LIC Loan- Instant ₹5 Lakh loan on LIC Policy No Salary Slip or Business Proof Required
We are talking about LIC loan, if you apply for a loan from banks then you have to give income proof but if you have bought LIC insurance and loan facility is available on it then you can take advantage, there is no need to submit much paper in this loan. You will get the LIC loan very easily.
No processing fees and no hidden charge on LIC Loan.
One of the benefit of taking a LIC Loan is that you do not have to surrender your policy, in this case you will not lose the benefits of your insurance, and moreover, you get a much cheaper interest rate than the personal loans of other banks, which gives a lot of relief,
There is no processing fee and no hidden charge while taking this loan, in this way you save on additional cost on your personal loan, usually this LIC loan is available between 9% to 11%, while the interest charged on personal loans of other banks is from 10.99% to 21%. Therefore, LIC loan can be a very comfortable and cheap loan in an emergency.
There is no burden of EMI every month.
Loan Pay Loan Report is quite easy to pay the LIC policy, it is given very long to repay the loan, the period of repaying of the loan is from at least 6 months to the maturity of the policy, in such a way. The good thing for the LIC loan is that it does not even need to give the loan EMI every month.
You will have money or arrangement, according to the way you will continue to deposit, you can give money according to your own, but one thing will be taken into account Suppose it will be added, if a customer deposits LIC loan within 6 months, then he is also giving a full time of 6 months, so before settling the loan, contact his nearest branch or take a help from the customer helpline.
These are 3 ways to repay LIC Loan.
You can repay your loan in three different ways so that you don’t have to worry about EMI and you will be tension free.
First Way
You can repay the entire principal and interest amount in one go. As per your capacity.
Second Way
In the second method, you can settle the principal amount along with the claim amount at the time of maturity of your insurance policy and only the interest will remain and you will have to pay only the interest.
Third Way.
In the third method, you just keep depositing your interest and the principal amount that remains can be repaid as per your income till the policy maturity, so that the burden of EMI does not overwhelm you.
How to apply for LIC Loan.
You can apply for loan against insurance through both online and offline mode.
Online-
To apply online, you need to register in e-services on LIC portal and then login to your account. After this, check yourself whether your insurance is eligible for loan or not. If yes, then read the loan terms, conditions and interest rate carefully. After this, upload the KYC data online and then finally submit the application. Know more
Offline-
For offline, you will have to go to the nearest LIC office with your KYC documents, then talk to the branch manager or agent and apply for the loan.
How much loan can you get.
The loan amount in LIC is decided on the surrender value of the insurance policy, you can get a loan up to 80% to 90% of the insurance surrender value.
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