Apply for Loan Against Insurance Now!
A life insurance policy is designed to provide financial cover to your family if something happens to you. Certain types of policies such as unit-linked and endowment plans also double up as investments. But now your insurance plan can also help you raise funds when you need it through a loan against insurance policy. A life insurance policy from LIC or other reputed private insurers is one of the securities you can use as a collateral to take a loan.
You can get a loan against a list of approved policies. These include unit-linked plans, endowment plans, whole life plans and income plans from many insurers. However, a term insurance policy may not entitle you to a loan.
Loan Against Insurance are typically offered as an Loan facility in your account after you have deposited your Insurance. You can draw money from the account, and you pay interest only on the loan amount you use and for the period you use it.
The amount of loan you are eligible for depends on the surrender value of the Insurance you offer as collateral.
You can get a loan against insurance policy up to 80% of the surrender value of the policy you pledge.
Anyone who have invested in Insurance or hold some sInsurance policies issued by the IRDA approved Insurance company. But keep remember we have some empaneled reputed Insurance company, we can do loan against insurance behalf of those company
Normaly it takes 10 Hours to max 5 Days if all the evaluation and documentations are correct.
Minumum 8% to Maximum 12 % depend on applicant profiles and scorecard.
1 years to 3 years.
Getting a Loan against Insurance from FinoFriend is easy, especially if you have your documents are in order and you have a good credit track record. You have to just fill-up our Loan against Insurance application, then all processes will be completed by our side.