Loan on LIC Policy: You can also apply for a personal loan against your LIC policy. Know here how much EMI you will have to pay on a loan of Rs 5 lakh.
Loan on LIC Policy: If you have taken any policy under Life Insurance Corporation of India, then you can also take a personal loan on it. Life Insurance Corporation (LIC) allows its customers to avail a personal loan against the policy. Let us tell you that its interest rate is much lower than government and private banks. The personal loan interest rate offered by LIC on the policy starts from 9 percent. However, how much loan you will get depends on your income.
You can take loan against LIC policy
The interest rate on personal loan taken against the policy is low as compared to other financial institutions. At present, its interest rate starts from 9 percent and the loan tenure is 5 years. The special thing about the personal loan available here is that if you make the payment before the loan tenure then the charge is zero. That is, if the loan is repaid before the tenure, no separate charge is to be paid later.
How much is EMI made?
Talking about EMI, if a person has taken a loan of Rs 1 lakh at the rate of 9% and the tenure is fixed for 1 year, then EMI of Rs 8745 will be applicable. If the loan is taken for 2 years, then the EMI will be Rs 4568. On the other hand, if a loan is taken for 5 years, then the amount of EMI will be Rs 2076.
What will be the EMI for taking a loan of 5 lakhs
If you take a personal loan of Rs 5 lakh and are taking the loan for one year, then the EMI amount will be Rs 44191. There will be an EMI of Rs 23304 for a period of 2 years. Rs 18472 for 3 years, 15000 for 4 years and Rs 12917 for 5 years.
How can I take loan?
If you want to take a personal loan against LIC policy, then you can get more information by visiting the website of LIC. There you can apply for the loan. Fill the online form and download it. After signing the filled form, scan it and upload it on the LIC website.
After this your application will be verified by the Insurance Corporation and the loan issuance process will start. After the completion of the process, the entire loan amount will be credited to your bank account.
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