Securing study loans in Ireland may initially seem complicated, but it’s more straightforward than you might think. With over 7,000 Indian students heading to Ireland just last year, you’re in great company as you pursue your education abroad.
Financing your studies doesn’t have to be overwhelming. The key is finding suitable loan options that fit your needs. Many solutions are available to ensure finances don’t hinder you from achieving your academic goals.
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This blog covers the basics of study loans in Ireland so the focus can remain on what matters most – your studies. Dive in!
Key Highlights
Here’s a quick overview of the key points discussed in this article about study loans in Ireland.
Particulars | Description |
Top Study Loans in Ireland | IDFC First Bank, Axis Bank Education Loan, ICICI Bank Education Loan |
Average Loan Amount | INR 1.5Cr (€160K) |
Average Cost of Study | UG: INR 9.1L to INR 23.3L (€9.8K to €25K)PG: INR 8.8L to INR 32L (€9.5K to €34.5K)Diploma: INR 1.4L to INR 13L (€1.5K to €14K) |
Top Universities | Trinity College Dublin, University College Dublin, University College Cork |
Monthly Cost of Living | INR 93K (€997) |
Types of Study Loans in Ireland
Ireland is ranked the 3rd safest country in the world, making it an attractive destination for students. While the education you’ll receive is exceptional, the cost can be a concern. This is where study loans in Ireland come in.
Various loan options are available to help fund your studies and ensure that financial barriers don’t hinder achieving your academic dreams. With the proper support, that dream Irish education can become a reality.
But first, understand the types of loans available to you.
Type of International Student Loans in Ireland | Details |
Secured Loan | Requires collateral, like property or fixed deposits. |
Low-interest rates | |
Unsecured Loan | An education loan for Ireland without collateral. |
High-interest rates |
Top Study Loans in Ireland
With study loans in Ireland becoming more common, funding your dream education is now easier than ever.
In 2023, education loans worth INR 17,668 crore were granted to students aiming to study abroad. These loans cover everything from tuition fees and living expenses to travel costs, health insurance, and study materials, ensuring all essential costs are covered.
Here’s a closer look at the top options for Indian students applying for study loans in Ireland.
Study Loans in Ireland | Total Loan Amount | Interest Rate |
IDFC First Bank Education Loan | Up to INR 1.5Cr (€160K) | 11.75% to 13.25% |
Axis Bank Education Loan | Minimum INR 50K (€535) | 8% to 16% |
ICICI Bank Education Loan | Up to INR 3Cr (€321K) | 9.50% to 11.31% |
HDFC Credila | Minimum 1L (€1K) | 13.80% |
Incred Education Loan | Up to INR 60L (€64.3K) | 12% to 14% |
Avanse Education Loan | Up to INR 50L (€53.6K) | 10.50% to 13.5% |
Auxilo Education Loan | INR 65L (€69.7K) | 10.5% onwards |
Note: INR to EUR conversions are based on current exchange rates and may vary over time.
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1. IDFC First Bank Education Loan
IDFC First Bank offers education loans to help make studying abroad easier. Loans are disbursed within 10 to 12 days and come with tax benefits and insurance. There’s no prepayment penalty, and a pre-admission sanction letter is available to support your visa and admission process.
Repayment Tenure: 12 years
Eligibility Criteria
- You and your co-applicant must be Indian citizens.
- You must be at least 18 years old to apply.
- After completing the necessary qualifications, you should also be admitted to the desired institution.
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2 Axis Bank Education Loan
Axis Bank is committed to making quality education accessible by offering 100% loan financing. This bank provides fast disbursal of funds, typically within two days. Additionally, you can get a pre-admission sanction letter to support your admission and visa process.
Repayment Tenure: 15 years
Eligibility Criteria
- You must have at least 50% marks in your HSC (10+2) and graduation.
- Admission to career-focused courses like medicine, engineering, or management at the graduate or postgraduate level is required.
- Admission should be through an entrance exam or merit-based selection after completing HSC.
- A co-applicant (parent, sibling, or guarantor) must provide proof of regular income.
