LIC policyholders get cheap personal loan, know EMI Calculation on loan of 5 lakhs

LIC policyholders get cheap personal loan
LIC policyholders get cheap personal loan

Pesonal Loan for LIC policyholders

If you are thinking of applying for a loan in the era of inflation and with cheap interest rates, then LIC gives a great facility to its customers. LIC i.e. Life Insurance Corporation (LIC) allows policyholders to apply for loans on their policies.

If you have a policy of LIC, then you can apply for Personal Loan on LIC Policy. This type of personal loan has very low interest rates as compared to government and private banks. The interest rate of personal loan offered by LIC on the policy starts from 9 percent. However, how much loan you will get depends on your income.

You can take personal loan against the 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 has 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 of 1 year is fixed, 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 EMI amount 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?

Pesonal Loan If you want to take a personal loan on LIC policy, then you can get more information by visiting LIC’s website. 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.