LIC loan apply, If you want to apply loan from LIC or want to know anything related to LIC policy loan then you have come to the right page.
Be sure to read this post till the end to get complete information related to LIC loan details. All these details related to LIC loan are explained in this post.
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LIC Policy Loan Apply/LIC Bond Loan Apply
If you have LIC policy then you can take LIC Policy Loan. Yes, all insurance plans of LIC have this feature so that any LIC customer or policy holder can apply for a loan from his LIC policy.
Such as – LIC’s Jeevan Labh, Jeevan Anand, New Endowment, Money Back Plan, Single Endowment, Jeevan Shanti, Jeevan Umang, Jeevan Tarun etc. There are many other plans of LIC in which loan option is available.
But the condition in this is that at least 3 years premium is paid in your LIC policy. If a policyholder pays 3 years premium, then he can apply for LIC policy loan.
Whenever someone applies for a loan from LIC policy, LIC Bond has to be deposited with LIC. LIC Policy Bond and necessary documents have to be submitted only then LIC Bond Loan is applied.
LIC loan eligibility
If you already have an LIC policy and want to apply for the loan, then first know what is the eligibility of LIC policy loan.
To know about LIC loan eligibility to take loan from LIC policy, under what conditions LIC gives loan to its insured. like..
- Your insurance policy should have full 3 years premium payment.
- After 2021, the insurance policy should have full 2 years of premium payment.
- It is necessary to have your bank account and PAN card.
- The name which is in the insurance policy should be the same name in your bank account and PAN card.
- You have to submit the documents in the same branch from which you have taken the insurance.
So all this is LIC loan eligibility, to apply for loan from LIC policy.
LIC Policy Loan Apply Documents
Let us now know that if a LIC policy holder wants to take a loan from his insurance policy, then what documents do they need.
As LIC gives loan to its policy holder from LIC insurance policy. So for this you have to mortgage your policy bond with LIC.
This clearly means that your policy bond or policy certificate has to be submitted with LIC only then LIC gives you loan.
When you repay the loan amount, LIC gives back your policy bond. So you can understand from this that you will have to give your policy to the bond.
Documents Required for LIC Loan:
- LIC Policy Loan Form
- Policy Bond (Original)
- PAN Card (Xerox)
- Bank Passbook (Xerox)
Note: All your original documents are verified while applying for LIC loan. Please carry original documents (PAN card and bank passbook) whenever you go to apply.
LIC Loan Processing Time
When you apply for LIC policy loan, the worry is when will the LIC loan approval happen. What is the LIC loan processing time? Because the loan is applicable only to those people who are in special need of money. So after applying LIC policy loan, want to know what is LIC loan processing time.
Usually the time of LIC loan process is 1-7 days. In the meantime, LIC loan money is credited in your bank account. Sometimes LIC loan process takes more time to take. If you have applied for the loan and the loan amount has not been credited in your bank account yet, then check in the lic office.
Visit LIC branch office and see why LIC loan approval is not done. If there is any mistake then correct it and submit it again. Hopefully with this information you will be able to take a loan from your LIC policy.
LIC Policy Loan Interest Rate 2022
How much interest do we have to pay after taking out the loan from our insurance policy? What is the lic loan interest rate. Let us know that LIC Loan Interest Rate on Policy is the interest of lic loan, 4.75% (lic loan interest percentage) has to be paid every six months.
- LIC Loan Interest Half yearly: 4.75%
- LIC Loan Interest yearly: 9.5%
LIC Loan Interest Calculator: Now calculate the percentage of 4.75% of the loan amount taken by you. Thus whatever amount will come after calculating LIC loan interest percentage, you have to pay 6 months loan interest.
For example, suppose you have taken a loan of Rs 10,000 from LIC. Now how much interest will have to be paid on this amount in the next six months.
- 10,000 = 4.75% = 475/-
If you see the yearly interest of this money, then how much is it.
- 10,000 = 9.5% = 950/-
So in this way you can calculate the interest of any amount after knowing the LIC loan interest rate.
LIC Loan Interest Payment Online
As we have mentioned above that after taking a loan from LIC, you have to pay the interest of the loan every six months. You can take the help of online for LIC loan interest payment.
By the way, you can also pay the interest of the loan at the LIC branch office. But it is easiest to pay the loan interest sitting at home from online. Let us know through this video that how to pay loan interest online from LIC’s PayDirect Apps.
