Table of Contents
Eligibility
It is possible to take a loan on your LIC policy if you are eligible. To be eligible, you must be at least 18 years of age, have a valid policy with LIC, and have already built up some savings in your policy. You may also need to have a good credit score and be able to provide proof of income and other financial documents. You can check with your local LIC office to find out if you are eligible for a loan.
Checking Loan Outstanding
If you have already taken out a loan on your LIC policy, you can check your loan outstanding online. To do this, you will need to log into your LIC account. Once logged in, you should be able to find the ‘Loan Outstanding’ section under ‘My Policies’ tab. Here you can view the amount of loan outstanding, the interest rate, and any other details related to your loan.
Interest Rate
The interest rate on LIC policy loans depends on the type of loan and the policyholder’s credit history. Generally, interest rates range from 8.5%-13%. However, the exact rate will depend on the type of policy and the amount of loan taken.
Jeevan Anand
Yes, you can take a loan on a Jeevan Anand policy. The loan amount is determined by the surrender value of the policy. The loan amount can range from up to 90% of the surrender value of the policy. The interest rate applicable for a Jeevan Anand loan is typically 1%-2% higher than the regular policy loan interest rate.