Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Corp Mitra Personal Loans for LIC Staff and LIC Agents

    Corporation Bank, one of India’s top Public Sector banks, has loan products specifically designed for LIC agents and staff.

    These loans are not available to people not employed by the Life Insurance Corporation of India and other Public Sector Insurance companies whose salaries are routed through Corporation Bank. They are made especially for LIC staffers and agents who are in need of personal loans.

    The loans have been made available for the purposes of meeting personal / domestic expenses and dealing with contingencies.

    Corp Mitra Personal Loans for LIC Staff and LIC Agents Eligibility Criteria

    In order to be eligible for these loans, one must meet the following eligibility criteria:

    • Employment with LIC India: Corp Mitra Personal Loans for LIC staff / agents are only available to those individuals who are confirmed and registered employees, agents, executives and officials of:
      • LIC India.
      • LIC Housing Finance Ltd.
      • LIC Mutual Funds.
      • Public Sector Insurance companies (whose salaries are routed through Corporation Bank).
    • Age: The maximum age of applicants cannot be more than 65 years.
    • Tenure of employment: Any person meeting the employment and age criteria must also have served a minimum of 5 years and should also receive regular commission.
    • Employees and agents must not have any pending liabilities under Personal Loan Schemes or any other source of unsecured loans, except Corp Vidya if it has been availed for the applicant’s children.

    Quantum of Finance

    In this section are detailed the maximum loan amounts that can be disbursed to different classes of individuals under the employment of LIC (employees, agents).

    Loan amounts that can be disbursed for LIC Employees

    Employees can secure higher loan amounts by submitting an irrevocable Letter of Authority to Corporation Bank at the time of applying for the loan. This letter is to be drafted in the prescribed format by the employee and submitted to the employer, who will in turn affix his or her acknowledgement to the letter, and this letter is to be submitted with the loan application.

    • If a Demand Loan (DL) is applied for with the Letter of Authority, the maximum loan amount that can be secured is 6 months net salary, subject to a maximum of Rs.3,00,000.
    • If a Demand Loan (DL) is applied for without the Letter of Authority, the maximum loan amount that can be secured is 6 months net salary, subject to a maximum of Rs.2,00,000.It is important to note that:
    • There is no running account facility available to employees.
    • Eligible loan amounts are calculated based only on salary income (not bonuses or incentive incomes).

    Loan amounts that can be disbursed to LIC Agents

    LIC Agents, too, can secure higher loan amounts by submitting an irrevocable Letter of Authority to Corporation Bank at the time of applying for the loan. This letter is to be drafted in the prescribed format by the employee and submitted to the employer, who will in turn affix his or her acknowledgement to the letter, and this letter is to be submitted with the loan application.

    • If a Demand Loan (DL) or Over Draft is applied for with a Letter of Authority, the LIC Agent is eligible for 60% of the average annual commission receipts during the immediate preceding 3 years subject to a maximum of Rs.3,00,000 (including any loan availed under the erstwhile Corp Mitra Gold Scheme).
    • If a Demand Loan (DL) or Over Draft is applied for without a Letter of Authority, the LIC Agent is eligible for 30% of the average annual commission receipts during the immediate preceding 3 years subject to a maximum of Rs.1,00,000 (including any loan availed under the erstwhile Corp Mitra Gold Scheme).

    It’s important to note that:

    • Only Demand Loans will be considered for LIC Agents aged above 60 years.
    • Loans given in the form of Over Draft account, the commissions are to be routed through the Over Draft account.
    • Loan amounts for LIC Agents are calculated on the basis of their commission receipts.

    Processing Charges

    • Demand Loans (DL) have a processing charge of 1% of the Limit Sanctioned, subject to a maximum of Rs.500.
    • Running Accounts have a processing charge of 0.50% of the Limit Sanctioned, subject to a maximum of Rs.250.
    • Charges mentioned above do not include the applicable service tax.

    Prepayment Charges

    There are no prepayment charges for these loans.

