Personal loan on lic policy interest rate
The life covers that these plans offer don't have much to boast about either. Ask any financial planner and he will tell you how you have erred by buying an endowment insurance plan instead of a term plan, a pure insurance product. However, all is not lost. You can still salvage yourself partially by availing of the 'fringe benefits' of your LIC policy or any other endowment plan. The biggest benefit of having an LIC policy is that you can take a loan against it at a reasonable rate.
Loan Against LIC Policies
Bajaj Finserv offers easy Loan Against Insurance, so you can get funds for financial emergencies, by pledging your insurance policy as a collateral. This ensures that you keep your insurance intact for emergencies, while also raising funds for immediate use. Taking a Loan Against Insurance, can help you enjoy several different benefits. Take a loan up to Rs. Be it the purchase of new premises for your business, a merger with another organisation or buying a high-value property, this loan can help you attain various personal and professional goals with equal ease.
Get access to a dedicated Relationship Manager who will offer hour support, all days of the week. Hence, you need not travel long distances to the branch, to seek answers to your doubts. With a loan Against Insurance by Bajaj Finserv, you can enjoy a simple online application process. Upon approval, the amount will be credited directly to your bank account.
This loan features simple eligibility criteria. If you are a salaried or self-employed resident citizen of India, of 21 years of age or more, you can apply for this loan. However, you need to ensure that the value of your insurance is at least Rs. You can monitor and track all your loan-related details easily, and view interest statements, principal statements and account balance, by simply logging in to the customer portal with your allotted user ID and password.
You can speed up the application process by submitting only basic documents such as ID proof, address proof, document proof of the insurance policy, and a passport size photograph. A flexi-loan facility is best for individuals needing finance unexpectedly, or on a periodic basis. You can use this facility to make multiple withdrawals from your total sanctioned amount, and pay interest only on the amount utilised.
You can also choose to pay interest-only EMIs and repay principal at the end of tenor. Loan against Securities Interest Rate.
How to Apply for Loan against Securities. Loan against Shares Eligibility Criteria. Indemnity Insurance for Doctors. Loan Against Securities. Apply for Loan against Securities.
Loan Against Mutual Funds. Quick apply. Full Name Please enter your first and last name. Email Id Please enter your email id. Mobile Number Enter digit mobile number. Total Portfolio Value Please enter total portfolio value. You have a Loan Balance Transfer of Rs. High Loan Value Take a loan up to Rs. Dedicated Relationship Manager Get access to a dedicated Relationship Manager who will offer hour support, all days of the week.
Easy online application With a loan Against Insurance by Bajaj Finserv, you can enjoy a simple online application process. Easy eligibility criteria This loan features simple eligibility criteria. Hassle-free access to your account You can monitor and track all your loan-related details easily, and view interest statements, principal statements and account balance, by simply logging in to the customer portal with your allotted user ID and password.
Flexi loan facility A flexi-loan facility is best for individuals needing finance unexpectedly, or on a periodic basis. Apply Now. Subscribe to our Newsletter Thanks for Subscription!
Minimum Tenure. Endowment Policyholders who have paid premium for a minimum of three years.
You can take a low-interest loan against your LIC policy! Surrender value is what the policyholder will get when you terminate the insurance policy before the maturity date. Note: Surrender value is applicable only for policies that have a savings component. That means term-life policies are automatically ruled out. The surrender value is meager in the initial years.
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Need personal loan at low interest rate of 10.5%? Take the Loan against your LIC Policy
I have never been a big fan of traditional life insurance plans such as endowment plans, money back plans etc. Traditional life insurance plans provide low life coverage and poor investment returns. Hence, such plans are better avoided. When we talk about life insurance plans, the first name that typically pops up in your mind is that of LIC Life Insurance Corporation of India. An interesting aspect of LIC plans and even traditional life insurance plans from other insurers is that you can take a loan against such insurance plans.
Should you opt for a loan against life insurance policy?
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New Delhi: The primary objective of buying a life insurance policy is to safeguard and provide security to your family in the event of your untimely demise. However, the benefit of an insurance policy is not just limited to providing cover and investment option.
Bajaj Finserv offers easy Loan Against Insurance, so you can get funds for financial emergencies, by pledging your insurance policy as a collateral. This ensures that you keep your insurance intact for emergencies, while also raising funds for immediate use. Taking a Loan Against Insurance, can help you enjoy several different benefits.
Loan Against LIC Policy
When in need, taking a loan against LIC policy can be a good decision. There are several benefits of taking a loan against the LIC policy. One can get the loan amount disbursed fast against the security of life insurance policy, often within 24 hours. Also, there is no need to submit extra documents or security and the rate of interest on this loan is also low. Moreover, you can repay the loan taken on the LIC policy as per your convenience. That means, there is nompulsion of making monthly EMI payments to repay the loan. ALso, there is no fixed deadline for repaying the loan. Whenever you have extra money, you can put it in the loan account. After repaying the loan, you will be given back the policy document. The surrender value is calculated at the time of getting the loan, which is given by LIC itself, not by a third party.
Loan Against Your LIC Policy: Better Than Personal Loans?
Personal loans help us in the hours of urgency. Be it for marriage, vacation, education, medical emergency or any foreseen circumstances, personal loan is the way out for all of us. However, these loans come at a very high cost. The interest rates on personal loans generally vary from You realize the implications only once you start repaying the EMIs and check the interest component of it.
