Lic loan payment 5 lakh

Lic loan payment 5 lakh- If you need money urgently, then you first go around the offices of banks and NBFCs to get a loan, but you do not get the loan on time and you get upset. But do you know that you can take a loan against your LIC policy and fulfil your needs?

What is LIC Loan

LIC policy pe loan is a secured loan like home loan, business loan, gold loan but there is a lot of difference between LIC loan and other loans. LIC loan will give you up to 90% of the surrender value of your running active policy. This option is for those policy holders who need immediate money especially in bad times, then you can avail a loan against your policy. Your policy is temporarily pledged with the lender till your loan is fully repaid. If you are unable to repay the loan, then all the benefits from your policy are given to the lender.

LIC Loan Payment Emi

If we talk about LIC loan payment, there are many benefits for you. In this, you can deposit the interest of your loan amount and if you want, you can also deposit only the principal amount. Therefore, compared to other loans, you get a lot of discount for repayment. For more information, visit the nearest branch. If you are facing difficulty in repaying them, then let me tell you that you can pay your loan amount from the loan number through Google Pay, PhonePe, Paytm, or any other website or payment gateway.

Required document’s for lic loan payment

To take a loan on your active LIC policy, you need to have some important documents. So that you will not have to worry about the loan.

1. Original Policy document’s
2. Identity proof
3. Cureent adress proof
4. Assignment proof
5. Any other Income then show otherwise no required salry slip or other income proof.

It is important for you to have all these documents, if you do not have them then there is no need to panic, you can deposit the LIC policy as security before your loan is approved.

How to get Lic loan on policy

LIC loan payment to apply for LIC loan, you can apply for loan approval through both online and offline mode.

Online :

1. Visit the lic official website
2. Login and go to online services tab
3. Choose online loan tab
4. Click Online policy option and place a order under online loan request tab.
5. Upload your KYC document’s for internal veryfication.

Offline :

1. Visit your lic office nearest or bank branch with your policy paper and KYC document’s
2. Once approved your loan then please check loan Term & Condition’s.

Eligibility for LIC Loan Payment

For LIC policy loan, your policy should not be under term plan, your policy should be a traditional policy, then if you want, you can apply for loan up to 80 to 90% of the surrender value of your policy and you will be eligible for it, if your policy is linked to term plan then your loan will not be approved, before taking loan, read the term conditions of the loan carefully and do check your loan.

LIC Loan payment Interest Rates :

The interest rate on LIC loan will start from around 8.50% which is much cheaper than personal loan, because the loan amount is given on your insurance surrender value. Its interest rate starts from 8.50% and is given between 11% which is the cheapest loan in the world of loans.

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