How to get loan lic
Can I take loan from LIC?
LIC offers loan against their insurance policy, which individuals can use for their own personal or commercial needs. The LIC Insurance Policy acts as collateral for the loan taken. Any outstanding loan amount would be deducted from the maturity benefit if the policy matures and the loan is not repaid.
When can I get loan on LIC policy?
You are eligible for a loan against policy only when you have paid 3 years of premium as the policy acquires a surrender value only after 3 years of paid premiums. Your loan tenure is restricted to the remaining tenure of the maturity of your loan policy.
Can I get loan on my policy?
In order to avail a loan on an insurance policy, the policy must acquire a surrender value. The amount sanctioned for the loans is usually 85% to 90% of the policies surrender value.
What is the loan interest in LIC?
LIC Home Loan Details
| Loan Amount | Rs.1 lakh – Rs.15 crore |
|---|---|
| Interest rate | 6.90% p.a. onwards |
| Current LHPLR | 14.70% |
| Processing Fees | 0% – 0.50% |
| Max Repayment Tenure | 30 Years |
How much home loan can I get on 35000 salary?
How Much Home Loan Can I Get?
| Net Monthly Income (₹) | Loan Amount (₹) |
|---|---|
| ₹ 30,000 | ₹ 17,09,806 |
| ₹ 35,000 | ₹ 20,46,586 |
| ₹ 40,000 | ₹ 23,83,366 |
| ₹ 50,000 | ₹ 30,56,926 |
How can I get loan from LIC Jeevan Anand?
How to Apply for Such Loans? You need to fill in and submit Form 5196 or 5205 with your agent or the nearest LIC branch. Form 5196 is for taking out a fresh loan. Form 5025 is applicable for a follow-up loan where the policy is already endorsed in the name of LIC.
What is the EMI for 20 lakhs home loan?
20 lakh home loan EMI for 30 years
| Loan amount | Tenure | EMI |
|---|---|---|
| Rs 20 lakh | 30 years | Rs 12,641 |