Due to the corona epidemic in the last two years, most people’s expenses have increased compared to their income. As a result, the savings of millions of people in the country have come to a halt. Thousands of people have to struggle to run their families. So many people are forced to take loans. But getting a loan is not easy now. Despite the increase in the benefits of instant loans, it is still rare to get a personal loan with low interest! In this situation, let’s find out an address today, from where you can get fast secured loans at only 9-10 percent rate…
What do we do if we suddenly need money? Either take a loan from a credit card or apply for a personal loan. But we rarely pay attention to the benefits that come with our insurance policies. Frankly one can easily take a personal loan against his insurance policy for immediate needs, that too in a cheap and convenient manner. While loans from banks or finance companies are expensive, loans from life insurance companies are quite cheap.
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If you also have a life insurance, then there is no need to think much about emergency loans. Apply and take loan from your life insurance policy in a few simple steps. The process of taking a loan against life insurance is very simple and your insurance cover will not be affected due to this loan. Let us know about the process of taking loan against insurance.
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Insurance companies prepare special forms for giving loans, which you have to fill. For this, visit the nearest branch of the insurance company. You can download the form from the insurance policy website. Take a print out of it and fill it properly. Policy details and loan amount should be entered in the form. Fill this form and submit it to the nearest branch of the insurance policy. You can also take the services of an insurance agent for this task. Many companies also offer online facilities for lending against insurance. You can apply for the loan online by visiting the company’s portal.
How much credit will you get?
Insurance companies determine the loan amount based on the surrender value. Generally, up to 90% of the life insurance surrender value can be borrowed. A paid-up policy can have a loan limit of up to 85 percent. If a company lends against ULIP, the loan amount depends on its fund value. All insurance companies provide loan facilities. Loan facility is not available against only term insurance.
What will be the interest rate?
Currently, insurance companies are lending at 9-10 percent on loans. This rate can be up to 12-18 percent in banks etc. Loans taken for insurance are affordable and cheap in this context. Most insurance companies calculate their rates based on interest compounded semi-annually. Most insurance companies offer loans at a rate of 10% and the loan has to be repaid in two installments. The term of the loan will depend on the term of the insurance. If you have 5 years insurance then you can take loan for 5 years. In any case, the loan must be repaid before maturity.