    Features of Corp Mitra Personal Loans for LIC Staff and LIC Agents

    • Co-application of a third party or another employee is not mandatory for officers of all Insurance Companies that are placed in Scale-I and above. The sanctioning authority may require a co-applicant, but this is based only on risk perception.
    • Co-application of a third party or another employee is required for all Class-II, III and IV employees of all Insurance Companies. The co-applicant’s income is not a factor in deciding the total loan amount that can be disbursed.
    • For LIC Agents, a co-application by another LIC Agent or employee is required. The co-applicant’s income is not a factor in determining the total loan amount that can be disbursed.
    • In some cases, for employees and agents, the sanctioning authority may make it mandatory for a third party guarantee – depending on the risk level and whether it is an exceptional case or not.
    • LIC Agents that stand as co-applicants or guarantors must have a reasonably high income.
    • If the spouse of the LIC Agent or Employee is also an Agent of LIC or another Insurance Company, he/she can also stand as a co-applicant on the loan.
    • Mutual co-application and guarantees are allowed.
    • One Agent or employee can join as co-applicant or guarantor on one loan only.
    • No security in the form of collateral is required for LIC Employees.
    • LIC Agents need to provide collateral in the following amounts in the following cases:
        • If a Letter of Authority has been submitted (or not submitted), any amount of loan over Rs.3,00,000 (or Rs.1,00,000) must be fully secured by collateral after maintaining a margin on this security:
          NSC: 15% margin on face value.
        • LIC Policy: 10% margin on surrender value.
        • Immovable property: 35% margin on property value.

    Repayment tenures and details

    • For Demand Loan (DL), the maximum repayment tenure is in EMIs for 36 months.
    • For Over Draft, repayment is accepted on demand, subject to annual review / renewal.
    • EMI and Notional Interest is represented as a % to net income as per guidelines.

    Documents required for a Corp Mitra Personal Loan for LIC employees and LIC agents

    1. Address proof. The applicant and co-applicant / guarantor of the loan need to submit their proof of address. This could be either Voter ID, Passport, Driving License, etc.
    2. Age proof. The applicant and co-applicant / guarantor of the loan need to submit their proof of age. This could be either Passport, Driving License, Voter ID, PAN card, etc.
    3. Statements of Net Worth. The applicant needs to submit the details of his / her assets and liabilities at the time of taking the loan. The format for the same is available at the branch.
    4. Salary Certificates. Employees applying for loans need to submit their last 3 salary certificates. These must show the details of deductions of other loans, if any.
    5. Commission calculation sheets. Agents applying for loans need to submit the commission calculation sheets & documentary proof for the last 3 years. IT Returns / Order for the last 3 years, if any, should also be submitted.
    Letter of Authority. The irrevocable Letter of Authority must:

    Be in the prescribed format.

    Be addressed by the borrower to the employer.

    Be duly acknowledged by the employer.

    Be submitted along with the loan application.

    Acknowledgement for the letter can be the Branch Manager of the Insurance Company, the Salary Disbursing Authority, or any competent authority designated by the insurance company empowered to sign it.

    Contain a proper seal, name, and designation of the acknowledging official.

    LIC policy. If the LIC policy has been offered as collateral, a surrender value certificate should be produced that’s been issued by LIC.