3 ICICI Bank Education Loan
ICICI Bank offers an education loan for students planning to study abroad. This loan comes with a moratorium period covering the course duration plus an additional 12 months, giving you ample time to focus on your studies without the stress of immediate repayments.
The repayment period ranges from 10 to 12 years for undergraduate courses and 12 to 14 years for postgraduate courses.
Eligibility Criteria
- You must be an Indian citizen between the ages of 16 and 35.
- A solid academic record is required.
- Applicants must have completed their 10+2 (12th Standard) or a Diploma.
- You should be pursuing a graduation, post-graduation degree, or PG Diploma in a professional field.
4. HDFC Credila
HDFC Bank offers tailored plans with competitive interest rates and flexible repayment options. It provides 100% financing for your education abroad, covering expenses across 35+ countries.
Repayment Tenure: 12 years
Eligibility Criteria
- Both the borrower and co-applicant must be Indian citizens.
- The co-borrower needs to have a bank account in India with cheque-writing facilities.
- Collateral may be required based on the loan conditions.
5. Incred Education Loan
InCred is a top digital lending NBFC in India. It offers education loans to students who want to study abroad. Its goal is to make the loan process simple and accessible for everyone.
An InCred education loan covers critical expenses like tuition fees, accommodation, travel, etc. Loan amounts can vary based on your course, institution, and country, with loans available up to INR 60 lakh.
Repayment Tenure: 15 Years
Eligibility Criteria
- You must be an Indian citizen and at least 18 years old.
- Admission to a recognised university is required.
- A co-applicant with a steady income and a good credit history is needed.
6. Avanse Education Loan
Avanse Financial Services offers education loans for studies in India and abroad, covering over 2,000 universities and 27,000 courses in 50+ countries. It provides pre-visa, pre-admission, and fast-track loans, ensuring a smooth process without financial hurdles.
Repayment Tenure: 15 Years
Eligibility Criteria
- You must be an Indian citizen and at least 18 years old.
- Admission to a recognised university is required.
- A co-applicant with a steady income and a good credit history is needed.
7. Auxilo Education Loan
Auxilo Finserve Pvt. Ltd., established in 2017, is an NBFC that offers customised education loans for countries like the US, UK, Canada, Australia, Ireland and more. Auxilo assesses students on over 15 factors and provides benefits like pre-approved loans, flexible repayment options, and doorstep service.
Repayment Tenure: 15 Years
Eligibility Criteria
- You must be an Indian citizen and at least 18 years old.
- Admission to a recognised university is required.
- A co-applicant with a steady income and a good credit history is needed.
Documents and Process for Study Loans in Ireland
Having the proper documents and understanding the steps involved is crucial for a hassle-free experience when applying for study loans in Ireland.
Here’s a breakdown of the critical documents you’ll need and a simple step-by-step guide to help you secure your education loan.
Documents Required for Study Loans in Ireland
Gathering the paperwork for your study loan in Ireland might seem overwhelming, but it’s easier than you think. Here’s a simple checklist to help you get through it smoothly.
- Completed loan application form.
- Mark sheets from SSC, HSC, degree courses, and national-level entrance tests.
- Proof of course admission along with the fee schedule.
- Scholarship confirmation documents (if applicable).
- Passport-size photographs.
- Bank account statement for the last six months.
- Co-borrower’s statement of assets and liabilities.
- Income proof, photo ID, address proof, and age proof.
- You may also need to provide documents for qualifying exams with the required minimum scores, as listed below.
Test | Minimum Score |
TOEFL | 90 |
IELTS | 6.5 |
Please note that the required documents may differ depending on the type of loan you are applying for. It’s best to check the official website for precise and up-to-date details.
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Application Process for Study Loans in Ireland
Applying for study loans in Ireland can be simple when you have everything prepared. The process becomes much easier once you’ve gathered the necessary documents and followed the steps.
By taking a few key steps, you’ll be on track to securing the right loan for your studies in Ireland. Read on.
- Research and Compare: Explore different banks and compare loan options, including interest rates and repayment terms.
