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A life insurance policy is designed to provide financial cover to your family if something happens to you. Certain types of policies such as unit-linked and endowment plans also double up as investments. But now your insurance plan can also help you raise funds when you need it through a loan against insurance policy.
What is a Loan Against LIC policy?
A life insurance policy from LIC or other reputed private insurers is one of the securities you can use as a collateral to take a loan.
Can I get a loan against any policy?
You can get a loan against a list of approved policies. These include unit-linked plans, endowment plans, whole life plans and income plans from many insurers. However, a term insurance policy may not entitle you to a loan.
How much loan can I get against my insurance policy?
You can get a loan against insurance policy starting at Rs 2 lakh, and up to 80% of the surrender value of the policy you pledge.
What do I need to do to get a loan against LIC policy?
Visit the nearest HDFC Bank and submit a filled-up Loan Against Security application form, the original policy document, address, ID and income proof. The bank will inform you about details like loan eligibility, tenure and interest. If you are an existing HDFC Bank customer, you will need minimal documentation, and the turnaround will be faster.
How will the loan be paid out?
The Loan Against LIC policy is paid out as an overdraft into your HDFC Bank account. You can draw the funds from your account any time you want. The good thing about the loan is that you are liable to pay interest only on the amount you use and for the duration you use it. For example, if you have taken a loan of Rs 2 lakh, and you draw just Rs 20,000, you need to pay interest only on the drawn amount.
Looking to apply for loan against shares? Click here
* Terms & conditions apply. Loan disbursal at sole discretion of HDFC Bank Ltd
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Weddings come once-in-a-lifetime. And you want it to be perfect in every way. A personal loan makes your dream wedding possible. Get complete peace of mind about finances for your big day with a marriage loan.
A personal loan is one that is provided by a bank to fund a financial need or immediate cash requirement, be it for business, family wedding, studies or foreign trips. The bank will not question you about the end use when you are applying for a personal loan
Personal loans are loans that do not require collateral or security and is offered with minimal documentation. You can use it for any legitimate personal need. Like any other loan, you must repay it according to agreed terms with the Bank usually over a few months to a few years in easy equated mont
When you have a clean credit history and a track record of financial discipline, you may become eligible for a personal loan pre-approval.
Whether you want funds for a family wedding, a foreign holiday, child’s education, home renovation or medical emergency —a personal loan is the ideal solution for your urgent financial needs.
A personal loan is useful to fund a range of financial needs, including home renovation, children’s education, medical emergency, family wedding or a dream vacation.
Emergencies may happen rarely, but they are always unexpected. And when you are faced with a tough situation, you may need funds quickly.
Ask yourself these questions before you decide to apply. From how to apply for a personal loan to personal loan requirements, we have the answers to key questions that you may have.
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Be it a wedding, children’s education, a medical emergency or foreign travel, a personal loan is a great way to raise funds for a wide range of personal needs. You can get the funds quickly, with minimal documentation. You can repay the loan over many months or years in easy monthly instalments.
At times you need to borrow funds to finance large purchases, consolidate existing debts or even seek short term help. HDFC Bank offers a wide range of financial products that can be borrowed to suit your financial requirements
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