Objective
Personal Loan Scheme for LIC employees
Purpose
To meet all types of personal needs.
Eligibility
All Confirmed/ permanent employees of Life Insurance Corporation of India (LIC) with minimum 1 years of service.
Quantum Of Finance
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
| Criteria | 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
Nil
Documentation Charges
Nil