Against LIC Policy

Loan Against LIC Policy

S No.	Title	Description
1.	Eligibility	Any Individual, Group of Individuals, Proprietorship/ Partnership Firms, Companies etc., who is a bonafide member of the Bank.
2.	Type of Facility	Loan and/or Overdraft limit.
3.	Purpose	For any legitimate requirement of funds.
4.	Margin	25% of the surrender value of the Life policies.
5.	Rate of Interest	As per Bank’s rules.
6.	Repayment	As required by the borrower, but not later than the date of maturity of the instrument/s pledged with the Bank.
7.	Security	Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility.
8.	Other Conditions	Assignment of Life Policy in bank’s favour to be registered with Life Insurance Corporation of India, before release of credit facility. Copy of premium paid receipt to be obtained at the time of sanction and every year thereafter.