Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Loan Against Insurance Policy

    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
    Good to Know
    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
    Documents
    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
    Documents
    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
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    14% - 33% 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
    Think about
    Fees & Charges
    Good to Know
    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
    Think about
    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

    Loan Against Insurance Policy is Rated as "Great!" by 77152 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    What is Loan against Insurance Policy?

    Loans against insurance policies can only be availed in case one pledges specific traditional policies like money back and endowment policies. Besides having a savings component, these policies also have a life cover component which makes it acceptable to banks. In order to avail a loan on an insurance policy, the policy must acquire a surrender value. The amount sanctioned for the loans is usually 85% to 90% of the policies surrender value.

    How to get Loan on your Insurance Policy

    Insurance policies are now being considered as valuable collaterals for banks after LIC of India confirmed that banks are the biggest lenders of personal loans. LIC apart, several other life insurers such as Edelweiss Tokio Life and ICICI Prudential Life in addition to many other banks including HDFC Bank, ICICI Bank and the State Bank of India grant loans to customers against insurance policies.

    Loans against insurance policies are sanctioned only when traditional policies such as money back and endowment policies are pledged. These policies have life cover in addition to savings elements that make them acceptable to banks. Unit-linked insurance plans and term insurance covers are usually not accepted as collateral.

    The surrender value must be acquired by the policies if the applicant is to gain eligibility or the loan. The policy must be assigned in favour of the insurer, and usually, the amount of money granted by insurance companies is 85% to 90% of the surrender value. The rate of interest charged by LIC is 10% and it has to be paid on a half-yearly basis.

    The repayment tenures are very flexible and LIC also provides customers with a choice of making only interest payments, with a provision for the deduction of the loan amount from the claim amount when it is time to settle the loan. The repayment procedure and interest rates will differ based on the bank or lender from whom you wish to take out the loan. The interest rates, however, are comparatively lower than those charged by banks for secured loans. They are also considerably lower than rates associated with personal loans.

    Why are Loans against Insurance policies gaining Prominence?

    Top up Loans are becoming increasingly popular among a large section of customers who seek personal finance services. The flexibility offered in terms of repayment in addition to the fact that the loan amount can be deducted from the claim amount has been attracting customers, especially those who are in financial turmoil. Even customers with relatively low credit scores find it to be a convenient option as the eligibility criteria for availing this kind of loan are fairly easy to meet. The loan is also sanctioned fairly quickly once the application is submitted, usually within seven days, and in case of the death of the policyholder during the tenure of the loan, the dependents won’t be the only beneficiaries of the policy.

    The bank or lender can choose to deduct the loan amount as well as interest from the proceeds. Customers are recommended to purchase term cover in order to protect the interests of their families. Based on the age, life insurance company and policy tenure, online term plans are less expensive options. Also, customers are advised to Secured Loans from their insurers instead of approaching banks to hand over their policy as collateral.

    Customers who intend to utilise the whole amount they borrow should approach their insurer, but if funds are required on an on-and-off basis and the loan is viewed as a means to up their liquidity, they may consider approaching banks that provide overdraft facilities against policies.

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  • Loan Against Insurance Policy Reviews

