- Documents Required – NBFCs demand a slew of documents for education loans without collateral. These include academic records, proof of admission from the university in Ireland, income certificates and the KYC of both the student and the co-applicant.
The document formalities for each lender differ, turning the loan process confusing for the student. GyanDhan facilitates students with the lender’s customized document checklist to ensure that they are able to submit all their documents at one go. This expedites the procedure and also lowers the odds of rejection of their loan application.
An education loan with collateral brings in higher loan amounts than one without a guarantee. The reason for it is the security the 
applicant provides to the bank against non-repayment. Collateral can be a property or a financial asset. Also known as secured education loans, they have lower interest rates.
Which Educational Loan is Preferable for MS in Ireland – Unsecured or Secured?
With Ireland becoming one of the most preferred destinations for study abroad, the available options for educational loans for the country are also on the rise. This makes it even tougher for a candidate to pick out the offers which suit their profile and requirements perfectly. However, they can keep a few basic points in mind while making their decision. GyanDhan believes that a secured loan from PSUs is the best option for an education loan for MS in Ireland because it is offered at a considerably lower rate of interest. In case you can’t afford to pledge a security against the secured loan, then an unsecured loan from NBFCs is the only option left which charges relatively higher interest rates. Moreover, loans from banks offer additional tax benefits that are not offered by all the NBFCs. The loan processing fee at the banks too is lower than that of NBFCs.
However, in the case of any confusion related to education loans, feel free to get in touch with GyanDhan. We help you to surf through the available education loan options and select the most appropriate one.
What? ?is? ?the? ?Application? ?Procedure? ?for? ?Loans? ?for? ?Masters ?in? ?Ireland?
- Check if you are eligible for a loan here. Alternatively, request a callback.
- A GyanDhan education loan counsellor will call you to discuss all the loan options available for Ireland. Depending upon the lender from whom the loan is to be availed, the counsellor will guide you through the subsequent steps.
- Submission of all your supporting documents. (This is the critical step of the process. We greatly advise taking our counsellor’s support to guarantee that every required paperwork is submitted. For students living in metros and applying to a public bank for a loan, GyanDhan’s relationship officer will pick up the documents from your doorstep. For all other cities, we assist by setting up an appointment with the requisite bank manager. If the lender is a private bank, either GyanDhan’s banking partner collects the documents from your home, or you courier it to the appointed sales manager. If it’s an NBFC loan, then hard copies are not needed. You can upload the documents through our website.)
- The lender reviews your application and approves the loan as long as all criteria are met. At this stage, the bank or NBFC may ask additional information from you or your parents.
- On educational loan approval, you and the co-applicant sign a sanction letter to accept the bank loan. In case your lender is an NBFC, then the step is a payment of processing fee.
- After the agreement is signed, you can apply for loan disbursement. Do note that the disbursement has to occur in two to six months based on the lender and sanction letter validity.