Save ₹6,34,000 on your Education Loan | Indians in Ireland
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- เผยแพร่เมื่อ 15 ก.พ. 2023
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You have to pay the Indian loan in 10 years whereas Irish loan in 3 years.. There will be savings of 2-3% of intrest that's it and one have to pay conversion charges as well to send money back to India as well most of the private banks charge foreclosure charges for prepaying loan so in whole zero savings.
Nice point brother, I should have included this as well. Well I did some research on your points and this is what I found:
1. Conversation cost of €11,000 on transfer-wise is nearly - 11,000 rupees.
2. Average a bank charges for early loan payment is between 2% to 3% of the total outstanding principal amount. Lets say you got a job after two years in Ireland and within that 2 years you paid around 2lakhs (considering 14,600 rupees you pay every month). So you are left with 8 lakhs. So 3% of 8lakhs rupees is 24,000 rupees
3. So 11,000 + 24,000 = 35,000.
4. I said in the video you can save around 6,34,000. So 6,34,000 - 33,000 = 5,99,000
5. Therefore considering the cost you mentioned in the comment, still a person can save around 6 lakhs rupees in total.
Pinning your comment for others to read this as well. Thank you 🙏
@@JoshingAroundTH-cam
First of all thank you so much for posting informative videos.
You have mentioned everything perfectly but your calculation is wrong a bit.
In India if you are taking a loan of 10 lakh and you stared paying 14k as emi then in that emi 10 to 11k will be the interest and rest 3 to 4k will be the principal amount roughly or the interest may be high, so for initial 2 year you will pay major part of emi to interest.
Therefore after 2 year on 10 lakh loan your principal amount will be around 9.
Still you will save some as you will repay the amount in 5 years instead of 10 and interest rate will be low, but as far as i know it will be very low saving.
I Really like ur hindi dude ...the way u speak 😊 and thanks for all these informations for prospective students
Please make a video on Msc. In project management. And job perspective.. thank you
Kindly make a video on home loans/ mortgage in Ireland
Khush raho beta 🙌, maine vlog dekhi & subscribe b kiya , becoz Mera beta December s Dublin m hai , usne b loan liya h , aapka vlog hame help karega 🙌👏👌
I am glad, this video was helpful :D Thank you soo much for subscribing it means a lot. I hope your son is doing great in Dublin
Informative!
That was a good one Pranav, with some planning this seems a great way to save money.
Definitely
Really insightful, thanks for this.
Glad it was helpful!
What all are the required documents for personal loan for work visa holders?
Good information
bro in India we get 100% rebate on interest as per sec-80/E of Income Tax Act for 8 years. So in actual we are paying the principle amount but for 8 years after 8 years we are not eligible for rebate so according to me getting a loan from Ireland for 3 years is not a good idea because if I close the loan in 8 years then actually. am not paying any interest
Thanks ❤
If i am leaving Ireland and coming back to India after work or education. Then how to close my Ireland bank account and how much can I save in my back account while earning in Ireland?
For a student on stamp 2 .. project work in last semester is online...and student travels to India and completely does project work 3 to 4 months from India in last trimester...and then goes back to ireland..would stamp 1g be affected in anyway after course completion?? .. Thank you
No Stamp 1G won’t be affected if you go back to India
You are comparing interest charged over 10yrs and intrest charged over 3 years. You are saving 6.5 lakhs coz you are paying the loan quicker.
Hello
How is higher education in the island, there is more focus on assignments or less focus on the course.
It is mostly assignment based than theoretical.
@@JoshingAroundTH-cam ok thank you
So in simple terms what you are saying is :
If we take a loan of X-amount in India with an interest rate of 11% and the tenure period is 10 years the total repayment amount will be X+Interest. (assume 19L INR). If take a personal loan in Ireland of the X-amount in at an interest of 7% it'll be X+Interest. (assume 13L). But here we have to send the whole X loan amount (taken in Ireland) to India and close the Indian loan. And we have to repay the in 3-5 years. Interest can be minimized. But here my questions are:
1. Do we need to provide any collateral for taking a personal loan?
2. Can we take this personal loan after completing the Masters course? (As Indian banks start asking us to repay the EMI after the course completion)
3. Duration of getting this loan sanctioned?
Thanks for the informative video btw.
Love from Hyderabad. ❤❤❤❤❤❤
Hey, I tried using this but for stamp 1/ stamp 1G the Visa expiry is just 1 year so the banks say that the loan repayment period cannot exceed 1 year. So unless you have stamp 4, I don't see a way this will work as paying the entire loan amount in 1 year is not feasible. Kindly let me know if there is any wayout for stamp 1 holder.
Thanks
Hi yes you are right, that is what I said in the video that you can repay in 3 years if you take consecutive 3 loans for each year if you are a student (This is for Stamp 2 - Student Visa).
On the other hand yes once you are on Stamp 1 and have a job you can take loan of somewhere around €10,000 as personal loan and have it for 3 years and pay back easily. My friend has taken a loan of €15,000 and he is on Stamp 1. I myself took a loan of €7,000 on Stamp 1
@@JoshingAroundTH-cambhai 3 counsecutive loans for 3 years for the ones on stamp 2( Student Visa) kaise hoga bhai kyonki expiry 1 saal ki hoti ,does it mean to split the amount or am I missing smthng?
Dublin se Northern Ireland Belfast Jane k liye VISA chaiye Kiya ?
If you are going with Paddy wagon (travel agency of Ireland) then you don’t need because it’s a one day return. But if you are going by your own you might need the visa.
You will definitely need a visa because northern ireland comes under the UK.
Hi, plz suggest a gud consultant for student visa process for Ireland as i already got offer letter from UCD.
Go with fateh education
bhaijaan.... I wanna enroll to griffith college dublin..... pharmaceutical business and technology..... bhai please suggest me..... future and job...... bhaijaan subscribe kar diya pleaase help karo
I have taken 100% education loan (living expenses+tuition fees). Is there any chance of Visa refusal ?
No I took the same
Hey from where did you apply for full education loan and which course are you applying for in Ireland.
Thank you for replying in advance
@@snehalsanap1595 HDFC Credila. Course: MSc. in Business Analytics
@@snehalsanap1595Did you get any
admit
@Joshingaround how can we connect?