1

Purpose

Personal / Domestic needs

2

Eligibility

Clean loan to the commission agents of LIC

Permanent resident of area of branch or nearby area for 5 years and doing business as LIC agent for minimum 3 years

3

Facility

Demand Loan

4

Quantum of Loan

Rs. 1,50,000 or 10 times of monthly commission received during the preceding 12 months whichever is lower.

5

Guarantee

Two guarantors acceptable to the bank whose worth should not be less than twice the amount of loan sanctioned

6

Repayment

48 months by EMI. Repayment to commence 1 month after the month of the disbursement

7

Rate of interest

Base Rate+4.00%

8

Processing Fee

1% of the loan amount. Minimum Rs. 250

9

Other Terms and conditions

              i.      Borrower should give 48 post-dated cheques for monthly installments.

            ii.      Borrower should submit confirmation letter from LIC office from where he receives commission and LIC shall remit commission directly to his loan account. This arrangement should not be discontinued without Bank's approval