Types of abroad education loans in Ireland

In general, International student loan Ireland can be classified into two categories.

• An education loan with collateral, also called a secured education loan, requires the applicant to pledge security along with the loan application. This security can be movable or immovable assets, such as Fixed Deposits, LIC Insurance, non-agricultural land, residential property, or commercial property. Most public banks in India mandate collateral for abroad education loans.
• An non collateral education loan for US is a type of loan that does not require the borrower to provide collateral as security. Due to the higher risk involved for the lender, the education loan interest rate in Ireland for unsecured education loans are generally higher than those for secured education loans. Additionally, these loans typically require a co-applicant or co-signer, and the loan amount is determined based on the co-applicant’s income and CIBIL score.

Secured education loan in Ireland

As mentioned earlier, secured study loan for Ireland requires you to provide collateral, which can enable you to obtain a higher loan amount compared to unsecured loans. Additionally, you may not require a co-applicant for your loan if you opt for a secured loan. If you are looking for education loan options to study in the Ireland, two public sector banks that you could consider are the State Bank of India (SBI) and the Union Bank of India (UBI).

Below, we have presented a comparative study of these two banks with regard to education loan in Ireland. This Table shows the maximum loan amount, margin money, and student loan interest rates Ireland.

Unsecured education loan in Ireland

If you don’t have collateral to offer, don’t worry as there are plenty of private banks, NBFCs, and international lenders that can assist you in this situation by providing non collateral education loan for US. While private banks and NBFCs may require a co-applicant or co-signer with a minimum financial income and no liabilities, international lenders offer loans without a co-applicant or co-signer. Opting for international lenders may be advantageous as they provide loans to study in the Ireland in USD, which can help save on foreign exchange charges and other costs, but their interest rates tend to be higher.

Hence, it can be concluded that each lender that offers study loan in Ireland has its own advantages and disadvantages. To assist you in selecting a suitable lender, we have created a comparative chart for all the possible lenders that offer unsecured education loan in Ireland. These unsecured loans are available for all Bachelor’s, MBA, and Master’s.

Expenses covered by abroad education loan for Ireland Study

Once your loan has been approved/sanctioned then it is time to take a disbursement. Now, when it comes to disbursement, it is your choice to take out all the approved money in one go or take it out in parts as per your requirements. Usually, later is much preferred because the interest that is charged will only be on the disbursed amount not the total approved amount. So in case you decide to take disbursement of part amount then the interest that you would be paying will be less as compared to when you would have taken a full amount disbursement.

The expenses which may be covered under loan as per the lender will include –

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• Tuition fees
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• Living expenses (accommodation, food, utility, and more)
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• Health insurance
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• Visa fees
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• Expenses related to studies (lab fees, instruments, and more)