    Corp Mitra Personal Loans for LIC Staff and LIC Agents Reviews

    • Bank Bazaar Personal Loan
      "Awesome one stop shop "
      0.5 5.0/5 "Blown Away!"
      Various option available in Bank Bazaar, rather going to direct financier. here we can analyze the real information in website without going anywhere. I am using the site for past 2 months, the portal is good to post the request. The customer support team gave me the proper information.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Satisfactory Experience"
      0.5 4.0/5 "Great!"
      I am satisfied with Tata Capital documentation part and they have fulfilled the commitment on my personal loan. The interest rate is quite nominal they gave me the same thing which provided by other banks. Even the door step documentation process is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Axis Bank Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in Axis Bank before 4.5 years back and its been completed before 5 to 6 months have taken top-up loan. The customer service is very good. The charges are more compared to other banks. The loan duration is 5 years. Monthly installment is 5600 rupees through net banking.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was better. I have been using the bank bazaar website for past 2 years, It was helpful to take credit card,loans and to check the credit score. Am comfortable with the mobile app. Most I like the responsibility is very good and process was simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from Early Salary through online channel. The customer service is good and the response was proper. The interest rate is better, I have taken 18K from the Early Salary and have completed one EMI and two more is pending. The documents are collected by the executive.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was good. This is the first time with bank bazaar and it was recommended by my friend. The response was very quick from the bank bazaar, It is easy to compare and take the loan. Am comfortable with the mobile application.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The executive did not came to collect my documents and have tried to contact him, does not respond to me. The rate of interest is nominal. The process was easy in Early Salary to take the personal loan. The processing fee is okay. I have taken a loan for 35K which will be paid at single payment. I have request to extend my loan amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time I have logged in bank bazaar for the personal loan which has been recommended by some one. Its pretty good and feasible. I am able to compare with the multiple banks at one platform. I have used the website,I don't prefer mobile application.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from Citi Bank through online channel. I think the interest rate which can be lower compare to other banks. I believe they have charged the processing fee which is minor amount because have not received the whole amount on my loan. They took 3 to 4 days for the disbursement. My documents are collected by the executive.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I am happy with the bank bazaar and it was mentioned as paper less but at last they have requested for cheque leaf and other hard copy, this is to be informed to the customer in prior. The customer service is good, they were not very clear about the documentation alone. I used the website.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I guess the rate of interest is best which was given by Tata Capital where others are given more percentage. I opted for 3 years, I don't know about the terms and conditions for foreclosure. The executive came to my office and took some documents. The process was immediate and not has lengthy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good and sometimes the requirements are not fulfilled interms of rate of interest on the personal loan. There was no issues with the customer service and i would say its good. I am using the site for more than 2 to 3 years and have checked the credit score and showing some closed loans.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • IndusInd Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      They have given me a good service. I am satisfied with the Induslnd Bank. They have taken bit longer time to collect the documents. The rate of interest was prompt and there was no processing fee. They took a week to deliver the loan amount. I can do partial payment and foreclosure anytime without charges.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have applied for the personal loan in bank bazaar, the representative was very co-operative. probably am using it for 3 to 4months and have known it through online. Everything was fine and used the mobile app which was easy to compare and hassle free.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have no issues with the Early Salary and there is no need for me to contact their customer service. Only one thing is the rate of interest and charges are high compared to others. I have taken the loan of 20, 000 rupees. The documentation procedure was perfectly fine.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have to be a mediator for the bank and bank bazaar and need to followup every day. After disbursing They said will get Amazon gift voucher which I yet to receive. Its my first time and known through online Google search and TV advertisement. Their mobile app was simple and handy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      HDFC have delayed too much in disbursing the loan. The rate of intersect and charges are good. The document are submitted online, I opted for 4 years. The partial payment can be done after one year and they charge 4% for foreclosure. The customer service and response was not up to the mark.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have dealt with bankbazaar.com for the first time to apply the personal loan. Initially I used to check my credit score and later have tried for the loans. The process was very good and it was done without any hassle. Am comfortable with the website than my phone. I like the service very much.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The process was very faster and the response was on time. They have delivered the loan within a week. The documentation procedure was easy and have submitted online and as well as to the executive. I think the rate of interest was little bit high suggest them to reduce the charges. The loan tenure is 5 years and its a fixed interest rate.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan through bankbazaar.com and it was my first time experience. I have used the website on my mobile phone which was simple to access. I have received the promotional message. I have checked my credit score and have checked personally with HDFC, both are not matching.
      Was this review helpful? 1
      , nellore
      Reviewed on Jan 14, 2019
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