Education and Career Forum

Hello Everyone,
I am interested to take education loan for my education of LLB. I want to know about the conditions of taking education loan for studying in LLB. The total cost of my this course is Rs. 6.4 Lacs. I haven’t take admission yet. So, I want to apply for an education loan of this sum of amount. Kindly tell me the conditions for this?

Conditions to get the education loan sanctioned :-

- The institute from which you will pursue the course should be recognized by Bar Council of India.
- You should have a third party guarantor who will act as a guarantor of the loan.
- You need to keep 15% margin of the loan amount as security to the bank.
- You need to comply with the interest rate which will fluctuate from time to time.
- You need to start repaying once you get a job or after six months completion of your course even though you do not get a job at that time.
- There has to be one person who is having a stable source of income become the co-borrower of the education loan.
- You need to comply with other terms and conditions as per bank's orders mentioned in the loan documents by signing the loan documents.

The conditions kept by a bank to offer educational loan is as follows:

-> The candidate must be a citizen of India.

-> Candidate must have secured admission in any of the recognized college to pursue a valid and recognized course.

-> One has to keep the collateral security with an amount equal to educational loan amount.

-> One has to submit all the required documents like academic certificates, bank statement, address and ID proof, college admission letter including all the fee particulars etc..,

All nationalized banks offer educational loan to pursue higher education. After securing the admission one has to apply for the educational loan.

banks provide education loan for 3 year llb course?