Education Loan for MS in Ireland

Now the cost of studying MS in Ireland will not be an expensive affair for you with the availability of an education loan for MS in Ireland.

Are you willing to pursue your master's in an Irish university? Undoubtedly, studying in Ireland is filled with opportunities, but it can be difficult for you to afford. But no worries, as you can avail of an education loan for a master's in Ireland with the help of the GoStudy platform. The main catch with our services is we have some of the most exclusive education loan products available from some of the leading NBFCs and banks across India. You get the most competitive deals, the best education loan for MS in Ireland and everything you wish for with us. Our expert teams are always in Bangalore, Chennai, Trivandrum, Cochin, Mumbai, Pune, Hyderabad, Delhi, and Coimbatore.


9

Factors That Get You an Education Loan for MS in Ireland Through GoStudy

1

Good Prospects For Academic Success

An impressive academic success record makes you eligible for an education loan for a master's in Ireland for Indian students.

2

Focused Career Path

Your choice of a career-focused MS program in Ireland can also increase your chances of availing an education loan for MS in Ireland for Indian students. GoStudy covers 90% of the course categories available for you.

3

Choice of University

Your choice of an Ireland university for MS is the key to availing an education loan. GoStudy has negotiated and covered most universities for the best education loan for masters in Ireland.

4

Credit Check

A credit check may be needed, but only if you want to avail of an unsecured education loan in India for MS in Ireland. However, some lending organisations take the borrower's future potential to repay the loan amount into account.

5

Superior Quality Free Services

Our team of more than 150 experienced education loan officers at GoStudy offers end-to-end support for everything you require.

6

Improved Chances of Loan Approval

With GoStudy at your disposal, you can triple your chances of loan approval by properly presenting yourself in front of lenders.

7

Simple Loan Procedure Based on KYC

With GoStudy, you do not need to produce income proof to avail of an education loan for MS in Ireland, and you get the loan amount based on KYC.

8

Avail Maximum Loan Amount

Avail of an education loan for masters in Ireland up to a range of Rs. 75 lakhs- only at GoStudy!

9

Get Loan Sanctioned without Collateral

Do you not have anything to serve as collateral or loan security? Not a problem. GoStudy can help you avail of collateral-free education loans.


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Unsecured Education Loan for MS in Ireland Through GoStudy

An unsecured education loan for master's in Ireland for Indian students is where you do not need to offer any collateral to the lending organisation. Nevertheless, you must have a co-applicant with a good source of income, impacting the likelihood of your loan approval. An unsecured education loan for MS in Ireland for Indian students can only be availed from private banks and NBFCs. The NBFCs generally offer a loan amount between Rs. 15 and Rs. 20 lakhs to students willing to pursue their masters in Ireland through an education loan. First, availing an unsecured education loan in India for MS in Ireland may appear hassle-free and simple. Still, it is necessary to take good care of the education loan policies of the private banks and NBFCs.

The repayment period for the best education loan for MS in Ireland without collateral is 10 years, with students having the flexibility to customise loans that best suit their requirements. The loan processing time is four to five days, with the loans covering 100% of the total expenses for masters in Ireland. For instant loan approval, the co-applicant for the best education loan for masters in Ireland must have a decent income and a good CIBIL score. Documents you need to avail of an unsecured education loan for MS in Ireland include the following:

  • Admission proof from your university of choice in Ireland.
  • Academic records.
  • Co-applicant's income proof, along with KYC documents of the co-applicant and the main borrower.

Ensure getting a standardised list of required documents from the lending organisation. This can gear up the loan approval procedure with negligible chances of reduction.

Education Loan MS in Ireland
Education Loan MS in Ireland

What are the costs covered in an Education Loan for MS in Ireland Through GoStudy?

The amount you receive through an education loan for master's in Ireland covers different education-related expenses. Rules in this category can differ from one bank to another. Below is a list of the expenses that your education loan in India for MS in Ireland will cover:

  • Fees for examination, tuition, and admission to a university in Ireland
  • Boarding and hostel costs
  • Cost of stationery, equipment, and books
  • Insurance premium, if you opt for it
  • Travel expenses for joining the MS course in Ireland
  • Additional expenditures, such as research costs and study tours

Students can avail of an education loan for masters in Ireland for Indian students up to Rs. 50 lakhs for all major universities. However, the loan amount sanction and disbursal will depend on the choice of the university, job potential post-course completion, and the MS program's effectiveness. The entire procedure is straightforward and clear, all thanks to our representatives that take care of all aspects of education loan application and approval. Below, you will find the list of financial organisations that offer education loans for MS in Ireland for Indian students:

