Indian Bank Loan to Lic Agents

Loan to LIC Agents

Target Group

LIC Agents in the Services of the Corporation for a period of not less than 5 years

Purpose

To meet Family Expenses, Medical, Education or any other personal needs

Quantum of Loan (maximum)

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

Age : Minimum 21 years

Margin on loan : NIL

Interest rate w.e.f 10.11.2008

BPLR+TP+1.00% i.e. 14.75% floating

Repayment Period : 36 EMIs

Processing Fee : 0.30% on loan amount with minimum of Rs. 300

Documentation
1. DPN (D-1)
2. Agreement of Guarantee (D 57)
3. F-63 - Covering Letter for loans and advances

Disbursement
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.

Security
1. Guarantee from suitable person with sufficient net worth acceptable to the Bank.
2. LIC Policies in the name of the applicant, worth not less than the loan amount to be assigned in favour of our Bank
3. Spouse guarantee to be obtained wherever his/her income is taken into account.

Other Terms

1. The commission payable by LIC to the agents should be routed through the SB account.
2. Post-dated Cheques (12 nos.) to be obtained.
3. Bank Statement for the last 6 months to be obtained at the time of appraisal of the loan proposal.
4. The loan to be availed at the Branch where the applicant is maintaining account with us.
5. Only one loan account to be maintained under this head at any point of time.
6. 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
7. Loan Application applicable for Salaried Class Employees may be used and photograph of the borrower to be attached to the Application
8. Income Tax Return Copy for the past three years to be obtained
9. A & L Statement of Borrower and Guarantor

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