How to Get an Education Loan for a 5-year Law Course?

Last Updated : June 3, 2020, 3:39 p.m.

To pursue law courses such as B.A. LL.B., B.Sc. LLB, BBA LLB, B.Com LL.B that runs for 5 years, you can borrow funds from a bank or a financial institution. The student can borrow funds from the lender based on his/her academic results and income prospects. And for the security of the borrowed amount, the education loan for a law course in India can be co-borrowed with the parent or legal guardian of the student. Read the post and know how you’ll get an education loan for your law studies and what benefits you get with it.

All You Need is to Secure Admission to University

Students who want to get admission in law need to give the Common Law Admission Test (CLAT) first. The test is organized for admission to the National Law Universities (NLUs) and a variety of other educational institutions. Through this entrance test, you get admission to the Integrated L.L.B and L.L.M courses. And when your admission is confirmed, you’ll get the admission letter from the university or institution. After that, you can apply for an education loan by submitting the below-mentioned list of documents as asked by the lenders.

• Aadhaar Card
• PAN Card
• Passport
• 10+2 mark sheet
• Admission Letter
• Salary slips, ITR and Form 16 of the co-borrower

Loan disbursal and processing

The loan is disbursed whether to your bank account or directly to the university or educational institution. You just need to submit the mentioned documents along with the duly filled loan application form to get the desired loan for higher studies. And there is no processing fee required for the loan amount as the bank doesn’t levy any such charge to your education loan.

Interest Rate on Education Loans

Your loan amount comes with an attractive rate of interest and helps you cover up the study expenses like tuition fees, book fees, semester exam fees, etc. And later, you can get the paid interest back in the form of a tax deduction. Under Section 80E of the Income Tax Act, students can claim tax benefits over the interest they pay for each financial year. You can easily manage a high loan amount required for law courses, ranging from INR 1,00,000 to 12,60,000, in Equated Monthly Installments (EMIs).

Repayment of the Borrowed Amount

You can pay the education loan in installments for up to 15 years. And the repayment starts after a moratorium period of 6-12 months post the course completion. But you can use an EMI calculator to plan your repayment schedule, so you can manage other expenses too from your monthly income.