  • IDFC First Bank
  • ICICI Bank
  • Axis Bank
  • HDFC Credila
  • Avanse
  • Auxilo
  • Incred

Collateral for Education Loan for MS in Ireland Through GoStudy

Collateral or secured education loan for MS in Ireland comes with collateral protection against the loan amount. The government or public banks generally provide these loans. If you are willing to study with an education loan for a master's in Ireland with collateral, you can pledge any of the following three assets as security or collateral:

  • Immovable property: This can be an individual home, residential apartment, non-agricultural land, or empty land with boundaries.
  • Liquid security: This includes FDs or fixed deposits, life insurance policies with specified expiration dates, and government bonds.
  • Third-Party collateral: The government banks generally consider third-party properties, properties of individuals other than the co-applicant, as security against an education loan in India for MS in Ireland. This property can belong to the uncle, aunt, other family members, or the borrower's relatives.

The maximum amount you might get as a secured education loan for MS in Ireland for Indian students will depend on your financial necessity. Much will depend on the loan terms and conditions of the lending organisation. The repayment duration for the best education loan for MS in Ireland with collateral is 15 to 20 years, with the processing time being 13 to 15 working days. However, the private banks process secure education loans for MS in Ireland within 8 to 10 days. A low CIBIL score of the co-applicant and incomplete documents can lead to loan rejection. The documents you need to avail the best education loan for master's in Ireland include the following:

  • Admission proof from the university of choice in Ireland.
  • Relevant academic documents.
  • Documents supporting the ownership of collateral and KYC documents of the co-applicant and borrower.

Interest Rate for Education Loan for MS in Ireland Through GoStudy

As with all kinds of loans, the rate of interest you get on your education loan for MS in Ireland will depend on different factors. One of the biggest variables here is the co-applicant's credit history and credit score. Credit generally does not apply to Indian students who want to study in Ireland because they have no credit once they come to Ireland. You need to pay your education loan for a master's in Ireland in EMIs that are distributed evenly throughout the loan tenure. If you go for longer loan repayment tenure, your monthly EMIs will decrease. This can be convenient for the short term as loan expenses can increase yearly. Get assistance from GoStudy to find a lending organisation that offers the best interest rate on your education loan and makes your MS study in Ireland convenient.

The list below highlights the interest rates provided for education loans for masters in Ireland for Indian students:

Financial Provider

Market Rate

GoStudy Rate

IDFC First Bank 12.00% 10.75%
ICICI Bank 12.25% 11.40%
Axis Bank 11.50% 11.25%
HDFC Credila 12.25% 11.00%
Avanse 13.50% 12.25%
Auxilo 13.50% 12.50%

Moreover, you can use the following mathematical formula to calculate the EMI on your education loan based on the interest rate for your education loan for MS in Ireland: EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.


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University-Wise Pre-Approved Amount for Education Loan for MS in Ireland Through GoStudy

You can get an education loan for a master's in Ireland from several financial organisations and banks across India. Besides the UK, USA, and Canada, Ireland has been gaining huge popularity as one of the top MS study destinations for Indian students. Indian students comprise 17% of the total students studying MS in Ireland. Most importantly, with the 2-year stay-back graduate visa rules, more and more students from India are expected to opt for a master's degree in Ireland in the coming years.

Find the list of universities pre-approved by banks for an education loan for masters in Ireland for Indian students

Ireland Universities

Pre-approved education loan amount to study in Ireland

Trinity College Dublin 50 Lakhs (Approx)
University College Dublin 45 Lakhs (Approx)
Dublin City University 30 Lakhs (Approx)
University College Cork 30 Lakhs (Approx)

Co-Applicant for an Education Loan for MS in Ireland without Collateral Through GoStudy

A co-applicant for an education loan for MS in Ireland for Indian students is an individual who agrees to accept the responsibility of loan repayment if the borrower cannot make payments in the near future. The co-applicant for the best education loan for MS in Ireland should have a good credit score. In education loans with collateral, the government lenders offer loans against collateral security which they can use to recover loan amounts in case of a default. Unlike it, private lenders offer unsecured loans and are confident that the co-applicant will repay their loan amount in case of default.

