How much education loan can be availed for LLB studies? Know the easy rules to repay

If you too are dreaming of becoming a lawyer and are thinking of studying LLB, but are worried about the fees and expenses, then there is good news for you. Almost all the big banks and financial institutions of the country provide education loan facilities for professional courses like LLB. This loan can reduce the burden of your studies to a great extent. Let us know how much loan can be availed for doing LLB, what expenses it covers and what are the rules for repayment.

How much loan can be availed?

If you are doing LLB from a recognized university or law college in India, then you can get an education loan of up to Rs 10 lakh. This loan covers your fees, living expenses, books and other study related needs.

What expenses are included?

According to reports, education loan includes not only college fees, but also hostel expenses, books, laptop, uniform, library and lab fees, even the cost of travelling abroad for studies.

How to repay the loan?

The rule of repaying the education loan is very easy. You do not have to pay any installment (EMI) during studies. The process of repaying the loan starts 6 to 12 months after the completion of studies. This is called 'moratorium period'. After this, you can gradually repay the loan in the form of EMI from 5 years to 15 years.

What will be the necessary documents?

For education loan, documents like college admission letter, fee structure, Aadhar card, PAN card, parents' income proof and bank statement are sought.

Matters related to interest and guarantee

No guarantee is usually required for loans up to Rs 4 lakh. Whereas for loans above Rs 7.5 lakh, you may have to provide a guarantor or security. Interest rates vary according to the bank.