Did you take a loan against lic policy? Or did you just applied for a personal loan against your lic policy, but don’t know what is the status of your loan against lic policy? In this article I will be sharing the simplest way to check you lic loan status online in next 2 minutes only. You can also check lic loan status by sms if through LIC mobile SMS services.
Well, if you have the need of money to fund an emergency priority then it is always good apply for loan against fixed deposit or lic policy. The reason is very simple and that is the lowest interest rate. If you approach for personal loan from any bank these days, then they will ask you are higher interest rate from 14% onward.
in that context, applying for personal loan against your insurance policy is a good idea as you are actually taking loan from your own money with a lowest interest rate. And the prepayment clauses are also very simple in this kind of situation.
Steps To Check LIC Loan Status Online
So, the process of checking your loan application status or loan closure status online is very easy in case of lic policies. Let’s follow them with the below step by step guide.
- You have to register for LIC of India E Services and for that you need the lic policy number against which you have applied for loan. With that also you have to provide your mobile number, email address and few more personal information.
- Visit www.licindia.in website and click on e-services button in the left side of the home page. Then click on New User button and then provide all necessary information to register your policy.
- After successful registration, you have to login with your userid and password to access the dashboard area.
- In the left side menu, find out Loan Status link and click on the same to know your lic loan status.
You will find all your policies listed on that page. Now select the policy against which you have applied for loan. And then click on the policy status button to get the latest status of your lic loan.
Process to take a Loan Against LIC Policy
If you want to take a loan against your LIC policy then its always better to go to the nearest LIC branch office and ask for the same. The detailed process will be covered in a separate article. In case you are looking for housing loan from LIC of India, then you have to visit LIC Housing Finance company for that which is not discussed here.
The maximum loan amount available under the policy is 90% of the Surrender Value of the policy. In Case of paid up policies 85% of the surrender value and cash value of bonus is the maximum that can be loaned in. The rate of the interest applicable on the loan is 9% and the minimum period loan is given if for 6 months. Make sure you have read the complete terms & condition and also find out the latest interest rate and rules before applying for loan against lic policy.