Thus, the private lenders consider the financial stability of the co-applicant, such as their source of income and original income. There is an additional set of loan eligibility criteria for the co-applicant. Below, you will find the list of co-applicants accepted for the best education loan for MS in Ireland:

  • Parents
  • Parents-in-law
  • Siblings
  • Spouse
  • Paternal uncles and aunts
  • Maternal uncles and aunts

Eligibility Criteria for Education Loan for MS in Ireland Through GoStudy

When going for the best education loan for a master's in Ireland, think about whether you are eligible for the loan or not. General eligibility criteria that all banks follow to sanction education loans in India for MS in Ireland:

  • Applicants should be an inhabitant of India, between 18 and 35 years of age.
  • The applicant should have a strong academic record
  • The MS course chosen by the applicant should have good job prospects.

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Documents Required for Education Loan for MS in Ireland Through GoStudy

The documents you need to provide to process your education loan for MS in Ireland can vary from one case to another. Nevertheless, the basic set of documents you need to submit for an education loan for Masters in Ireland approval remains the same. Consult GoStudy to know all the documents you must present for your loan approval. Below is a list of documents you need for an education loan for a master's in Ireland for Indian students:

  • Co-applicant's income proof, like a salary slip
  • Age proof of the borrower
  • Co-applicant's bank statements for the last six months
  • PR certificate of the borrower and the co-signer
  • Academic certificates and transcripts
  • Admission proof
  • Student's loan application form
  • Passport size photographs
  • Exam scorecards for IELTS/TOEFL/GMAT/GRE
  • Identification proof, like a valid passport, voter ID, Aadhaar Card, or driving licence

Other documents you might require:

  • Disability or illness certificate
  • Minority caste certificate
  • Certificates of extra-curricular activities

Indian students can avail of 100% MS in Ireland expense coverage through an education loan in India for MS in Ireland based on their satisfactory criteria. When opting for an education loan for MS in Ireland, carefully review the terms and conditions in the loan sanction letter before moving ahead with the loan and with your decision to study MS in Ireland.

Process & Procedures for Education Loan for MS in Ireland Through GoStudy

If you are opting for MS in Ireland, you will have to apply for an education loan for a master's in Ireland before applying for a visa. Check your eligibility for the loan on the GoStudy portal. You will find a loan counsellor contacting you to discuss possible education loan options. Next, you will get an idea of the next steps to follow as per the type of lender. Once this is done, submit all your supporting documents. The chosen bank will go through your application and documents. You and your co-applicant might be requested to furnish other details during this process. If the bank does not find anything suspicious in your loan application, it will approve your loan request.

Sanction & Disbursement of Education Loan for MS in Ireland Through GoStudy

Once your loan is approved, accept the offer by signing the sanction letter you get from the bank. You also need to pay the processing fee for the loan amount. Once you sign the agreement, you can apply for loan disbursement. Given the complexity and length of the loan approval process, starting with the loan application procedure is advisable as soon as you receive your admission letter from the Ireland university of your choice.

Moratorium Period for Education Loan for MS in Ireland Through GoStudy

The moratorium period is when you are exempted from loan repayment. This is more of a repayment holiday made mandatory by the RBI for all government banks sanctioning an education loan for MS in Ireland. During this moratorium period, you do not need to repay the interest. Note that the interest is not waived off during this period but rather deferred. You will have to pay this accrued interest divided equally when you start with loan repayment. The terms and conditions of the moratorium period can vary from one bank to another, but most financial organisations offer a grace period of 1 year from the course completion.

As far as loan repayment is concerned, you can repay your education loan for a master's in Ireland for Indian students at any time throughout your MS course or six months after you have completed your course. No need to pay any interest if you pay off the loan amount completely before the end of your MS course in Ireland.

Different varieties of repayment options for an education loan for MS in Ireland for Indian students include:

  • Simple Interest
  • EMI
  • Partial Simple Interest
  • Full Moratorium Period

Below is a list of different repayment types and moratorium options available with varied financial organisations:

Financial Institution

Repayment Methods

IDFC First Bank Full Moratorium
ICICI Bank Simple Interest
Axis Bank Simple Interest
HDFC Credila Partial Simple Interest
Avanse Partial Simple Interest
Auxilo Partial Simple Interest
Incred Partial Simple Interest

Tax Benefit for Education Loan for MS in Ireland under Section 80E of IT Act Through GoStudy

Section 80E of the Income Tax Act provides tax deductions on the interest amount paid towards the best education loan for MS in Ireland. Nevertheless, the IT department has noted that the principal loan amount paid throughout the loan tenure is not eligible for this deduction. This applies to all forms of education loans, like those taken for higher education, vocational, and professional courses. You are eligible for this tax benefit as long as you avail of an education loan for a master's in Ireland from a registered financial organisation or a bank. The eight-year limit is also applicable in the case of education loans for MS in Ireland. One of the best features of this tax benefit is there is no cap on the rate of interest that qualifies for the deduction.


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