Ireland is becoming an increasingly popular choice among students to pursue higher education. Factors like high-quality education, abundant courses in popular universities like Dublin University, University of Limerick, and Trinity College Dublin, affordable costs of living, and excellent employment opportunities make it a preferred study-abroad destination. And availing of collateral-free loans to study in Ireland is one of the wisest financial decisions international students can make to finance their global dreams. Students can avail collateral-free education loans of up to INR 7.5 lakhs from public banks and up to INR 1 crore from private banks such as ICICI Bank, and up to INR 75 lakhs from NBFCs to study in Ireland.
In this blog, we will cover all about how aspiring students can take collateral-free loans in Ireland.
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Also Read: Know all about LLB education loans to study abroad and the best public banks, private banks, and NBFCs providing education loans for LLB students.
Collateral-free Education Loans for Ireland
Collateral-free education loans are loans that can be availed without pledging an asset (like a property, jewellery, bonds or others) with the bank against the loan amount. Such loans offer flexible repayment periods that are student-friendly and can be provided for a range of undergraduate, postgraduate, and doctoral courses to study abroad as well as in India.
When it becomes challenging for applicants to mortgage an asset with the bank, there is always an option to get unsecured education loans offered by financial institutions. Such loans cover a comprehensive range of study-abroad expenses like tuition fees, accommodation fees, and travel costs. However, the amount of education loans provided without collateral varies from lender to lender.
Check some of the popular and reliable lenders in different sectors providing unsecured education loans to study in Ireland.
| Public Banks | Private Banks | NBFCs |
| SBI | ICICI Bank | InCred |
| Bank of Baroda | Axis Bank | Avanse Financial Services |
| Canara Bank | IDFC First Bank | Auxilo |
| Union Bank of India | HDFC Bank | Prodigy Finance |
| Punjab National Bank | YES Bank | HDFC Credila |
Collateral-free Loans for Ireland from Public Banks
Public Banks in India like SBI, Bank of Baroda, Canara Bank, Punjab National Bank, and Union Bank of India provide collateral-free loans for Ireland up to INR 7.5 lakhs at interest rates ranging from 9.25% p.a to 14% p.a.
Collateral-free Loans for Ireland from Private Banks
The collateral-free education loan amount offered by public banks is lower than by private banks and NBFCs, making it a bit difficult to avail of higher loan amounts from them. In such cases, some private banks can provide collateral-free education loans to study in Ireland ranging from INR 45 lakhs to INR 1 crore. Let’s have a look at these banks-
| ICICI Bank | Maximum Loan Amount Up to INR 1 crore Interest Rates- Starting 10.95% p.a |
| Axis Bank | Maximum Loan Amount Up to INR 75 lakhs Interest Rates- Starting 10.70% p.a |
| IDFC First Bank | Maximum Loan Amount Up to INR 75 lakhs Interest Rates- Starting 10.50% p.a |
| HDFC Bank | Maximum Loan Amount Up to INR 45 lakhs Interest Rates- Starting 9.55% p.a |
| YES Bank | Maximum Loan Amount Up to INR 45 lakhs Interest Rates- Starting 12% p.a |
Collateral-free Loans for Ireland from NBFCs
NBFCs (Non-banking Financial Companies) are considered to be the most viable options as they provide education loans without any collateral in the shortest duration possible. The quantum of finance offered is set higher for public and private banks. Aspiring can avail non- collateral education loans to study in Ireland of up to INR 83 lakhs at interest rates ranging from 11.50% p.a to 15% p.a. Let’s have a look at these NBFCs-
| InCred Finance | Maximum Loan Amount up to INR 60 lakhs Interest Rates- Starting 11% p.a |
| Avanse Financial Services | Maximum Loan Amount Up to INR 75 lakhs Interest Rates- Starting 14.25% p.a |
| Auxilo | Maximum Loan Amount Up to INR 40 lakhs Interest Rates- Starting 12.70% p.a |
| Prodigy Finance | Maximum Loan Amount Up to 100% cost of studying abroad Interest Rates- Starting 11.50% p.a |
| HDFC Credila | Maximum Loan Amount up to INR 7.5 lakhs Up to INR 20 lakhs can be offered to exceptional students without collateralInterest Rates- Starting 13.80% p.a |
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
Benefits of Unsecured Education Loan for Ireland
Unsecured education loans, where borrowers need to pledge any assets with the lending institution, offer financial help for students lacking valuable collateral. However, it’s crucial to know that these loans usually have higher interest rates and may be harder to get approved for. Although the eligibility is also a little stringent, it does offer a few benefits to aspiring students studying in Ireland-
Advantages of these loans include:
- Quick Processing: Paperwork is simpler, leading to faster approval.
- No Co-applicant Needed: Some options don’t require a co-applicant.
- Inclusive Fees: In a few cases, processing fees are included in the loan amount.
Keep in mind, though, that a reliable co-applicant income and a good credit score often determine approval for these loans.
FAQs
Students can avail collateral-free education loans of up to INR 7.5 lakhs from public banks, up to INR 1 crore from private banks, and up to INR 75 lakhs from NBFCs to study in Ireland.
Many banks like SBI, Canara Bank, Union Bank of India, ICICI Bank, HDFC Bank, YES Bank, and NBFCs like InCred, Avanse Financial Services, Auxilo and Prodigy Finance offer collateral-free education loans for Ireland.
Factors like high-quality education, abundant courses in popular universities like Dublin University, University of Limerick, and Trinity College Dublin, affordable costs of living, and excellent employment opportunities make it a preferred study-abroad destination for UG and PG courses.
Public Banks in India like SBI, Bank of Baroda, Canara Bank, Punjab National Bank, and Union Bank of India provide collateral-free loans for Ireland up to INR 7.5 lakhs at interest rates ranging from 9.25% p.a to 14% p.a.
The student has to be 18 years or older, must be a resident citizen of India, and the student must have received admission to their preferred university through a merit-based examination.
This was all about non-collateral education loans for Ireland. Unsecured loans truly provide benefits to the borrowers like quick processing time without risking the assets with the financial institution. To avail the same, aspiring students can consider various factors like loan amount, interest rates, and the repayment period of different lenders and decide on where to take education loans to pursue higher education abroad.
To know about education loans, the loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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