The interest rate of loan on LIC policies?

Question

Dear Friends
Even in this recession the Interest rate of Loan on LIC policies continued to be at 9%. There is no symptom that they are going to reduce the same.Where we can highlight this and request for some relief in the way of reduction of interest rates? We all know all the banks are reducing their interest rates on deposits, loans etc . Can LIC respond by reducing interest rate on our LIC policies?

Answer 1

Best Answer - Chosen by Voters

Hey, I am Rasheed Mohamed from Singapore, I got your question on how you need loan I got mine from Abu Abdullah a week ago with monthly repayment schedule and at interest rate of 2% here is the email [e-mail]

Answer 2

The policy loan depends upon various factors and this is a fascility for the policyholders. When you were getting loans at 14-15% from the market, even then lic was providing loan at today's rate only.Within some plans the interest rate is 8%.

Answer 3

9% p.a. payable half yearly is an attractive rate at any point of time. Also it is given without asking the purpose or supporting documents. For personal loans the market rate has always been upwards of 12%

Answer 4

The interest for LIC loan is 9% PA and you have to submitt the original document of the lic bond to the nearest lic office

Answer 5

as of now there is no changes in the loan interest rate.

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