Loan for Ireland
ow that you know the eligibility criteria, let’s take a close look at the documents you need to avail of an education loan for Ireland:
- Identity Proof (Passport, Voter Card, Aadhaar Card, Driving License)
- Address Proof (Utility Bills, Aadhaar Card, Passport, Ration Card)
- Admission Proof: A letter of acceptance from a recognised Irish college.
- A breakdown of tuition fees and other charges from the college
- Loan application form.
- Passport-size photos.
- Co-signers’ income proof (especially unsecured education loans).
- Academic records (both school and bachelor’s level).
- Standardised exam marks like GMAT or GRE.
- Results of English proficiency exams like IELTS, TOEFL, or Duolingo.
- Co-applicant’s proof of residential address
- Property documents (for secured education loans)
- Salary slips for the last three months,
- Form 16 for the past two years
- Income Tax Returns for the previous three years,
- Bank statements for the preceding six months,
- Balance sheets as well as profit and loss accounts
Step-by-Step Guide to Apply for Education Loan for Ireland?
Below is a step-by-step guide on applying for a study loan to study in Ireland:
- Step 1 – Check Your Eligibility
Firstly, go to the Qck Loans eligibility checker tool and check whether you are eligible to avail of an education loan for Ireland. After that one of our loan experts will reach out to you to help you select the best lender depending on your profile and chosen course program.
- Step 2 – Apply
Next, navigate to the loan application form, fill in your details, attach the required documents, and submit. Review the whole thing to ensure everything is accurate. Submit your application.
- Step 3 – Get Approved
The lender will take some time to process your application which varies from lender to lender. Generally, the processing time is between 7 to 15 days. Once the loan provider evaluates everything and ensures accuracy, your application will be approved. You will get the loan or your university will get it directly based on the loan provider’s rules.
Repayment Process of Education Loan for Ireland
Knowing about the repayment tenure options is significant when obtaining a study loan from any lender to study in Ireland. When talking of repayment, 2 key elements play important roles: repayment tenure and the repayment option during the grace period. The table below presents a list of some loan providers, their duration and options during the grace period for the repayment of an education loan for Ireland:
| Name of Loan Provider | Term of Repayment | Repayment Option During the Grace Period |
|---|---|---|
| SBI | Approximately 15 years | Neither payment nor only SI |
| UBI | Approximately 15 years | Neither payment nor SI |
| Axis Bank | Approximately 15 Years | SI or EMI |
| ICICI Bank | Approximately 10 Years | SI or EMI |
| IDFC FIRST Bank | Approximately 12 years | PSI, SI or EMI |
| HDFC Credila | Approximately 15 Years | PSI |
| Auxilo Finance | Approximately 15 Years | SI |
| Incred Finance | Approximately 15 Years | PSI or SI |
| Avanse Financial Services | Approximately 15 Years | PSI or SI |
Part-Time Jobs in Ireland
Academic permits or student visas in Ireland let you work part-time in Ireland besides pursuing your studies. Yes, you heard that right! You work part-time and gain invaluable experience while studying. Plus, you can cover some expenses which an education loan for Ireland doesn’t cover. Here are some part-time job roles and their respective hourly payouts:
| Job Role | Hourly Pay (€) |
|---|---|
| Tutor/Teaching Assistant | €15-€30 per hour |
| Library Assistant | €10-€14 per hour |
| Research Assistant | €12-€20 per hour |
| Campus Tour Guide | €10-€13 per hour |
| Barista/Café Worker | €10.50-€13 per hour + tips |
| Dog Walker/Pet Sitter | €10-€15 per hour |
| Customer Service Representative | €10.50-€14 per hour |
| Babysitter | €10-€15 per hour |
| Freelance Writer | Varies from project to project and client to client |
| Social Media Manager or Content Creator | €20-€50 per hour, varies |
What to Do After Completing Studies in Ireland?
After finishing your course in Ireland and getting a degree you can benefit from the Post Study Work Visa, which is also called the Third Level Graduate Scheme. With this permit, you can stay in the country (typically for 1 to 2 years), explore work opportunities and gain valuable experience. You can also apply for the General Work Permit that helps newly graduated candidates work in various roles. However, acquiring the General Work Permit requires confirmed job offer letters from Irish organisations.
After working for a specific duration and obtaining a Critical Skills Employment Permit, you can apply for permanent residency and settle in the country.
Our free tools will help you out
Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
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Everything you need to know
The interest rate ranges from one loan provider to another, the type of loan you apply for, and the amount. Generally, it varies from 8% to 16%. Secured loans offer lower rates than unsecured ones.
Yes, Ireland offers excellent work opportunities for students. Ireland is full of high-paying employment opportunities from pilots and bark managers to marketing professionals, college professors, and surgeons.
The processing time for education loans for studying in Ireland is approximately 8 to 10 days.