Points to keep in mind when taking student loans for Ireland

 

Pursuing your further education in Ireland is a big step. Although it sounds very exciting, it involves a lot of planning behind taking this decision. The first and biggest obstacle a student planning to go abroad for studies faces is the daunting task of arranging the funds.

There are many options you can choose from when it comes to getting student loans for Ireland, and these loans which include various benefits too. There are Non-Banking Financial Companies (NBFCs) too that you can choose from, they offer great loan deals and you cannot look past these as their loan offers could be better than those of the banks.

The first step before you apply for a loan is to check your student loan eligibility. A lot of applicants tend to make mistakes when it comes to applying for student loans as they are unaware of the details.





Here’s a basic list of criteria -

1.      The applicant should be a citizen of India.

2.      If the applicant has not completed 18 years of age, the loan will have to be taken in the name of his/her parents.

3.      A strong academic background will always have a better chance of getting a loan.

4. The applicant needs to have secured admission into a recognized university/college.

5.    The course that the applicant is looking to pursue should be a technical or a professional course, as the financial institutions mostly prefer courses that will help land the student a job.

These are a few of the student loan eligibility factors that you need to keep in mind before applying for a loan. You can get a detailed list of the same directly from the lender’s website.



Use an education loan calculator

After checking your eligibility, the next step is to secure ample funding and one of the best ways to do that is to take an education loan. Applicants would have many questions related to the loan and its repayment calculations, like what is an Education loan calculator, how you can calculate EMI for an education loan.

The education loan calculator will help you in finding out the EMI amount that you would be required to pay every month on the allotted loan amount for a specific duration. The EMI that you need to pay will be based on the interest rate, loan amount and the tenure of the loan. Therefore, to calculate EMI for an education loan, you would be required to add the amount of loan and the tenure according to your requirement.

This is all you need to do, and from this point, the calculator will get you all the results of the figures you need. This is a great help for you, as you can rely on these calculations since you do not have to double-check the entire calculation process for mistakes. it is not only convenient but also saves time.

We hope the article helps you. 

 





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