Sunday, December 8, 2013

LIC Loan Repayment

How to Repay loan taken from LIC?

LIC has different channels to pay insurance premiums but for loan Repayment we have only one option. Borrower should go to LIC Branches to Repay.
Interest can be repaid in any branch, but Principal should be repaid only in the concerned branches.
when full loan is repaid in cash/DD we might get the pledged bond on the same day. if the same paid through cheque bond can be collected after one month.
But there is some restrictions for paying through cash
1. Only up to Rs.10,000 is allowed when a part of Principal/Interest is made
2. Only up to Rs.10,001 is allowed when full payment of principal is made.

Above which one should pay only through cheque/DD.

No comments:

Post a Comment