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Target Group |
Purpose |
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LIC Agents in the Services of the Corporation for a period of not less than 5 years
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To meet Family Expenses, Medical, Education or any other personal needs
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Quantum
of Loan (maximum) |
Age |
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50% of the average of annual income by way of commission for the past 3 years, as reported in the IT Return/Form 16A with a maximum of Rs. 1 lakh. If spouse is employed in Government/public sector undertaking/Reputed Public Ltd. Organisations, then (50% of the average annual income for the last 3 years) spouse income can also be included to arrive at the quantum
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Minimum 21 years
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Margin
on loan |
Interest
rate w.e.f 11.08.2008 |
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NIL
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BPLR+TP+1.00% i.e. 15.50% floating
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Repayment
Period
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Processing
Fee |
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Rs. 250/- per loan amount
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36 EMIs ( EMI of Rs. 336.59 for
Rs. 10,000/-)
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| Documentation |
Disbursement
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- DPN (D-1)
- Agreement of Guarantee (D 57)
- F-63 - Covering Letter for loans and advances
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Disbursement under the loan will be made before the issue closing date by issue of Pay order or DD as required in the Share Application Form.
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| Security
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Other Terms |
- Guarantee from suitable person with sufficient net worth acceptable to the Bank.
- LIC Policies in the name of the applicant, worth not less than the loan amount to be assigned in favour of our Bank
- Spouse guarantee to be obtained wherever his/her income is taken into account.
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- The commission payable by LIC to the agents should be routed through the SB account.
- Post-dated Cheques (12 nos.) to be obtained.
- Bank Statement for the last 6 months to be obtained at the time of appraisal of the loan proposal.
- The loan to be availed at the Branch where the applicant is maintaining account with us.
- Only one loan account to be maintained under this head at any point of time.
- Judicious decision to be taken by the sanctioning authority as to whether the take home income is adequate to meet the domestic needs, after recovery of EMI for this loan
- Loan Application applicable for Salaried Class Employees may be used and photograph of the borrower to be attached to the Application
- Income Tax Return Copy for the past three years to be obtained
- A & L Statement of Borrower and Guarantor
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Note: other conditions apply
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