Can We Get Loan On Lic Policy

Ariana

18 Dec, 2019

The interest rate that is charged for a loan taken against an lic policy is lesser than the interest that is charged when you borrow other types of loans. The policy would be reassigned to you on the repayment of the loan.

How To Apply For Loan Against Lic Policy Online Emi Calculator

can we get loan on lic policy

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Box no 19953 mumbai.

Can we get loan on lic policy. To apply for the loan you need to contact your agent or the nearest lic branch. If this sounds too much work for you now you can apply for loan against your lic policy online too. Lic loan amount varies depending on the policy amount and time period of the policy.

A few benefits of borrowing a loan against an lic policy are as follows. If the loan is not settled lic can foreclose the policy and use policy proceeds to settle the loan. Below is the process i followed 2 years back.

We can make loan repayments online but i dont think so we can apply for loan online. How is borrowing a loan against and lic policy better than taking other loans. In case you are raising a loan against your policy from lic or any other financial institution your policy would have to be assigned to lic or the financial institution.

105 may be okay. Yogakshema building jeevan bima marg po. Life insurance corporation of india corporate office.

Online loan request for premier service registered customers only calculator. Lic can call for repayment of loan and interest by giving 3 months notice. Loan against lic policy can be a cheaper alternative to personal loans.

The current lic policy loan interest rate is in the range of 10 12. Lic policy loan interest rate. Do note interest rate is important.

The eligible loan amount is calculated as 90 of lic policy surrender valuethe surrender value of lic policy comes into effect only after you have paid three full year premiums for the policy. Process to apply for a loan. However if you get a loan at 13 14 it may be prudent to actually surrender the plan and use the proceeds for your requirement rather than taking out a loan against the same lic policy.

Policy loan options loan repayment loan interest payment. Not just that if you have already taken out a loan against the policy you can make loan repayment or interest payment online too. How much loan could i take.

Lic can also foreclose the policy and use proceeds to settle the loan if you do not pay interest within 30 days from the due date. Now you can apply for loan against lic policy onlineearlier we used to apply for loan offline by contacting the agent for understanding eligibility and details and paying a visit to your branch. When you assign the policy the title of the policy is shifted from your name to that of the institution.

You can get this loan at very low interest rates. You can get a loan amount equal to 90 of the surrender value of your policy. You do not need any additional documents or cibil score to get this loan.

We need to submit out lic policy document at the branch where you hold the lic policy.

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