A Loan Against LIC Policy is a borrowing option where you use your Life Insurance Corporation (LIC) policy as collateral to secure a loan. If you hold a traditional life insurance policy from LIC, you can avail a loan against its cash value. The loan amount is usually a percentage of the policy's surrender value. It's a convenient way to access funds without surrendering the policy.
The interest rates for such loans are generally lower compared to other types of unsecured loans. Repayment terms are flexible, and the outstanding loan amount, along with interest, is deducted from the policy's maturity or claim amount if not repaid during the policy term. However, it's crucial to understand the terms and implications, as failure to repay may affect the policy benefits.
Lenders generally vet and approve LIC loan applications in a timely manner. after the application is approvedAfter this, the loan amount is received. It may take a few minutes to 48 hours for the loan amount to reach you Could.
To pay EMI, you can either go to the branch directly and make cash payment or make online payment. From this Please contact your branch to get further related information.
The repayment schedule of the loan is quite flexible. You can make repayment in the form of EMI. Which can be from 3 months to 7 years. You can choose a suitable loan repayment period keeping in mind your repayment capacity Can choose.
This may vary depending on the terms and conditions of the lender. Some lenders will let you Can allow prepayment of phone at any time. Prepayment of loans from certain financial institutions and banks You may also have to pay some fees for doing this.
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