Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Corp Mitra Personal Loans for LIC Staff and LIC Agents

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.50% - 19.50% Fixed
    0 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.50% - 19.50% Fixed
    ₹0 One time fee
    25L Max
    1-5 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13% - 20% Fixed
    1.5% (min. ₹1150) One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 17% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    0.25% to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 19% Fixed
    0.50% to 2.5% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.99% - 17% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.49% Fixed
    2.5% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    DOCTORS LOAN
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    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.

    Close

    Compare Personal Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.