We can’t say when we need money. But we can say that Loans without any processing charges, verifications, surities, delays, hypothecation and high interest rates is difficult to get. But if you are a LIC Policy holder getting a personal loan means just taking a hand loan from your friend.
If you have LIC Policy then first try for loan against that policy. Life Insurance Corporation Policy holder can avail the loan facility by submitting his/her Policy document.
How to get the LIC Loan
1.Submit your LIC Policy Document at the branch where you hold the LIC Policy.
2.Instantly (within hour) you can receive the cheque. Some times they may send through Post. But if you need amount immediately you can receive cheque by hand by proving your identity. Ofcourse it is under descretion of concerned manager.
Points to be remembered before opting for LIC Loan
1.As on today Rate of Interest is 9% per annum. You may observed that interest rates are hiking now a days frequently due to the guidelines of RBI in view of inflation. But 9% is very low rate of interest comparing to other financial institutions. It means 0.75% per month.
2.Interest calculated twice in a year. That means for every six months.
3.There is no Fixed EMIs for Repayment. You can pay as much principal as you can.
4.Interest calculation will be done on outstanding to be paid principal. So if you pay Principal frequently your Interest amount will reduced.
5.If you are unable to pay the principal, pay only interest, principal amount will be adjusted at the time of maturity of your policy.
6.Online payment facility not applicable for loans repayment, you should pay the amount at the Loan receiving branch only.
7.After completion of your repayment, you receive your policy document submitted at the time of receiving a loan.
8.Loan Amount eligible can known at the branch where you hold the Premium or Internet Account.
Most of LIC policy holders do not have awareness about this loan facility. They can avail this facility for their personal loan needs like children education, Marriage, House Building, Medical treatment etc. for low interest rate.