You can get a personal loan from Life Insurance of India with a low-interest rate compared to other lenders’ rates. The interest rate starts from 9 per cent and the tenancy is 5 years.
Highlights of LIC Personal Loan
The loan repayment tenure is 5 years.
The interest rate is 9 per cent.
You can take up to Rs 5 lakh.
Additional Benefits: You repay the loan before the timeframe, you get an exemption from extra charges.
LIC Personal Loan EMI calculator
Supposedly, you get a personal loan of Rs 1 lakh at an interest rate of 9 per cent for 2 year, the EMI amounts to Rs 4568. If you will take it for 4 years, EMI works out to Rs 2489.
Here’s the example if you get a loan of Rs.3 lakh for 5 years @ 9% ROI, the EMI calculation’s are as below:
- Loan Amount = Rs. 3,00,000
- Monthly Instalment (EMI) = Rs. 6,228
- Total Interest Amount = Rs. 73,650
- Total Amount (Principal + Interest) = Rs. 3,73,650
|1||Rs. 49,756||Rs. 24,980||Rs. 250,244|
|2||Rs. 54,424||Rs. 20,312||Rs. 195,820|
|3||Rs. 59,529||Rs. 15,207||Rs. 136,291|
|4||Rs. 65,113||Rs. 9,623||Rs. 71,178|
|5||Rs. 71,224||Rs. 3,516||Rs. 0|
How to take a personal loan from LIC?
- Visit the official website of LIC i.e www.licindia.in
- Go to the policy loan option
- Download the loan form
- Fill up the form
- Scan the form and upload it.
- LIC will verify your loan request form.
If the loan is approved, the loan amount will be credited to your account.