On the face of it you would be saving €844 overall by consolidating the two loans and paying it off over 5 years. (Present repayments totalling €28,624 against new total of €27,780.) However, this is assuming the existing loans are on a fixed interest rate.
If so, there would more than likely be a fee to pay off the loans early, which is effectively what you would be doing by consolidating.
You would also need to check if the new loan rate if fixed for the 5 year term.