LIC personal loans low Interest rates – Check EMI, Loan Terms

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
Year Principal Interest Balance Amount
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
  • 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.

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