LIC policy is beneficial not only because of it
provides us with mandatory insurance policies but also because it offers some
crucial personal loan options against itself. One needs to consider all of its
key benefits, features, conditions as well as eligibility criteria before
opting for a loan.
If you are already a subscriber of LIC policies, it
becomes easy for you to get quick and instant personal loans against your life
insurance policy. Minimal documentation is required to avail of this loan. No
additional documents and CIBIL score will be needed.
In these types of loans, interest is paid on a
half-yearly basis, i.e., interest is calculated every 6 months. Such loans are
not paid in EMIs, which results in more flexibility in loan repayment. The
current interest rate on the LIC policy loan is around 10-12%.
This loan gives the borrower an option to either
pay both the principal and interest or pay only the interest. In the latter
case, the principal sets off against the maturity value. However, the loan
value must be less than 90% of the surrender value. In case it exceeds the
limit, the application will be terminated.
Read more detail: How To Apply For A Loan Against LIC Policy
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