Short of funds? LIC is offering personal loans at low-interest rates compared to banks: check EMI calculator, loan terms & more

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New Delhi: Investment is a lifelong affair. The majority of people invest their hard-earned money in financial institutions from where they can get good returns on their assets. Habitually, to sustain retired life, one invests as per their choice. But, sometimes they need the lumpsum amount at the moment for valuable or urgent work. Here're the details of the personal loan one can get from their investment body. And the best part is, they will get at a low-interest rate compared to the banks. Read on to find out the conglomerate and the loan term, interest rate and many more.

LIC personal loan

You can get a personal loan from Life Insurance of India with a low-interest rate compared to other lenders' rates. The interest rate starts from 9 per cent and the tenancy is 5 years. The best part is if you repay the loan before the timeframe, you get an exemption from extra charges. ()

EMI calculator

Supposedly, you get a loan of Rs 1 lakh at an interest rate of 9 per cent for 1 year, the EMI amounts to Rs 8745. If you will take it for 2 years, EMI works out to Rs 4568. If you take the loan for 5 years, you have to pay Rs 2076 per month. ()

If you take a loan for Rs 5 lakh for 1 year, EMI amounts to Rs 44191. For 2 years, EMI works out to Rs 23,304. For 3 years, you have to pay Rs 18472 per month. For 4 years, you have to pay Rs 15000 and 5 years loan tenure demand Rs 12917 per month to repay.

How to take a personal loan from LIC?

- Visit the official website of LIC i.e www.licindia.in

- Go to the policy loan option

- Download the loan form

- Fill up the form

- Scan the form and upload it.

- LIC will verify your loan request form.

If the loan is approved, the loan amount will be credited to your account.