    • Standard Chartered Bank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The Standard charted bank offered me a best rate in regards to my personal loan with the lowest charges. The customer service and the response is average with SCB. They have disbursed the loan within 5 days of time, they made it within the promised time. The required loan amount has been disbursed and I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Basically I have got a text message from HDFC bank to get the personal loan with 11.99 % interest rate, but later when I approached them they have increased the rate of interest upto 12.99% , in case if we need a higher loan amount. The customer service and the response is very much average with HDFC bank. The Hdfc bank need to stick on to their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Citibank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the personal loan within 55 hours of time from Citibank. They have disbursed the loan after submitting my documents. The customer service and the response with CITIBANK is average. The required loan amount has been disbursed. The rate of interest is low when compared with others. I am satisfied with the Citibank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Standard Chartered Bank Personal Loan
      "Loan rejection"
      0.5 1.5/5 "Bad"
      My personal loan rejected due my resistant address in out of city but i am 7 years customer in SCB bank so pls make loan for out of city customers because this is my salary account so please arrange loan our of city customers otherwise bank is so good and the best think is working time 24*7 this so good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Nice"
      0.5 5.0/5 "Blown Away!"
      The response at Bankbazaar was good and I was contacted on time. The customer services was perfect as they explained all the details to me clearly and processed my information to the banks on time. There were follow up calls too and in all no hassles.
      Was this review helpful? 0
      , chilakaluripet
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Satisfactory service"
      0.5 5.0/5 "Blown Away!"
      I know bank bazaar for past one year. I know about bank-bazaar through google web search. The customer service and the response is very good with bank bazaar. The website with bank-bazaar is easy to use and user friendly. I would like to say bank bazaar gives satisfactory service to the customers.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jul 25, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I haven't got the ICICI bank personal loan, because the executive asked to apply for the loan after 3 months, based on my profile I had a Cheque bounce in my previous product. The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I got response well within the time frame from bank bazaar and the bank partner. The customer service and the response is really good with bank bazaar. I get to know about bank bazaar through a referral. I am with bank bazaar for past 2 months. The website of bank bazaar is easy to use and customer friendly. I am satisfied with bank bazaar with the service rendered by bankbazaar.com.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • Citibank Personal Loan
      "Rate of interest can be decreased in future"
      0.5 4.5/5 "Excellent!"
      I didn't have any kind of relationship with Citibank so far but I have applied personal loan with Citibank for the first time and I found that they were offering the loan with high rate of interest, so that was the reason I haven't got the loan with CITIBANK. The customer service and the response was good with Citibank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 4.0/5 "Great!"
      Through Advertisements I came to know about bank bazaar. The bank bazaar user interface is really good and bank bazaar website helps us to decide to get the financial products with the best rates in the market. The customer service and the response with bank bazaar is really good. The website with bank bazaar is easy to use and user friendly. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • ICICI Bank Personal Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      ICICI bank personal loan was rejected but then they haven't revealed the reason why it got rejected. The customer service and the response need to be transparent in future with ICICI bank. The rate of interest is nominal with ICICI bank. I would say ICICI bank gave a average service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The Response part is very good with bank bazaar , so that was the reason I gave top rating . I get to know about bank bazaar through a friend referral. I am with bank bazaar for past 5 months. The website with bank bazaar is easy to use and user friendly. I would say I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 25, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I haven't received the personal loan from ICICI bank, the ICICI executives has told that I have already held up with certain EMI with other products, so that was the reason I haven't got the personal loan with ICICI bank. The customer service and the response part is good with ICICI bank. The rate of interest is low when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The customer service rendered by bank bazaar is very good. The way they approach their customers is really good. The explanation given by their executives was really good. I got to know about bank bazaar through google web search. The website of bank bazaar is easy to use and user friendly. In short, I would say bank bazaar offered me a satisfactory service.
      Was this review helpful? 0
      , thanjavur
      Reviewed on Jul 25, 2017
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      At the start when I approached ICICI bank there was no job stability and that was the prime reason why my personal loan application has been closed. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say ICICI bank offered me a satisfactory service.
      Was this review helpful? 0
      , thanjavur
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Nice Service"
      0.5 4.5/5 "Excellent!"
      I had received proper followups and updates from bankbazaar. They provide a good financial service. Recently I sought their assistance in taking the personal loan. For the service, I got good response from them and they have good web portal to apply for the loan.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 25, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 3.5/5 "Pretty good"
      Right from day one I had received a good response from ICICI bank on my personal loan request. ICICI was good in terms of customer service and responsiveness. I never faced any kind of issues with the bank but, I did not take the loan due to the personal issues.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      I have got a fairly good services from bankbazaar. They provided a good response on my loan application. I am happy with their way of response and their customer service. I found that the website is good to handle and it is very informative. In all, it is good enough.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • IndusInd Bank Personal Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      I preferred Indusind bank for the personal loan, hence I applied for the loan through third party online source. But I just postponed my plan so I did not take the loan. I had received good response and service from the bank for my loan application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "its easy"
      0.5 4.0/5 "Great!"
      Nice, its very easy to get loan but intrest rates so high. But its OK. In emergency's nothing worried and burdening in banks. Simply applicable from home in just few SEC's.. Its very use full to me. But its good in iff other language provide( Hindi or Kannada). Good web site, good response, good service..
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
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