Loan Tips: Loan without EMI, no processing fees and no hidden charges, there will be no worry about it..

If you take a loan from a bank, first you have to pay processing fees and some hidden charges. Also, after getting the loan, you have to pay EMI every month. But if you are told that you can get a loan in which there is neither the hassle of paying EMI every month nor processing fees and some hidden charges, then you might be surprised. Not only this, this loan can also be cheaper than a personal loan. If you ever need money in an emergency, then you can arrange money for yourself through this loan. Know about this loan here.

Know which loan is this...

We are talking about the loan available on LIC policy. Just like the loan facility is available on bank FD, similarly the facility of taking a loan is also available on all the policies of LIC. This loan comes under the category of secured loan because the loan guarantee is your life insurance policy.

No need for much paperwork
Like a personal loan, this loan is also not very hasslesome. It does not require much paperwork. The customer can receive the loan amount in just 3 to 5 days.

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One of the advantages of a loan on LIC is that you do not have to surrender your policy. In this case, you do not lose the benefits of insurance. This loan is cheaper than a personal loan, and there are no processing fees or hidden charges while taking it. In this case, there is a saving on the additional costs of the loan.

You get a lot of time to repay the loan.

You get a lot of time to repay the loan taken on an LIC policy because the loan period can be from a minimum of six months to the maturity of the insurance policy. Usually, LIC policies are for a long period, so the person gets a lot of time.

No burden of paying EMI every month
Its repayment is quite easy. The customer does not have the tension of paying EMI every month. As the money accumulates, you can pay accordingly. But keep one thing in mind annual interest will keep getting added to it. If a customer settles the loan within the minimum period of 6 months, then he has to pay interest for the entire period of 6 months.

The loan can be repaid in 3 ways.

The loan can be repaid in 3 ways. First- Repay the loan by paying the entire principal along with interest in a lump sum. Second- Settle the principal along with the claim amount at the time of maturity of the insurance policy. In this case, now you will have to pay only the interest amount. Third- Pay the annual interest amount and repay the principal amount at your convenience.