Education Loan for studying in Ireland: Ireland is a hub for providing prominent education to international students. This country consisted of the world’s finest institutes. The country’s education system is broadly divided into Primary, Secondary, and Tertiary. The Republic of Ireland has noticed a rise in the number of international students. The government of Ireland spends millions on infrastructure every year to serve the best to the international students. Such dedication has made Ireland the top name in the fields such as natural sciences, social sciences, and humanities. If you are willing to study here then arrange the finances. Also, there is a provision for Education Loan for studying in Ireland about which the article explains fully:
Eligibility Guidelines to Apply for an Education Loan:
Students must understand the eligibility criteria to apply for the loan from the institution/bank for their Education Loan. The eligibility criteria are different for different banks but certain common factors are taken into account by the money lending sources.
- The candidate’s age should be18 or more than 18 years to apply for an Education Loan. Students of age below 18 need to apply for the loan co-jointly with their parents.
- The student must have secured admission to a job-oriented professional/technical Graduation Degree course/Post Graduation Degree and Diploma course such as MCA, MBA, MS proffered by the reputed university.
Cost of Education in Ireland:
It is important to know about the estimated cost of education in Ireland:
- Tuition Fee
- Food and Accommodation
- Books and Stationery
- Medical Insurance
- Visa Application
- Personal Expenses
Applying for an Education Loan:
To apply for a study loan has become simpler these days and customer-friendly. The banks also offer lucrative schemes, so several options are available. However, keep in mind the following factors while applying for the loan through a bank:
- Interest rate offered
- The processing fee levied
- Expenses included under the Education Loan
- Duration of Loan processing
- Repayment terms and duration
Expenses covered under the Loan: The loan approved by banks is for educational purposes rather than covering any sort of personal expenses. The loan could include Tuition, purchase of books, equipment, instruments, uniforms, purchase of computer- essential, caution deposit/building fund/refundable deposit, accommodation fees, examination, library, lab fee, travel cost, passage money for traveling abroad; cost of a two-wheeler up to Rs. 50,000/- and maybe the money spent on study tours, project work, etc.
Every bank has a different process to provide education loans. However, certain formalities are the same for banks such as documents and loan application forms. These two things are nearly the same for nationalized banks.
- Proof of Identity (any one): Voter ID card/ PAN/ Passport/ Driver’s License
- Proof of Residence/Address (anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Driving License/ Aadhaar Card/ Piped Gas Bill or copy of Passport
- Entrance Exam Result via which admission can be secured (GMAT, GRE, TOEFL, and IELTS)
- Offer Letter or Admission Letter from the Institution. A conditional admission letter in case of studying abroad.
- Statement of cost of study/Schedule of expenses
- X and XII Result
- Semester-wise Graduation Result (if applicable)
- 2 latest passport-size photos
- If any previous loan from other Banks/Lenders, then the Loan Account statement for the last year
- Proof of Identity (anyone): Voter ID card/PAN/ Passport/ Driver’s License
- Proof of Residence/Address (anyone): Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card/Recent copy of Telephone Bill/ Electricity Bill/Water Bill
- 2 latest passport-size photos
- If any previous loan is running from other Banks or lenders, then the Loan Account statement for the last 1 year
For Income Proof for Salaried Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of the last 3 months
- Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Department.
- Bank account statement for the last 6 months (of Salary Account)
For Income Proof for Self-employed Co-applicant/Guarantor:
- Business address proof (if applicable)
- IT returns for last 2 years (if IT payee)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./Doctor and other professionals)
- Bank account statement for the last 6 months
The average tuition fee for undergraduate and post-graduate courses for Indian students planning to pursue higher studies ranges from €8,000- 30,000 and the cost of living varies between €6,000-10,000 every year. After seeking the education, students can pursue the job as the country offers high employment opportunities to international students.
International students can acquire several scholarship programs and each scholarship is based on the specific eligibility criteria laid by the individual institutions. The international students holding a relevant work document can work for 40 hours per week between June to September and December to January and 20 hours per week for the rest of the year. Ireland has best brands such as Facebook, Intel, Twitter, EA Games, Google, Apple, PayPal, and LinkedIn. Such internationally acclaimed organizations employ international students after the completion of the courses.
List of Top Universities in Ireland
- Letterkenny Institute of Technology
- Dublin Institute of Technology
- University College Cork
- National University of Ireland Galway
- Griffith College
- Dublin City University
- National College of Ireland
- University College Dublin
- Dublin Business School
- Trinity College Dublin
Loan and Repayment Formalities
The educational loan for studying in Ireland can be Rs. 20 Lacs. However, a higher loan amount is also provided. Now, International students can avail part-time work opportunities to ease their living and tuition costs. The international students must be possessed with the relevant work document permitted to work 40 hours per week between June to September and December to January and 20 hours in a week for the rest of the year. Students will also be provided with the option of staying back for a year to avail the job suitable with their qualification.
After applying for an education loan from the bank, students must get ready to repay the loan amount as soon as the course gets over. The repayment commences for a year after the course gets over or 6 months after securing the job. However, the moratorium time is different for different loan-providing institutions.