LIC personal loan apply online - Step to apply online LIC Personal Loan
LIC personal loan apply online - Step to apply online LIC Personal Loan
Getting a personal loan against your LIC (Life Insurance Corporation of India) policy is a straightforward process, as LIC allows policyholders to borrow against their existing policies. Here's how you can get a loan:
Today i will tell you about "How to apply online for LIC Loan"
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| LIC personal loan apply online - Step to apply online LIC Personal Loan |
LIC personal loan apply online Eligibility:
Active Policy: You must have an active traditional LIC policy (like endowment or whole-life plans). Unit-linked plans (ULIPs) are usually not eligible.
Surrender Value: The policy must have acquired a surrender value. Typically, this happens after 2–3 years of continuous premium payments.
Loan Limit: You can borrow up to 80-90% of the surrender value of the policy, depending on the terms.
Steps to Get a Loan Against LIC Policy:
Check Policy Status:
Confirm if your policy is eligible for a loan (must have a surrender value).
Review the surrender value through your LIC policy account (via the LIC customer portal or by visiting your LIC branch).
Gather Necessary Documents:
1. Original LIC policy bond.
2. Loan application form (available at LIC branches or on their website).
3. Identity proof (Aadhaar, PAN, Passport, etc.).
4. Address proof (utility bills, Aadhaar, etc.).
5. Cancelled cheque or bank passbook for disbursement.
6. Visit Your LIC Branch:
Submit the loan application along with the required documents.
LIC will verify your documents and calculate the loan amount based on the surrender value.
Processing:
LIC may charge a nominal processing fee.
Once approved, the loan amount will be disbursed to your bank account.
Repayment Terms:
Loan Against LIC Policy: Interest Rate, Eligibility & How to Apply
Interest rates for loans against LIC policies are typically lower than unsecured personal loans (around 9-10% as of recent trends).
You can repay the loan in EMIs or in a lump sum, as per the agreement.
Non-repayment may lead to policy foreclosure after adjusting the outstanding amount from the policy proceeds.
Key Benefits:
No Credit Check: Loans against LIC policies don't require a credit score check, as the policy itself acts as collateral.
Quick Processing: As the loan is secured, the process is faster than traditional loans.
Retains Policy Benefits: You continue to enjoy the benefits of your policy even after availing of the loan.
Applying for a personal loan online against an LIC policy is convenient and efficient. Here's a step-by-step guide to applying online:
Steps to Apply for an LIC Personal Loan Online
1. Log In to the LIC e-Services Portal:
- Visit the official LIC e-Services portal. https://licindia.in/policy-loan-options
- If you're a registered user, log in using your credentials.
- If not registered, create an account by:
- Clicking on ‘New User’.
- Providing your policy details, email, mobile number, and other requested information.
- Verifying your account via OTP.
2. Check Loan Eligibility:
- Navigate to the ‘Policy Status’ section after logging in.
- Select the policy against which you want to apply for a loan.
- Check the surrender value and loan eligibility details.
3. Access the Loan Application:
In the Loan Services section, choose Apply for a Loan.
Select the policy you wish to borrow against and proceed.
4. Fill Out the Loan Application Form:
- Provide required details such as:
- Loan amount (within the eligible limit).
- Bank account details for loan disbursement.
- Upload necessary documents (if requested).
5. Submit the Application:
Review and submit the application form.
You may be required to e-sign the application using your Aadhaar-linked mobile number for authentication.
6. Receive Approval and Disbursement:
- LIC will review your application, and if approved, the loan amount will be credited to your registered bank account.
- You may receive updates via email/SMS regarding the status of your application.
- Documents Needed for Online Application
- Scanned copy of the LIC policy bond.
- Identity proof (Aadhaar, PAN, Passport, etc.).
- Bank account details (cancelled cheque/passbook copy).
- Recent photograph (if requested).
Key Points to Remember:
The loan will only be processed if the policy has acquired a surrender value.
Ensure all your policy premiums are paid up-to-date.
Check the current interest rates and repayment terms in the portal.
For further assistance, you can contact LIC customer care at 022-68276827 or email at bo_eps1@licindia.com.
Can we get a personal loan from the LIC?
To apply for an LIC Personal Loans, you need to have an LIC policy. You can take out a loan against your life insurance policy from LIC or another reputable private insurer and get up to 90% of the surrender value as a loan. . It is a great financial solution for all your personal needs.
How can I know my LIC loan eligibility?
Eligibility: Policyholders should have paid premiums for at least two years to get a loan against LIC's New Money Back Plan – 25 Years. Maximum Loan Amount: For in-force policies: Up to 90% of Surrender Value. For paid-up policies: Up to 80% of Surrender Value
Who is eligible for LIC agent personal loan?
Eligibility: LIC agents aged below 60 years with more than FIVE YEARS of agency, having regular and stable income and maintaining SF a/c with PNB branch. Compare Personal Loan Rates – Eligibility – Process of Top 10 Banks. Check CIBIL score absolutely FREE.
What is the age limit for LIC loan?
Maximum age at the time of application of loan will be 50 Years. Loan term beyond 70 Years and up to 75 Years of the senior applicant. Maximum loan tenure will be 30 Years. One time Insurance premium for Mortgage Guarantee has to be borne by the Applicant/s.
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