Bank of Ireland

Bank of Ireland loans

The Bank of Ireland offers a range of loans to fit your needs. So, whether you need to finance a car, fund a home improvement, support your studies, or pay for a big event, there’s a loan for you.

What type of loans do Bank of Ireland offer?

There’s a huge range of loans available to choose from. Here’s a brief summary of each loan Bank of Ireland offers and some key features.

You can also compare loans using our comparisons, for up to date rates and deals.

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Personal loans

A personal loan can be used to fund pretty much anything and the key features of this loan are very similar to Bank of Ireland’s other loans:

  • Borrow €2,000 to €65,000 over a term up to five years
  • Defer your first three monthly payments if you wish
  • Apply online in 15 minutes using 365 if you’re a registered customer

Again, you can repay a personal loan from Bank of Ireland early to reduce the overall interest you pay.

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Loans to finance a car

Bank of Ireland offers two types of loan that can be used to buy a car.

Car loan

You can use this loan to buy a new or used car over a term up to five years, its other features include:

  • Flexible repayment options: You can clear your balance early to reduce the amount of interest due.
  • Option to defer initial payments: You can choose to pay the first three repayments at a later stage, but this will mean paying more interest overall.
  • Fast application process for existing customers: If you’re registered for 365 online, you can apply for a car loan online. Alternatively you can call the loans team or visit your local branch.

Consumer hire purchase

If you are buying a car from a recognised car dealership in Ireland and need to borrow at least €7,000, consumer hire purchase could work for you.

  • Pick a loan term: Your repayments will be spread over two to five years.
  • Pay a fixed interest rate: The rate stays the same on whatever amount you choose to borrow.
  • Fees apply at the end of the term: You’ll pay a purchase fee and documentation fee to own the car, when the agreement ends.

Green car loan

You can enjoy the benefits of an even lower rate if you are upgrading to an electric or hybrid car.

  • Loan term: Spread your repayments over one and seven years.
  • Electric or hybrid quote: You’ll need a quote from the car seller outlining your car is an electric or plug-in hybrid.
  • Lower rates: Typically, green car loans can offer lower rate than other types of car loans.

To apply, just complete a contact request form and you’ll be contacted by a motor finance specialist.

Loans to improve your home

Whether you’re looking to improve the carbon footprint of your home, give it a fresh new look or carry out major renovation work, a home improvement loan from Bank of Ireland could help take care of the finances.

Here’s more on each of the home improvement loans Bank of Ireland offers:

Green home improvement loan

The green home improvement loan needs to be used to make your house more energy efficient. You’ll need to complete one of these qualifying upgrades:

  • Renewable energy e.g. solar panels
  • Wall, attic or floor insulation
  • Pipe insulation
  • Sustainable heat pump or solar water systems
  • Energy-efficient boiler
  • Energy-efficient heating controls
  • Replacement windows and doors
  • Multiple upgrades to achieve an energy efficient A rated home

This loan is not directly linked to any home energy grants available on the SEAI website so it’s worth checking if you qualify for free financial support first.

You should get quotes for the work needed, to help you work out how much to borrow. You can then choose a term of one to seven years to suit your monthly budget.

You’ll need to provide Bank of Ireland with proof of the work that’s carried out, to qualify for the loan, which is offered at a lower interest rate than the regular home improvement loan.

Home improvement loan

Use this loan for whatever home improvement project you choose. It allows you to:

  • Pay the balance off early to pay less interest
  • Defer your first three monthly payments
  • Apply with 365 online if you’re an existing customer

Find out if these home improvement loans are right for you by comparing them against other loans using our comparison.

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Loans to finance your studies

Bank of Ireland offer three types of loan depending on where you are on your studying journey.

Student loan

Bank of Ireland’s student loan can be used to help with college expenses as well as your day to day living and travel costs. To be eligible, you’ll need to:

  • have a Bank of Ireland third level student current account, and
  • be studying full time at a third level college in Ireland

A competitive interest rate is offered on this smaller loan (up to €5,000) and you can choose weekly or monthly repayments.

Graduate loan

You’ll need to have a graduate current account with Bank of Ireland to get this loan.

Interest rates vary depending on the amount you borrow, for example up to €5,000 or over €5,000.

Again, you can pick weekly or monthly repayments and defer your first three payments if you choose to pay monthly.

Postgraduate loan

If you’ve graduated and are studying a 1 year full time post graduate course in Ireland, you can apply for this loan.

You can borrow up to €10,000, to cover your fees and choose from weekly, fortnightly or monthly payments.

If you choose to pay monthly, you have the option to defer your first 12 months of loan repayments, but it will mean paying more interest overall.

You may need a parent to act as a guarantor for this loan.

Why choose a Bank of Ireland loan?

The benefits of each loan differ but here are some more general reasons to pick Bank of Ireland:

  1. Broad selection of loans on offer and many of them include flexible repayment options, including the ability to defer a set number of payments at the start.
  2. No need to hold any savings with the Bank of Ireland to qualify for a loan and they’ll assess your individual circumstances before deciding whether to lend to you.
  3. Apply for most loans online as an existing customer, or by calling or visiting a local branch.

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Bank of Ireland loans FAQs

When will I hear back about my loan application?

Bank of Ireland usually reply to applications within 24 hours.

When must I drawdown a loan after being approved?

Once you’ve been approved for a loan, you’ll usually have 30 days to draw it down.

If you don’t, you’ll need to reapply as all the details regarding the loan will have been removed from Bank of Ireland’s records.

Can I pay my loan off early?

In most cases, yes. Paying your loan off early will reduce the amount of interest you pay overall.

Always check if there are any penalties for overpaying or clearing your loan early.

How do I know what my monthly repayments will be?

When you select a Bank of Ireland loan to apply for, you’ll usually be shown what the payments will be depending on the loan amount and term you choose.

Make sure you can afford the repayments over the whole term, and allow for them to go up if the rate is variable.

If you’re not sure, you could choose a longer term and then pay the loan off early if you end up having more funds available than you first thought.

Check the terms and conditions to ensure you can make overpayments without penalty if you’re thinking of doing this.

What is a variable interest rate?

This means that the initial rate of interest you pay may change over time.

If the interest rate goes up, so will your monthly repayments and if it goes down, your payments will reduce.

You should allow for some fluctuation when you apply and make sure you can afford your payments to increase.

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It only takes a few minutes to find the best loan for your borrowing needs.

Warning: The cost of your monthly repayments may increase. Warning: you may have to pay charges if you pay off a fixed rate loan early. Warning: If you do not keep up your repayments you may lose your home. Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. Information provided and Interest rates quoted valid at 17/06/2024