Being in debt is not an ideal situation for anybody. However, there are some scenarios where availing a loan is necessary to fulfil your dreams, like in the case of a home loan. The dreams of millions of people have come true due to availing a home loan. But, if you have some money to make a partial or full prepayment of a home loan , then it is worth considering. After you make the prepayment, you will have the option to decide among two scenarios, and they are: First, you can opt to reduce your EMI. It will help you save some money each month. The second option you will have is you can opt to reduce your tenure and continue paying the same EMI. in this way your loan will be finished earlier. This decision can be made more easily by using the home loan prepayment calculator. All you have to do to use this calculator is enter the following fields: Loan amount Rate of interest Tenure (months) The amount you want to repay. The calculat
Life insurance policies are the insurance policies that protect life from unforeseen events such as death or illness. Along with providing protection cover, LIC policies can help you to meet your personal financial needs by taking a loan against LIC policy . Here are some essential features of a LIC Loan: The process of getting a LIC Loan is rapid and instant. Apart from taking LIC loans from Life Insurance Corporation of India, you can also consider banks such as Axis Bank, SBI or other major banks. LIC loan is available for 90% of the surrender value of the policy. Presently, you can get LIC Loan between 10%-12% rate of interest. LIC Loan Eligibility Criteria: You can check the eligibility of loan using LIC Loan eligibility calculator based on these factors: The basic requirement to take a LIC loan is that you should have paid annual LIC premiums for at least three years. Some of the insurance policies against which you can take a loan are Jeevan Pragat