Key features of a loan against NSC, KVP, or LIC:
- Loan amount: The amount you can borrow depends on the surrender value of the NSC, KVP, or LIC policy.
- Interest rate: The interest rate charged on the loan is typically lower than other types of loans, as these financial instruments are considered relatively safe assets.
- Loan tenure: The loan tenure can range from a few weeks to several months, depending on the lender's policy and the borrower's repayment capacity.
- Repayment terms: You can choose to repay the loan in equal monthly installments (EMIs) or through other repayment schedules.
- Processing fees: The lender may charge processing fees to cover the costs of processing your loan application.
- Prepayment charges: Some lenders may impose prepayment charges if you repay the loan before the end of the agreed-upon tenure.
Documents required for a loan against NSC, KVP, or LIC:
- Identity proof (Aadhaar card, passport, driving license)
- Address proof (utility bills, rent agreement)
- NSC, KVP, or LIC policy documents
- Other documents as required by the lender.
- Salaried, Self-employed Professionals, Self-employed non-Professionals and Housewives