Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Corp Mitra Personal Loans for LIC Staff and LIC Agents

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 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
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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 77002 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

    • Bank Bazaar Customer Support
      "Personal Loan"
      0.5 4.0/5 "Great!"
      I am very much happy with bankbazaar, it was a great experience too. I had received a call from your side with your nice warm welcoming words,,, it's great experience in my life. I am very happy for the same... I hope you would give the same sort of service for a long time,, very great work , Keep it up!!!
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Nice App.Thanks For Support My Credit Card application."
      0.5 5.0/5 "Blown Away!"
      Thank You Bank Bazaar Team. I would suggest Bankbazaar to provide assistance in Marathi language too, as your executives always say "Sir please speak in English or Hindi''. I am not sure what is the problem conversing in marathi, please make sure all regional language operators are available to provide customers support .
      Was this review helpful? 0
      , pune
      Reviewed on Jul 21, 2017
    • HDFC Bank Personal Loan
      "Useless bank"
      0.5 0.5/5 "Unacceptable"
      Dont apply personal loan with HDFC. 1st they will call you telling, Sir you have a HDFC salary account so you are eligible PL for 3 lakhs, when i applied they said sir your personal loan is rejected as it did not met internal policies. My Cibil was 765 No other loans PAN CARD AADHAR is upto the mark Salary is 36K take home Address proof also is Authentic. Then why, they only say did not met internal criteria, if did not met that, why the hell you call at all asking us to take a loan with you(HDFC). Opt for ICICI or Axis guys don't use HDFC. Regards
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 21, 2017
    • Bank Bazaar Customer Support
      "Personal loan"
      0.5 4.5/5 "Excellent!"
      Hi this is jo , I have applied for the loan at bankbazaar loan as it is a very easy process for the personal loan , So, please you people also apply for the loan online through bankbazaar site. Also I am sharing this my friends , also I would like to thank bankbazaar for the same.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
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