- Loan Pre-Approval: Get pre-approval from the bank based on your eligibility and course.
- Submit Application: Complete the loan application form and provide the necessary documents.
- Bank Review: If required, the bank reviews your application and checks your co-borrower’s finances and collateral.
- Loan Approval: Upon approval, the bank issues a sanction letter.
- Loan Disbursement: After confirmation from your university, the loan is disbursed as agreed.
How to Choose Study Loans in Ireland?
Selecting the right study loan is one of the most important decisions you’ll make for your education. With many options available, finding a loan that suits your financial situation and long-term plans is crucial.
- Research Loan Options Based on Your Needs
Start by exploring the different loans available. If you’re looking for a loan without collateral, focus on lenders offering unsecured loans. These may have different requirements but are ideal if you don’t have assets to pledge.
Explore how you can make the wisest choice while picking study loans in Ireland.
- Understand Loan Terms for Postgraduate Programs
If you’re pursuing a master’s, the terms may differ from undergraduate loans. Look for lenders offering competitive interest rates and repayment options tailored for postgraduate students, as these courses often cost more.
- Explore Government Loan Options
Check if any government loans are available based on your residency status. These loans may offer better repayment conditions and lower interest rates, but availability is often limited.
- Compare Interest Rates and Repayment Terms
Interest rates and repayment structures are vital factors. Whether you choose a private or government loan, compare the cost of borrowing over time and ensure it fits your expected income after graduation.
- Check Application and Processing Times
Fast processing is essential, especially when dealing with visa applications. Opt for lenders with a quick, streamlined process to avoid delays in your enrollment.
- Tax Benefits
Don’t forget about tax benefits. Under Section 80E of the Income Tax Act in India, you can claim deductions on the interest paid on education loans for up to 8 years, which helps reduce your tax burden during repayment.
Collateral Requirements for Study Loans in Ireland
Most study loans, especially secured ones, require collateral, so it’s essential to understand how this works. With India’s education and skills market projected to grow to $313 billion by 2030, more students are seeking loans for international studies.
Collateral serves as a guarantee for the lender, ensuring that the loan will be repaid. It’s like offering something valuable, such as property or investments, as security for the loan. The bank holds this asset as a safety measure until the loan is fully repaid.
Here are the types of collateral you can offer:
- Tangible assets: Non-agricultural land, homes, apartments, or similar property.
- Intangible assets: Government bonds, life insurance policies, or fixed deposits.
Indian government banks typically offer secured study loans. The maximum loan amount depends on the value of the collateral you provide.
Loan and Repayment Formalities for Study Loans in Ireland
If you’re heading to Ireland for higher education, you can apply for study loans up to INR 20 lakh, with higher amounts available depending on the case.
Repayment usually starts one year after completing the course or six months after getting a job, whichever comes first. Check the specific moratorium period with your loan provider, as it may vary.
Top Universities and Cost of Studying in Ireland
Ireland offers unique and specialised programs, from ethical hacking to puppetry design. If you’re planning to study in Ireland and looking into study loans, knowing about the top universities and the average tuition costs is essential.
Here are some of the leading universities for international students in Ireland.
University Name | QS Rankings 2025 |
Trinity College Dublin | 87 |
University College Dublin | 126 |
University College Cork | 273 |
University of Galway | 273 |
Dublin City University | 421 |
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Here are the average tuition fees based on the type of course.
Types of Courses | Average Annual Tuition Fees |
Undergraduate Courses | INR 9.1L to INR 23.3L (€9.8K to €25K) |
Graduate Courses | INR 8.8L to INR 32L (€9.5K to €34.5K) |
Diploma Courses | INR 1.4L to INR 13L (€1.5K to €14K) |
Cost of Living in Ireland
Managing the cost of living in Ireland is about finding the right balance. Understanding these expenses is critical to budgeting wisely and maximising your study loan.
On average, the monthly cost of living in Ireland is around INR 93K (€997), but this can vary depending on your lifestyle and where you live.
Now, look at other essential expenses you must consider while studying in Ireland.
