What is the procedure to get loan from LIC?
Table of Contents
What is the procedure to get loan from LIC?
Steps to Avail a Loan Against LIC Policy
- Visit the nearest LIC branch office.
- Fill out the loan application form.
- Submit the required documents.
- Once processed, the loan will be disbursed within 3-5days.
Can I take loan on my LIC policy?
The loan amount is given on the basis of the surrender value of the LIC policy. The maximum loan amount that can be availed will be up to 90\% of the surrender value. The maximum loan amount is 85\% of the surrender value for a paid-up policy.
How can I know my LIC loan status?
Click on ‘Click to Track Application’ and you will be directed to the page as shown below. Enter your application number in the field given on the page and click on ‘Submit’. On the next page, the status of your loan application will be displayed.
How long does it take for loan processing?
How Long Does It Take To Get a Loan?
| Online Lenders | Traditional Banks or Credit Unions | |
|---|---|---|
| Application Time | Plan for 15 minutes or so | Plan for 15 to 60 minutes |
| Approval Time | Three to seven days | Same day to several days |
| Funding After Approval | One to seven business days | Same day to several days |
How do you know if your loan is approved?
How do you know when your mortgage loan is approved? Typically, your loan officer will call or email you once your loan is approved. Sometimes, your loan processor will pass along the good news.
How to take a loan against your LIC policy?
If you are eligible to take a loan against your LIC policy, you will need to do as follows to borrow a loan: Visit the nearest branch of a bank. Fill-up the loan application form and submit to the lender’s representatives with the required documents.
What is the rate of interest charged on LIC personal loan?
The rate of interest charged on LIC Personal Loans starts at 9\% p.a. Q2. What is the maximum amount that can be availed against an LIC policy? The maximum amount that can be availed against an LIC policy will be 90\% of the policy’s surrender value.
What are the pros and cons of LIC loan?
Lower interest rate: The interest rate offered by LIC against LIC policy is comparatively lower as compared to other banks. LIC charges a low interest rate depending on the policy as well as applicant profile. Moreover the interest on the loan has to be paid semi-annually i.e. twice a year.
Can LIC policy be used as collateral for secured personal loan?
The LIC policy used for obtaining loan has guaranteed surrender value (term plans not eligible) Currently term plans provided by LIC cannot be used as collateral for this secured personal loan as they do not have a guaranteed surrender value.