Watch the video below to make LIC loan interest payment online from home.
LIC Policy Loan Repayment
Now the thing is that if you take a loan from LIC policy, then how to do LIC Policy Loan Repayment. How to pay back the money of LIC insurance policy loan. Complete details of LIC loan repayment details.
If we take a loan from any other finance company or bank, then we have to pay EMI in the month. But if we take a loan from LIC policy on the same, then we do not have to pay any kind of EMI.
For LIC policy loan repayment, you can pay the loan money back whenever you want. There is no stipulated time that you have to repay the loan amount in a month.
For example, suppose you have only two thousand rupees now, then you can give only two thousand rupees. LIC takes at least Rs 100 for LIC Policy Loan Repayment. More than this you can repayment as much as you want.
If you do not repay the loan amount, at the time of maturity, LIC will deduct the loan and interest money from your policy maturity amount. After deducting the loan and interest money, all the money will be deposited in your bank account.
And if you pay both the loan and interest before the maturity of the policy, you will get the full amount at the time of policy maturity. If you have any question regarding this then definitely ask in the comment below.
LIC Loan Repayment Online
You have learned a lot above about LIC loan repayment. Now let’s talk about whether you can do LIC policy loan repayment online. So my answer is yes. You can pay LIC loan money online from home.
You can visit the LIC branch office to repay the loan amount. You can pay the loan amount taken from your insurance policy by visiting the LIC branch office.
For LIC Loan Repayment Online, you have to install LIC’s official LIC Pay Direct apps in your mobile phone. After installing this app, you can easily pay the loan money online.
Let us know how you can pay online loan repayment money with LIC Pay Direct app.
- Go to google play store and search LIC Pay Direct apps , Install this app and tap to open now.
- Now you click on Please Select and click on Loan Repayment.
- Click on Done and click on Proceed button.
- Click on submit button by giving policy details like Policy Number, Installment Premium (without GST), Date of Birth, Email ID and Mobile Number.
- In this page you will get all the information about how much money you have to pay.
- Finally, you can pay with your debit card or credit card, internet banking or UPI.
LIC Loan Details FAQs
Let us now do FAQs regarding LIC loan. Many questions related to LIC loan have been covered here. If you want to ask something, then first read this FAQs.
1. How long does it take to get LIC loan?
Answer: After applying for LIC loan, approval is received within 1-7 days.
2. What is the interest rate of LIC loan?
Answer: LIC charges loan interest every six months. The interest of LIC loan is 4.75%.
3.What if the loan interest is not paid?
Answer: If you do not pay the interest on the loan, then whenever you pay the interest, then all the interest will have to be paid together.
4. What if the loan interest is not paid at all?
Answer: If you do not want to pay the interest of the loan, then at the time of maturity LIC will give maturity after deducting both the loan and the interest.
5. Can I make loan and interest payments in any branch other than LIC servicing branch?
Answer: No
6. Will the policy bond be returned if both the loan and interest are paid?
Answer: Yes! If you repay both the LIC loan and the interest, then LIC sends back the policy bond to your address.
7. How much money is available in loan from LIC policy?
Answer: LIC gives 90% of the surrender value of the policy as a loan to its policyholder.
8. What are the documents required for LIC loan?
Answer. For LIC Loan Apply – 1. Policy Bond 2. PAN Card 3. Bank Passbook and 4. LIC Loan Form.
9. Can I give any other person’s bank passbook in LIC loan application?
Answer: No. Bank passbook is required in the name of the policy holder.
10. Name is wrong in bank passbook what to do?
Answer: Affidavit or go to the bank and do name correction. ,
11. Can LIC loan and interest be paid online?
Answer: Yes. To pay lic loan and interest online, install lic pay direct apps from play store and pay loan and interest online.
12. Do I get receipt after making LIC loan and interest payment?
Answer: Yes. The receipt is sent in email.
13. Can I apply for LIC loan myself?
Answer: Yes. You can apply for LIC loan by yourself.
14. Can I apply for LIC loan online?
Answer: Yes. You can apply from the customer portal.
15. Are there any disadvantages of taking loan from LIC policy?
Answer: No. But the interest of the loan has to be paid.
If you have any other question then ask in comment.
The conclusion
If you have read the LIC Policy Loan Apply post from beginning to end, then you have learned a lot about LIC Policy Loan (LIC Loan Apply Complete Information). I hope this post on Loan Against LIC Policy has been helpful for you.
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