Avail Quick Personal loans Against insurance policy

personal loans service provider in lucknow

A personal loans against a life insurance policy is a financial contract between individual borrowers and lenders. According to this contract, lending institutions give a loan amount basis the surrender value at the discretion of lenders, which borrowers will have to repay within tenure as may be stipulated by the lender.

Apart from an insurance cover that a life insurance policy provides, it can also be used to secure a loan at a competitive rate. These loans are provided by the insurance company itself or any other NBFC or bank, which provides loans against securities. This facility is, however, not available against term insurance policies or Ulips that invest in equity or equity oriented securities.

You can get a loan against insurance policy starting at Rs 0.50 lakh, and up to 80% of the surrender value of the policy you pledge. loans against LIC policies at an interest rate starting at 10 per cent per annum. Moreover, the repayment tenures and modes are flexible as well. This loan is available for every one who has an insurance policy with minimum surrender value above 50,000.

  • Features:
    1. No income proof needed
    2. No credit check required (means bad credit people may also avail the offer)
    3. Minimum documentation
    4. Quicker processing
    5. Avail Loan up to 80-90% of the surrender value of the policy.

To avail the loan, a loan application form needs to be filled by the insurance policy holder. The application form must be accompanied with the original insurance policy document. A payment receipt for the loan amount and a copy of a cancelled cheque must also be enclosed with the application.

Loan Amount : 50,000 to 1 cr (The loan amount is calculated basis the surrender value of your insurance policy. Financial institution will mark a lien on your policy before disbursement of your loan.)

Points to note:

Interest rates on loan against insurance policy is usually much lesser than a personal loan. If in case the interest due on the loan exceeds the surrender value, the policyholder runs the risk of losing insurance cover.

This loan is much easier as compared to other loan like Mortgage loan, personal loans and business loan. For more details, you may contact us @ 91-9616502044 , 884176804 , 8726405883

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