New Delhi. If you are facing any financial problem, then in such a situation people turn to personal loan. However, this can be an expensive option, because you may have to face high rate of interest in it. Usually this interest rate ranges from 10 to 15%.
In such a situation, if we tell you that you have an option with the help of which you can easily take a loan at low interest. But for this, it is necessary for you to have a LIC policy, because you can take a loan on it at low interest. Let us know how you can take a loan on your LIC policy.
Who can take loan against LIC
- If you want to get a loan against LIC policy, then you will have to fulfil certain standards.
- You must have Indian citizenship.
- The person taking the loan should be at least 18 years of age or above.
- The person taking the loan must be a policyholder and should have a valid LIC policy with at least 3 premiums paid.
Why is LIC loan beneficial
- Loan against LIC policy is beneficial for Indian consumers for several reasons.
- The policyholder can avail a loan of up to 80%-90% of his surrender amount, making it a preferable option.
- If you take a loan against LIC policy, you will have to pay a lower interest rate than a personal loan.
- The interest charged on this is calculated based on the total amount and the frequency of payment of the premium amount.
- The higher the frequency and premium amount paid, the lower the interest rate. However, LIC offers loans at around 10-12% interest rate.
- There is no difficult process involved in this. Taking a loan against LIC policy is safe as it is the policyholder’s money.
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How to apply for a loan?
If you want to take a loan on LIC, then there are two ways to do it. You can use it online and offline.
Offline:-
- First of all go to your nearest LIC branch.
- Then fill out the loan application
- After this submit the necessary documents.
Note- After completion of this process, the loan is disbursed to your account within 3-5 days.
Online:-
If you want to avail the online facility then you will have to register for premium services on the insurer’s website.
- First, visit the insurer’s website.
- After this click on the ‘Online Loan’ tab.
- Here the holder will be redirected to another web page.
- Click on ‘Through Customer Portal’ to request LIC loan online.
- After this the person has to enter his User ID, DOB and Password to log in.
- Here you can get loan against LIC.
- Now proceed to request a loan.
- Once processed, the loan will be disbursed within 3-5 days.
