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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    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
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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
    11.99% - 19.50% 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
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    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.1,000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) 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
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    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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    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% 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
    11.99% - 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
    What you'll love
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    Perks
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    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
    Paperless approval option available
    What you'll love
    Documents
    Perks
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    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.1,000 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.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 75920 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
      "Its GOOD"
      0.5 3.0/5 "Satisfactory"
      I have cancelled ICICI personal loan because I was holding my salary account with Standard Chartered bank. Hence I thought to process the loan with existing bank to make process easier. Therefore I didn't avail the personal loan from ICICI but it is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaaar.com is really good one and am using it for the second time, also I took some insurance policies with them before. Online portal of the Bankbazaar.com is easy to access, also comparison can be done on immediate basis.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Experience was good with the Standard chartered bank to get the personal loan. Service aspects are really good. The loan amount got disbursed to my account within a week of time. Services are really fine one for me but the branches are lesser one with them. Rate of interest was not at all the constraint, also I can say it was good one.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The overall experience was nice at Bankbazaar. I received a immediate response and the process was quick as well. I did not get the loan account number from the bank and I called this portal but at that point of time they could not help me with the bank contact. They need to have a proper tab on the aggregation and all the details of the banks should be made more transparent.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "Be more clear in details"
      0.5 4.0/5 "Great!"
      The overall experience was good and quick. But there was a lacking of clarity as I did not know the loan account number for a long time and there was no point of contact as well. The rate of interest was of 11.99% with a zero processing fees. SCB needs to be more transparent in the personal loan details.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Financial advisor"
      0.5 4.0/5 "Great!"
      I got good response from Bank Bazaar, As soon as posted my loan request I got a response on the same day from them, to submit the documents to the bank. I came to know about Bank Bazaar through Google search. Everything fine, but would be great, if the provide proactive response to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Financial advisor"
      0.5 4.0/5 "Great!"
      I got good response from Bank Bazaar, As soon as posted my loan request I got a response on the same day from them, to submit the documents to the bank. I came to know about Bank Bazaar through Google search. Everything fine, but would be great if they provide service to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved."
      0.5 3.0/5 "Satisfactory"
      I am unhappy with ICICI banking service, without my intimation ICICI closed my personal loan application. I tried reaching the bank, but unable to contact them. I have submitted all of my documents to ICICI but no response. They should improve on the response part and they should provide a better service too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Provide follow ups"
      0.5 3.0/5 "Satisfactory"
      There was a initial response from Bankbazaar after I registered my details on the website. They contacted me and processed my information. The website is good and it is easy to navigate through the details. It would have been better if there were follow up calls were continuous and they co-ordinate more with the banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Capital First Personal Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      After me applying with Capital first for the personal loan. I got no response from them to inform me about the documentation process or to check on my requirement. So I could not proceed with them, later they cancelled my application. Not a good experience in all.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • HDFC Bank Personal Loan
      "Hassle free experience"
      0.5 4.0/5 "Great!"
      HDFC done very fast personal loan process, within two to three days they have sanctioned the loan and they have fulfilled my requirement. I was looking for Rs.10 lakhs of loan amount, HDFC offered me the same for the tenure of five years and with the interest rate around 11% its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "One stop solution"
      0.5 4.0/5 "Great!"
      Bank Bazaar is providing immediate action on customer's request, I could find various offers on the site. It make my job easier. I got very good response when I approached Bank Bazaar for the personal loan. Even I felt the user interface of Bank Bazaar is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Tata capital Personal Loan
      "Dissatisfed service"
      0.5 2.0/5 "Expected more"
      TATA Capital could not processed my loan, their customer service is good. I have requested the amount of Rs.10 lakhs but they ready to sanction amount of Rs.4 lakhs, I felt its not sufficient hence I asked them to close the application, but their interest rate is nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Personal Loan
      "Excellent deal on the ROI"
      0.5 4.0/5 "Great!"
      My personal loan is from Axis Bank and it was a smooth process for me. The documentation was on time and the disbursement as well. The interest rate is around 11.39% which is one of the best rates currently in the market. The processing charges was normal too. There is a part payment facility which can be used after a month.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I got a promotional mail and I have downloaded the bank bazaar mobile application. I have applied personal loan through the mobile application. I received a call within 5 minutes from the bank bazaar executives. The mobile application with bank bazaar is really easy to use and customer friendly. The service with bank bazaar has satisfied me.
      Was this review helpful? 0
      , guntur
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Reduce the processing fee"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the ICICI bank and the interest rate was around 13.45%. Customer service was really good, also they have cleared my doubts and confusion. Break up is clear with the ICICI bank and the processing charges were really huge.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar was very much satisfactory. It was a quick response and I am happy with the website. It would have been better if there are more than one bank offered as I was given only one bank. If there are multiple banks I will have options to choose from.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executive gave a call and told that I need to have minimum salary of 25k, but I am getting only 20k that was reason I haven't proceed with ICICI personal loan. The rate of Interest is nominal when compared with others. The customer service and the response was average with ICICI bank.
      Was this review helpful? 0
      , guntur
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      The response was on time from Standard Chartered Bank after I applied for a personal loan. The team informed me about the details and the process. I did not go ahead because they offered me a higher rate of interest and the other charges was high too. I was offered a rate of 12%.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar was top in the customer services as they were immediate to respond to my application. The website is good and it is created well so anybody can access it with ease. The details are very informative and there were a number of follow up calls too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
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