How to Apply for LIC Loan Against LIC policy | Check LIC Loan Interest

LIC Loan interest | Loan Against LIC Policies: How to get loan against lic policy Online application process at https://licindia.in/Home-(1)/LICOnlineServicePortal

LIC LOAN

Life insurance corporation of India (LIC) is an insurance establishment that covers millions of users with various policies. LIC offers affordable policies with excellent terms. The company also allows policyholders to request loans against their policies. The insured can avail of a personal loan to cover emergencies. The loan application is available through online platforms and offline or manual facilities. The applicant can visit any of the LIC branches to apply.

LIC provides the user with simple interest rates of 10.25% (not fixed) and a loan amount of 90 % of the surrender value. The payment periods are pretty flexible, making LIC loans a better option for policyholders.

LIC Loan Interest Rates

LIC loans have great interest rates, which are easy for applicants. Suppose the insured requests a personal loan. The Company will secure the loan using LIC policy. This helps reduce the interest rates, which is different from other personal loans. LIC rates fluctuate but are always affordable. LIC current rates are 10.25%36.0%. However, the rate varies based on the choice of bank. LIC Corporation collaborates with major banks such as SBI bank, Axis bank, Bank Of India. The majority of the banks offer 1-2 % interest rates for personal loans.

Benefits of LIC loans for policyholders

  • The Company offers loans at a lower rate making it affordable for the insured to pay back.
  • LIC provides fast and instant loans without requesting different collaterals.
  • The applicant can acquire loans using the security of a life insurance policy.
  • The LIC policyholder can avail of a loan and still keep their savings.
  • To avail of the loan, the user should have a minimum of 6 months to secure a loan.
  • Suppose the applicant dies before completing the loan. LIC Company will deduct the amount from the amount of claim/benefits.
How to get LIC Loan Against LIC policy

How to Apply for LIC Loan Against LIC policy

To apply for a LIC policy loan, the user needs to check for eligibility from the LIC website page. Fill in the required details on Form 5196 and send them to your LIC agent for approval.

How to get loan against lic policy Online application process

  1. Go to the LIC INDIA website page or bank website in which you wish to request the loan.

    https://licindia.in/Home-(1)/LICOnlineServicePortal

  2. On the Page

    Apply for a loan against your LIC policy under the personal loan section.

  3. Enter the mandatory details on the application form.

    Next, upload the required documents and scanned KYC copies.

  4. Recheck the details

    Finally press the submit button

How to Check LIC Loan Interest Amount Online

  1. Go to https://ebiz.licindia.in/Landing/ link to check LIC loan details.
  2. Select “Customer Portal” Option in the right sidebar
  3. Enter your user ID, password, date of birth, and click on the sign-in button.
  4. On the menu, select “online payments” >loan interest payment option to continue.
  5. Choose the loan insurance policy number.
  6. Note the option shows if the user has a loan against their policy.
  7. Recheck the information and proceed to the payment option.
  8. The system will provide up-to-date interest rates.
  9. The user can also visit the branch and request interest details.

FAQ’s

  1. Are branch interest details exact with online interest data?

    Yes, the amount will be similar; the only difference is the platform.

  2. Can I close my loan using an online platform?

    The Company allows users to complete their loan payments using the online website. However, you can visit the branch for official closure.

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