How can I pay my LIC Home loan Online?

The procedure for same is as given below:

1. Login with user id and password on customer portal.
2. Click on Pay Online.
3. Select Loan Account and click on “Get Dues”.
4. Amount due as on date will be shown for the selected loan account.
5. Click on Pay.
6. Select the mode of communication.

Can I pay LIC loan partially?

At a time when there is a dire necessity and no other funds are available, it is best to go in for loan on your LIC policy. It is a much easier and more economical source of borrowing. And above all, it does not hurt your self-esteem. It is after all your own money that your are withdrawing.

Can LIC loan be taken online?

You can apply online for a loan against your LIC policy. Here are the steps you need to follow to apply for a loan against your LIC policy. It should be noted that the online facility to apply for the loan against LIC policy is available only to registered customers.

Can I change my home loan to another bank?

Obtain all the necessary documents required to transfer your home loan balance from your current lender. Obtain a consenting letter from the existing bank along with the outstanding loan amount. Provide these documents to the new bank that you wish to transfer the housing loan balance.

What is the surrender value of LIC?

Surrender value is the sum/ amount payable to the insurer when deciding to stop the policy and embody the same from LIC. The value is payable only after three full years of premiums are paid to LIC. The policyholder can opt to surrender his policy anytime he wants to.

Can I pay LIC interest online?

Go to the website of LIC of India. From there select ‘Through customer portal’ or ‘Pay direct’.

These options will ask to give the credentials and details of your policy from LIC.

Upon clicking the ‘Submit’ button,you will be asked to give the number of your policy and the payable premium amount.

How do you calculate the monthly payment on a loan?

To calculate the monthly payment on an interest only loan, simply multiply the loan balance times the monthly interest rate. The monthly interest rate is the annual interest rate divided by twelve.

What is an online payment?

Online payment usually is the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account. The online payment can be done from a credit card, checking account or other clearing house like paypal for example.

What is the formula for monthly loan payment?

The Formula. The formula for calculating a loan payment is: Monthly payment = P [{r(1+r)^n}/{(1+r)^n-1}] An explanation of the symbols: ^ : This denotes an exponent; in the equation, it would read, “One plus r raised to the power of n.”.