Education Loan for BA LLB Students
India has over 1,900 law colleges, including over 1,000 private colleges, 300 government institutes, and more than 100 semi-government institutes. According to the Bar Council of India, 60,000–70,000 law graduates join the legal profession each year, showing the many opportunities in this field.
Many students who want to pursue a career in law face financial challenges. To help them, various banks offer education loans for BA LLB along with eligibility criteria, interest rates, and repayment options.
What is a BA LLB Course?
The full form of BA LLB is a Bachelor of Arts and Bachelor of Legislative Law. It is a five-year course covering legal and social topics. It provides a basic understanding of social science and a detailed study of law. LLB is a Bachelor of Laws, a 3-year course that focuses only on law and is usually done after completing a bachelor's degree.
A BA LLB provides career options in public policy, diplomacy, and academics. One key benefit of the BA LLB course is that graduates can start their careers right after finishing it, unlike the traditional LLB.
Education Loan for BA LLB: Highlights
Here is the table highlighting the key features of education loan for BA LLB:
Candidates can also apply for an Education loan for LLB: A Complete Guide to study LLB at a top-ranked college, which can lead to good career opportunities.
Top Banks Offering Education Loan for BA LLB
Below is a list of banks that provide education loans, the maximum repayment period, and the amount of loans you can borrow.
What if you have a low CIBIL score? Look at our guide on How to get an Education Loan with low CIBIL Score: Tips, Banks and Alternatives.
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Top NBFCs Offering Education Loan for BA LLB
Additionally, some NBFCs (Non-Banking Financial Companies) also provide education loans that are much faster, easier, and hassle-free.
Some of the top NBFCs providing education loans are:
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Education Loan for BA LLB Interest Rate
Below is a table providing the interest rates offered by various banks.
Candidates can use the Education Loan EMI Calculator to estimate their EMI based on their college fees and the interest rate of the bank's education loan. This will help them understand the payments they need to make.
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Education Loan for BA LLB: Loan Repayment
An education loan repayment starts 12 months after finishing the course or 6 months after getting a job. Once the repayment period starts, you can repay the loan amount through:
1. Internet Banking
Pay the EMIs online through the bank’s website or app from where you took an education loan for the BA LLB course.
2. Cheque
Drop off a cheque at the bank.
3. Direct Debit
Make automatic payments from your bank account on the due date.
4. Demand Draft
Make payment using a demand draft issued by the bank.
Essential Terms for Loan Repayment
1. Moratorium Period:
You can start repaying the loan 12 months after you finish the course or when you get a job. There is no need to make any payments during this period, though interest may still build up.
2. Part-payment of the Loan:
Reduce the loan amount by making partial payments or paying a lump sum to reduce the overall repayment period and the interest.
3. Pre-payment of the Loan:
You can do so if you have enough money to pay off the loan early. However, some lenders might charge a fee for early repayment. Check with your lender to confirm any extra costs.
4. Collateral-free Loans:
Many education loans don’t require any security or collateral. This means you don’t have to pledge assets, like property, to get the loan, making it easier to access funding for your studies.
5. Flexible Repayment Plans:
Some lenders offer flexible repayment options, like gradually increasing EMIs or paying just the interest while you study. This helps make repayment more manageable as you get started in your career.
Explore the guidelines for Education Loan Repayment Rules in India 2024. This resource provides information on the loan repayment process rules and regulations.
Education Loan for BA LLB: Eligibility Criteria
Students must meet the following criteria to qualify for an education loan for BA LLB:
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Documents Required for Education Loan for BA LLB
When applying for an education loan for BA LLB, you must have the following documents:
These documents are important for the loan application process, and the bank will use them to assess your eligibility and financial background.
Top Law Colleges Providing Education Loan for BA LLB Students
Here is the list of some of the top law colleges in India that offer education loans for BA LLB students, along with the interest rate applicable for each institution.
How to Apply for an Education Loan for BA LLB?
Below are the steps to apply for an education loan in India:
STEP 1: Choose a Bank
Various banks provide education loan schemes, including those with low interest rates. Some popular banks are SBI, HDFC Banks, and ICICI Bank.
STEP 2: Check Eligibility Criteria
Each bank has specific eligibility criteria based on which education loan is provided. You must ensure these criteria before applying.
STEP 3: Required Documents
Provide all the necessary documents required to process the education loan.
STEP 4: Fill the Application Form
Complete the application form with the details.
STEP 5: Submit the Application
Submit the completed form along with the required documents. The bank will process your application and may call you for verification.
STEP 6: Loan Approval
After loan approval, the bank will disburse the loan amount directly to the college or university according to their fee structure.
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Benefits of Education Loan for BA LLB
Applying for an education loan for BA LLb offers several benefits, such as:
1. Tax Benefit
Get a tax deduction on your loan interest under section 80E of the Income Tax Act.
2. Low Interest Rate
Offers competitive interest rates, making them affordable compared to other types of loans.
3. Pay After Education
Begin repayment of the loan after completing the studies.
4. Financial Benefits
It covers tuition fees, books, and living expenses, ensuring students have the necessary resources.
An education loan for BA LLB provides financial support for law students covering educational expenses. By comparing the interest rates and understanding the eligibility criteria, students can choose the best loan option to help to achieve their career goals.
Propelld is a leading education loan provider in India, offering financial assistance to students pursuing education. They provide loans for various educational purposes, including BA LLB programs.
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The following are the primary benefits of Propelld.
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