How to take loan on LIC Policy

How to take loan on LIC Policy

Hello, friends welcome to our blog. Today in this post we will tell you How To Take a loan From Yono SBI?, What is Yono SBI loan interest? And whether it is safe to take a loan from Yono SBI or not, we are going to tell about it in detail.

If all of you need money, then all of you have to take a loan. Now many times all of you are not able to get an instant loan. But nowadays due to being online, everything is available as soon as possible. You can take a loan sitting at home with the help of the Yono SBI App. You just have to do a little process about which I have told you below.

What is LIC Policy?

What is LIC Policy?

Lic Policy is Also Known As Life Insurance. Life Insurance can be defined as a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.

How to take a loan from Lic Policy? (Online Method)

If you have registered for LIC e-Services, you can log into your online account and check if your insurance policy is eligible for obtaining a loan against the LIC policy.

If it is, the terms and conditions, interest rates and other features of the loan will be shown to you online.

On submission of the application, you may be required to upload KYC documents or send those to the nearby LIC Office in order to get your loan application processed.

Eligibility Criteria

The following are some key eligibility criteria for those opting for a loan against LIC policy:

  • Minimum age of the applicant should be 18 years
  • Applicant must have a valid LIC policy
  • The LIC policy used for obtaining loan has guaranteed surrender value
  • At least 3 years of LIC premium has to be paid in full

Conclusion

We have told you in this blog about how to take a loan from Yono SBI. If you face any problem in taking a loan from Yono SBI, then you can easily tell us by commenting, we will try to answer all your questions easily. Also, if you are facing a problem in taking a loan, then you can easily take a loan with the help of Google Pay, Amazon Pay, PhonePe.

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