Sage-Tips

How can I know my LIC loan balance?

All you need to do is login to your net banking portal and go to the loans section. Here you can apply, check or know the balance on the loan you apply.

How can I check my LIC loan status online?

How to Check Your LIC Housing Finance Home Loan Approval Status Online

1. Visit the official website of LIC Housing Finance Limited.
2. Click on the ‘Home Loans’ tab and you will be directed to the following page:
3. Click on ‘Online Loan Application’ on the left-hand panel and you will be directed to the following page:

Can we pay LIC loan in cash?

Premium can be paid at the cash counter of any LIC Branch Office. Premium can be paid by CASH/CHEQUE/DD. Premium for ULIP policies can now be paid at any LIC Branch cash counter across the country.

Can I pay LIC HFL EMI online?

If you are a registered in customer portal then online payment is available in case if you have missed the EMI due date. Login with user id and password on customer portal. Click on Pay Online. Select Loan Account and click on “Get Dues”.

What is the interest rate for LIC policy loan?

around 10-12\%
LIC offers around 10-12\% interest rate for a loan against their policy. The loan against LIC Policy is disbursed comparatively faster as there is no complicated paperwork required. An individual can get the loan amount within a period of just 3-5 days.

Can I pay LIC premium in EMI?

In a statement the life insurer stated, “From December 1, 2019, any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance.” You can also pay using ‘LIC PayDirect’.

How can I pay my LIC home loan principal online?

Can I make EMI payment online?

1. Login with user id and password on customer portal.
2. Click on Pay Online.
3. Select Loan Account and click on “Get Dues”.
4. Amount due as on date will be shown for the selected loan account.
5. Click on Pay.
6. Select the mode of communication.

Can I take LIC loan from any branch?

You can avail of the loan from LIC itself, or you can also borrow from other banks. You do not need to cancel or surrender your existing policy, thus allowing you to keep your savings intact and at the same time, meet your personal expenses. You do not need any additional documents, or credit score to get this loan.

How can I change my LIC premium payment online?

Currently, it is NOT possible to change your policy premium payment mode ONLINE. You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.

How do you calculate the monthly payment on a loan?

To calculate the monthly payment on an interest only loan, simply multiply the loan balance times the monthly interest rate. The monthly interest rate is the annual interest rate divided by twelve.

Can I pay LIC interest online?

Go to the website of LIC of India. From there select ‘Through customer portal’ or ‘Pay direct’.

These options will ask to give the credentials and details of your policy from LIC.

Upon clicking the ‘Submit’ button,you will be asked to give the number of your policy and the payable premium amount.

What is the formula for monthly loan payment?

The Formula. The formula for calculating a loan payment is: Monthly payment = P [{r(1+r)^n}/{(1+r)^n-1}] An explanation of the symbols: ^ : This denotes an exponent; in the equation, it would read, “One plus r raised to the power of n.”.

What is loan interest payment?

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.