Loan Against LIC Policy: You can easily get a loan against LIC policy,  know how to apply..

If you are troubled by any financial problem, then in such a situation people turn to personal loans. However, this can be an expensive option, because in this you may have to face a high rate of interest. Usually, this interest rate ranges from 10 to 15%.

In such a situation, if we tell you that you have an option, with the help of which you can easily take a loan at low interest. But for this, you must have an LIC policy because you can take a loan on it at low interest. Let us know how you can take a loan on your LIC policy.

Who can take a loan on LIC?

If you want to get a loan on LIC policy, then for this you have to fulfill some standards.

You must have Indian citizenship.

The person taking the loan should be at least 18 years of age or above.

The person taking the loan should be a policyholder and should have a valid LIC policy in which at least 3 premiums have been paid.

Why is an LIC loan beneficial? Loan on LIC policy is beneficial for Indian consumers for many reasons.

The policyholder can take a loan of up to 80%-90% of his surrender amount, which makes it a better option.

If you take a loan on an LIC policy, you will have to pay a lower interest rate than a personal loan.

The interest charged on it is calculated based on the total amount and the frequency of payment of the premium amount.

The higher the frequency and premium amount paid, the lower the interest rate. By the way, LIC takes loans at an interest rate of about 10-12%.

There is no difficult process in this. Taking a loan on an LIC policy makes it safe because it is the money of the policyholder.

How to apply for a loan?

If you want to take a loan on LIC, then there are two ways to do it. You can use it online and offline.

Offline:-

First of all, go to the LIC branch near you.

Then fill out the loan application

After this, submit the required documents.

Note- After completion of this process, the loan comes to your account within 3-5 days.

Online:-
If you want to avail the online facility, then for this you have to register for premium services on the insurer's website.

First of all, go to the insurer's website.

After this click on the 'Online Loan' tab.

Here the holder will be redirected to another web page.

Click on 'Through Customer Portal' to request an LIC loan online.

After this, the person has to enter his user ID, DOB, and password to log in.

Here you can get a loan instead of LIC.

Now proceed to request a loan.

Once processed, the loan will be available within 3-5 days.

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