Key Expenses | Average Amount |
Apartment (1 bedroom) in City Centre | INR 1.5L (€1.6K) per month |
Mobile Phone Plan with Calls and 10GB+ Data | INR 1.8K (€20) per month |
Transport Pass | INR 9.3K (€100) |
1 Litre Milk | INR 119 (€1.2) |
Meal at Inexpensive Restaurant | INR 1.6K (€18) |
To Conclude
With the average annual salary in Ireland for full-time employees around INR 42L (€45K), you’ll be in a solid position to repay your study loans in Ireland after graduation.
All that’s left is to apply, get accepted, and focus on your studies. Before you know it, you’ll repay your loan and enjoy life as a graduate!
Ready to take the next step toward your education in Ireland? Leap Scholar is here to guide you every step of the way. Not just with choosing the right university but also with visa assistance, SOP review, and so much more. Connect with us now!
Frequently Asked Questions
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Q. What types of international student loans in Ireland are available?
Ans. Ireland has two main types of study loans: secured and unsecured. Secured loans require collateral, such as property or fixed deposits, while unsecured loans do not. The best option depends on your financial situation and ability to provide collateral.
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Q: What are the options for international student loans in Ireland?
Ans: For international students, Ireland offers both secured and unsecured loans. Secured loans require collateral like property or fixed deposits, while unsecured loans don’t need collateral but may come with higher interest rates. Depending on your financial situation and ability to provide collateral, you can explore loan options from banks like IDFC First Bank, Axis Bank, and HDFC Credila.
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Q. What is the interest rate for study loans in Ireland?
Ans. Interest rates vary depending on the lender and the type of loan. Secured loans generally offer lower rates, while unsecured loans have higher rates. For example, depending on the loan provider, interest rates range from 8% to 16%.
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Q. Can I get study loans in Ireland without collateral?
Ans. Several banks offer unsecured study loans in Ireland without collateral. These loans may have higher interest rates, so comparing the terms and rates is essential before deciding. For example, you can explore options such as IDFC First Bank and ICICI Bank, which offer unsecured loans with flexible terms. Make sure to assess your options to find the best fit.
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Q. What documents do I need to apply for study loans in Ireland?
Ans. You’ll need to provide your completed loan application, academic records, proof of admission, identity documents, and financial information, such as the details of your co-borrower. Requirements can vary depending on the loan provider
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Q. Do I need a co-borrower to help me with study loans in Ireland?
Ans. Yes, most banks require a co-borrower for study loans in Ireland. The co-borrower’s financial stability will be assessed to ensure repayment capability. Many lenders also evaluate the co-borrower’s credit history and income to determine loan eligibility.
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Q. How much can I borrow with study loans
Ans. The loan amount varies by bank, but unsecured loans for study in Ireland typically range from INR 20L (€21K) to INR 50L (€53K), depending on your course and institution. Some banks may offer higher amounts based on your eligibility and course type.
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Q. Can I get a study loan in Ireland for a master’s degree?
Ans. You can apply for study loans in Ireland for a master’s program in Ireland. Loans for postgraduate studies often come with different terms, such as higher loan amounts and extended repayment periods, making them ideal for advanced degrees like MS or MBA.
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Q. What does a study loan in Ireland cover?
Ans. Study loans in Ireland generally cover tuition fees, living expenses, travel costs, health insurance, and study materials like books or laptops. Some loans may also cover additional expenses such as project work or study tours.
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Q. Are there any tax benefits for taking study loans in Ireland?
Ans. Yes, under Section 80E of the Income Tax Act in India, you can claim tax deductions on the interest paid on study loans in Ireland. This benefit can be availed for up to 8 years from the start of repayment, making it easier to manage your loan.
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Q. How long is the repayment period for study loans in Ireland?
Ans. The repayment period can range from 10 to 15 years, depending on the bank and loan type. Some lenders offer flexible repayment terms, especially for postgraduate loans. Additionally, many lenders offer options to extend the repayment period or adjust monthly instalments based on your financial situation, ensuring easier loan management after completing your studies.
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