LLB Education Loan to Study Abroad: LLB is a popular course among students who aspire to become lawyers in the fields of criminology, constitution, property, equity, trusts and many more. In many Indian universities, the average fee for pursuing law starts from INR 85,000 to 1.5 lakhs per year. Additional charges for hostel accommodation, examination fees, and others can make these costs higher. In this blog, we will cover all about the education loans for LLB courses to study abroad.
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Costs of pursuing LLB
The costs of pursuing an LLB course abroad can be very high. It can range from INR 10 lakhs to INR 50 lakhs per year. To cover the financial expenses of this 3 to 5-year LLB course, many financial institutions and NBFCs provide education loans for LLB students and fulfil their global dreams. Students just need to secure admission to a recognised university abroad through merit or successfully qualifying for the entrance tests, to be eligible for LLB study abroad education loans.
The table below shows the average tuition fees for LLB courses in the top 6 countries per year-
| Country | Average Fees for LLB |
| United States of America | INR 13 lakhs to 45 lakhs per year |
| United Kingdom | INR 10 lakhs to 50 lakhs per year |
| Australia | INR 11 lakhs to 25 lakhs per year |
| The Netherlands | INR 10 lakhs to 41 lakhs per year |
| Singapore | INR 13 lakhs to 30 lakhs per year |
| Sweden | INR 10 lakhs to 25 lakhs per year |
Government Banks LLB Education Loan
Many government banks provide education loans to study abroad which includes providing education loans for LLB courses. SBI Bank, Bank of Baroda, Punjab National Bank, Canara Bank, and Union Bank of India are some of the top banks for providing education loans to LLB students to study abroad. Let’s have a look at the education loan amounts and interest rates-
| Government Banks for LLB Education Loan | Details |
| State Bank of India (SBI) | Maximum Loan Amount- Up to INR 1.5 crores (With collateral) Up to INR 7.5 lakhs (Without collateral) Interest Rates- Starting 7.95% p.a |
| Bank of Baroda | Maximum Loan Amount- Up to INR 1.5 crores (With collateral) Up to INR 7.5 lakhs (Without collateral) Interest Rates- Starting 8.45% p.a |
| Punjab National Bank | Maximum Loan Amount- Up to INR 60 lakhs (With collateral) Up to INR 7.5 lakhs (Without collateral) Interest Rates- Starting 9.95% p.a |
| Canara Bank | Maximum Loan Amount- Up to INR 80 lakhs (With collateral) Up to INR 7.5 lakhs (Without collateral) Interest Rates- Starting 8.80% p.a |
| Union Bank of India | Maximum Loan Amount- Up to INR 1.5 crores (With collateral) Up to INR 7.5 lakhs (Without collateral) Interest Rates- Starting 10.90% p.a |
Private Banks LLB Education Loan
Private Banks offer education loans for many recognised courses including LLB. This helps students secure finances without worrying about tuition fees and living expenses to study abroad. They offer a wide range of benefits including higher LLB education loan amounts with and without collateral. The table below includes the top private banks providing education loans for LLB courses.
| Private Banks for LLB Education Loan | Details |
| Axis Bank | Maximum Loan Amount- Up to INR 1 crore (With collateral) Up to INR 75 lakhs (Without collateral) Interest Rates- Starting 10.70% p.a |
| HDFC Bank | Maximum Loan Amount- Need-based (With collateral) Up to INR 45 lakhs (Without collateral) Interest Rates- Starting 9.55% p.a |
| ICICI Bank | Maximum Loan Amount- Up to INR 2 crores (With collateral) Up to INR 1 crore (Without collateral) Interest Rates- Starting 10.95% p.a |
| YES Bank | Maximum Loan Amount- Up to INR 1.5 crores (With collateral) Up to INR 45 lakhs (Without collateral) Interest Rates- Starting 12% p.a |
| IDFC First Bank | Maximum Loan Amount- Up to INR 1.5 crores (With collateral) Up to INR 75 lakhs (Without collateral) Interest Rates- Starting 10.50% p.a |
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
LLB Education Loan to Study Abroad by NBFCs
Besides public and private banks discussed above for LLB study abroad education loans, various NBFCs provide financial assistance to LLB students and pursue higher studies abroad. Some of them include HDFC Credila, Avanse Financial Services, and Aditya Birla Capital education loans to study abroad. We have compiled a list of NBFCs offering educational loans for LLB students with no upper limit.
| NBFCs for LLB Education Loan | Details |
| HDFC Credila | Maximum Loan Amount- No limit (With collateral) Up to INR 7.5 lakhs (Without collateral) Up to INR 20 lakhs can be offered to exceptional students without collateral Interest Rates- Starting 13.80% p.a |
| Avanse Financial Services | Maximum Loan Amount- No limit (With collateral) Up to INR 75 lakhs (Without collateral) Interest Rates- Starting 14.25% p.a |
| Auxilo | Maximum Loan Amount- No limit (With collateral) Up to INR 40 lakhs (Without collateral) Interest Rates- Starting 12.70% p.a |
| Prodigy Finance | Maximum Loan Amount- No limit (With collateral) Interest Rates- Starting 11.5% p.a |
| MPower Financing | Maximum Loan Amount- Up to USD 100,000 (INR 83 lakhs) Interest Rates- Starting 12.99% p.a |
FAQs on LLB Education Loan
Yes, aspiring students can get an LLB study abroad education loan as it is a degree course with higher job prospects and employment opportunities.
Students need to secure admission to a recognised university abroad through merit or successfully qualifying for the entrance tests, to be eligible for LLB study abroad education loans. Once you receive an offer letter from the university abroad, you can apply for LLB education loans.
Opt for EMIs to manage higher amounts of education loans for LLB courses. Students can avail of tax rebates on education loans under Section 80E of the Income Tax Act.
There is no upper limit on LLB education loans availed from NBFCs like HDFC Credila, Avanse Financial Services, Auxilo, and Prodigy Finance. However, an education loan loan for an LLB course up to INR 7.5 lakhs can be availed without collateral from public banks.
Some of the best private banks for LLB education loans are Axis Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and YES Bank.
This was all about LLB education loans to study abroad. Hope this blog helped you with relevant information. To know about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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