Eligibility
All Confirmed/ permanent employees of Life Insurance Corporation of India (LIC) with minimum 1 years of service.
Loan Amount
Up to 24 times of Gross Monthly Salary with a maximum of Rs.20.00 Lakh depending upon the repaying capacity.
Margin
Nil
Security
Nil security if salary credited in account is more than Rs. 75000/- per month in last 3 months.
In all other cases – Suitable third party guarantee acceptable to the Bank.
Repayment (Maximum)
The entire loan (principal & interest) shall be repaid within remaining period of service or in maximum 72 (Seventy two)
Prepayment Charges
Nil
Rate Of Interest
- LIC employees having salary account with us: RLLR +BSP
- LIC employees not having salary account with us: RLLR +BSP +0.50%
Processing Charges/ Upfront Fee, Documentation Charges
Nil