Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Corp Mitra Personal Loans for LIC Staff and LIC Agents

    We found 32 Corp Mitra Personal Loans for LIC Staff and LIC Agents

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Corp Mitra Personal Loans for LIC Staff and LIC Agents is Rated as "Great!" by 73830 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Overview

    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.

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  • Corp Mitra Personal Loans for LIC Staff and LIC Agents Reviews

    • ICICI Bank Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Financial Advisor"
      0.5 5.0/5 "Blown Away!"
      My experience with Bank Bazaar is good, The website is good to check the interest rates of ICICI, Axis and other banks and its convenient to choose the best bank in the market. I got instant response from Bank Bazaar website once I have posted the request for personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      ICICI bank have not reverted to me till now and the rate of interest was around 14.5% and the customer service was not good like I have went there thrice to their place for submitting the documents. I would like to suggest that ICICI bank need to be more transparent with the customers.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      ICICI Interest rate is competitive as per the market, but first time when I applied for the personal loan through online channel it was rejected, again I went to bank personally and I took the personal loan with nominal interest rate, I am fine with that.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar.com is also good and they have approached me and they have helped in a good way. I have used it for the first time. Website of the Bankbazaar.com is easy to access and the response is an immediate one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I got the personal loan with the HDFC bank for the interest rate as 12.9% and the customer service was pretty good,. Within a week of time, the loan amount got disbursed to my account and the response was very good. Processing charges and the insurance charges were around 7000 Rupees, which should be optional.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Better service with bankbazaar"
      0.5 5.0/5 "Blown Away!"
      I have made a web search for the personal loan , then I have found bankbazaar.com, There web portal is easy to use and customer friendly. The customer support with bankbazaar is really helpful and supportive. This is my first product getting through bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application went smooth with the standard charted bank. The documentation process also went smooth. They just took around 2 to 3 days to disburse my personal loan. The rate of interest is nominal with them. Overall the service is better with Standard Charted Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Informative web portal"
      0.5 5.0/5 "Blown Away!"
      I got an excellent service from bankbazaar. They provided a lot of information about the loan. It was easy to select the bank for the loan as they are providing the bank details. Since they are providing the information in detail, it is very easy to go with the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      ICICI bank closed my personal loan application due to constrains with eligibility criteria. When I submitted the application they were so active and very responsive towards my application. There was no issues with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Helpful"
      0.5 4.0/5 "Great!"
      Bankbazaar.com have helped me and the website is good and the response is fast too. I came to know about Bankbazaar.com through some professional knowledge and they have contacted me within three to four months of time from the time of my inquiry.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaar has been good in the services and they responded well to me and on time. The calls continued till the end of the process checking my loan application has been on track. The website is designed well and very informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Fullerton Personal Loan
      "High ROI & charges"
      0.5 3.5/5 "Pretty good"
      Since I was not in town I could not submit the documents for the personal loan at Fullerton. More over the rate of interest was extremely high and so was the processing charges. I got a rate of 19%. The services and response was on time to check on my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The overall experience was good at Bankbazaar as the process was on time and the services was fast. I received a follow up call as well which was helpful. The website is good and it is easy to access and also informative with the details of various banks
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • IndusInd Bank Personal Loan
      "Disappointed with the service"
      0.5 1.0/5 "Really Bad"
      I have not received good response from Indusind bank for my personal loan application. Actually they informed me that since Iam salaried person loan cannot be sanctioned to me if Iam salaried then only it can be done it seems I have opted for 4 laks loan,
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from ICICI bank. The interest rate is around 16.75% which is little higher than the other banks. But I got very good response from the bank, the entire process went good without any hassles.
      Was this review helpful? 0
      , indore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good in Customer service"
      0.5 4.0/5 "Great!"
      Customer service is good with bankbazaar. I received regular updates and proper service on my application. Website was quite easy and it is accessible. I did not find any challenges with bankbazaar while processing my loan request with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 24, 2017
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