PNB Personal Loan Scheme for LIC of India Employees
Particular
Details
Scheme Name
Personal Loan Scheme for LIC of India Employees
Objective
To provide personal loan facility to LIC employees
Purpose
To meet all types of personal needs
Eligible Borrowers
Confirmed/permanent employees of Life Insurance Corporation of India (LIC)
Minimum Service Requirement
1 year
Minimum Loan Amount
Not specifically mentioned on the scheme page
Maximum Loan Amount
₹20 lakh
Loan Quantum
Up to 24 times Gross Monthly Salary
Repayment Capacity
Loan amount is subject to repayment capacity
Margin
Nil
Security
Nil security if salary credited in account is more than ₹75,000 per month during the last 3 months
Security if Salary ≤ ₹75,000
Suitable third-party guarantee acceptable to the bank
Maximum Repayment Period
Remaining period of service or maximum 72 months, whichever is earlier
Prepayment Charges
Nil
Processing Charges / Upfront Fee
Nil
Documentation Charges
Nil
Eligibility Criteria
Eligibility
Requirement
Employer
Life Insurance Corporation of India (LIC)
Employee Type
Confirmed/permanent employee
Minimum Service
1 year
Salary
Used for determining the eligible loan amount
Repayment Capacity
Must support the proposed loan amount
The scheme specifically requires the borrower to be a confirmed/permanent LIC employee with at least one year of service.
Loan Amount
Particular
Limit
Salary-based eligibility
Up to 24 × Gross Monthly Salary
Maximum loan
₹20,00,000
Margin
Nil
Final amount
Subject to repayment capacity
For example, if an eligible LIC employee has a gross monthly salary of ₹50,000, the salary-based limit would be ₹12 lakh (24 × ₹50,000), subject to the bank’s assessment of repayment capacity and the overall ₹20 lakh ceiling.
Security Requirement
The security requirement depends on the salary being credited to the account:
Salary credited
Security requirement
More than ₹75,000/month for the last 3 months
No security required
₹75,000/month or less
Suitable third-party guarantee acceptable to PNB
Interest Rate
Category
Interest Rate
LIC employees having salary account with PNB
RLLR + BSP
LIC employees not having salary account with PNB
RLLR + BSP + 0.50%
Repayment
Particular
Details
Maximum Tenure
72 months
Service-based restriction
Loan must be repaid within remaining period of service if that is shorter
