If you have a policy of Life Insurance Corporation (LIC) and suddenly need money, do not worry. LIC can fulfil your requirement. You can apply online for a loan easily. If you want, you will not need to repay the loan EMI. When the policy is maturing, the money for the loan is deducted. LIC policy loan interest rate is in the range of 10-12%.
How you can take a loan from LIC?
LIC is providing this facility on its website. You can apply for an online loan by visiting https://www.licindia.in/home/policyloanoptions. After clicking this link, you will get a window for online loan application. After clicking this you will be asked to download a form after filling some information here. This form will be full, only need to be signed by signing and then it will be reloaded on the LIC website. After that, your process is completed.
EMI will not be a hassle
There is no instalment of loan from LIC, it is your choice that you will pay before the policy is completed or the loan will be deducted at the end of the policy. However, the interest of the loan is definitely to be paid. Generally, people think that the branch will have to revolve around LIC to take a loan, but it is not so. You can take this loan home by applying it online.