Don’t worry if your CIBIL score is low; Here is the way to get a loan

CIBIL Score: Anything can happen in life. Not only that, life is becoming more expensive year by year. Construction of house, purchase of vehicle, agricultural activity, children’s education etc. need to borrow for various reasons.

But to get a loan from a bank, it is necessary to have a good CIBIL Score. If the CIBIL score is low, you will not get a loan. Even if found, high interest rate will be charged. But now you don’t need to worry if your CIBIL score is low. Life Insurance Corporation of India (LIC) can avail loan facility to customers. CIBIL score between 300 to 900 is better.

A higher CIBIL score indicates that the individual has demonstrated better borrowing and equally responsible debt repayment behavior. A person’s CIBIL score is calculated taking into account at least 6 months of business.
If your CIBIL score is low, the loan application is likely to be rejected. But LIC does not require CIBIL score.

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Therefore, experts suggest that you should get an LIC policy along with life protection and also take a loan in case of need. That means if you have a policy in your name with LIC, you can get a loan based on it. It is worth noting that the interest rate is also very low compared to a personal loan.

What is the qualification:

This is a loan against LIC policy. The loan is not available immediately after purchasing the policy. You will get a chance to get a loan after a fixed period. Also, it is mandatory for the borrower to be at least 18 years of age. Those who have paid the annual premium for a period of three years can apply for the loan. 90% of LIC policy amount is available in the form of loan.

What is the interest rate:

The loan interest rate under LIC policy is usually Rs 10 to 13 percent. There is no headache of paying EMI every month. You can repay the loan in installments as per your convenience. If the loan is not repaid, the interest rate is deducted when the policy matures. The loan amount is reduced and the policy money is given.

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Step to get a loan:

Another important point is that the process of getting a loan from LIC is simple. You can apply online through mobile from the comfort of your seat.
To apply online you go to LIC e-service and register.

Click here for that

Login to your account and check how much loan you are eligible for under the policy.

Then upload the KYC documents and submit the application.