Can LIC Loan Interest Be Paid Online?

Can LIC loan be paid online?

You will be directed to a page where you can choose from multiple banks for payment and will be directed to the login page of the selected bank.

On successful login, the total amount to be paid by you towards LIC will be displayed.

Please verify your balance (displayed) and confirm the transaction to the bank..

How do you pay interest on a loan?

Tips to Reduce your Interest Burden While Repaying Home LoanTo ensure a lower interest payout, decrease the interest rate of your loan. … Ensure quick repayment of the principal amount. … If you can, then pay more than the regular EMI. … You can also pay one more EMI (than the usual number of EMIs) every year.More items…

How is interest calculated monthly?

To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417%. The total number of periods is calculated by multiplying the number of years by 12 months since the interest is compounding at a monthly rate.

Can I pay LIC premium by Google pay?

Follow these steps to pay LIC Premium through Google Pay. Step 1: First, open Google Pay app on your device. Step 2: On the home page you need to tap on + New Payment to pay your LIC premium. … Step 3: On the next page, tap Bill Payments option.

Can I pay LIC premium online after due date?

Yes, you can pay your LIC premium online after the due date, but it will attract a late penalty fee @ 8% (minimum of ₹5).

What is the interest rate of LIC?

Comparison of LIC Housing Finance Home Loan with other BanksParticularsLIC Housing FinanceSBIInterest Rate6.90% – 7.80%6.80% – 7.35%Processing FeesNILUpto 0.20% Min ₹ 4,000 Max ₹ 17,400Loan Tenure30 Years30 YearsMaximum Loan Amount₹ 15 Cr₹ 7 Cr3 more rows•Oct 16, 2020

How can I check my LIC loan status online?

How to Check Your LIC Housing Finance Home Loan Approval Status OnlineVisit the official website of LIC Housing Finance Limited.Click on the ‘Home Loans’ tab and you will be directed to the following page:Click on ‘Online Loan Application’ on the left-hand panel and you will be directed to the following page:More items…

How can I pay my LIC loan interest through PhonePe?

How to pay your LIC of India Premium through PhonePeTo start with: Download the PhonePe app if you haven’t already and proceed as outlined below.Step 1: Open the PhonePe app and click on the ‘LIC Premium’ icon.Step 2: Enter the details, fetch the due amount and pay.Step 3: Click on ‘View Receipt’, to view and download the receipt instantly for claiming tax benefits.

How do you calculate total interest paid on a loan?

How to calculate interest on a loanGather information like your principal loan amount, interest rate and total number of months or years that you’ll be paying the loan.Calculate your total interest by using this formula: Principal Loan Amount x Interest Rate x Time (aka Number of Years in Term) = Interest.

How can I pay my LIC loan?

Step 1: Log-in to your account by entering your details. Step 2: Once logged in, click on ‘Online Payments’. It will take you to the premium payment portal. Step 3: Select the policies for which you wish to make payments and click on ‘Check & Pay’.

How can I pay LIC premium without paying?

Here is how you can pay your LIC premiums using your credit card: Step 1: Log in to LIC’s website: visit To make the payment you have to make sure your policy(s) is enrolled with the insurer. Once it is done, click on the link ‘Pay Premium Online’ to see the list of policies where the premium is due.

Is it safe to pay LIC premium through PhonePE?

Can we pay an LIC premium through PhonePE? You cannot! However you can pay via paytm but if you are using credit card then they will eat like Rs 190 + GST .. Even if you pay via credit card from within lic’s portal still have to pay that extra amount of Rs 190 + GST.

Is it safe to pay LIC premium through Paytm?

On the successful payment, Paytm will send you a message on your registered email and mobile number for your reference. Whether you make a LIC premium payment online through debit card, credit card or net banking, we ensure you safe & secure transaction every time you visit us.

What happens if LIC loan interest is not paid?

If the interest is not paid for 30 days after the due date, LIC can foreclose the policy and settle the loan amount against the proceeds.

Is there any discount on LIC premium online?

Public sector insurance companies will provide incentive, by way of discount or credit, upto 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals, in case payment is made through digital means.

How can I pay my LIC premium loan online?

To pay premiums through the insurer’s website, visit and click on ‘Pay Premium online’ from the ‘Online Services portal’. Here you will get two options: a) Pay Direct (Without login) and b) Through customer portal.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

How can I know my LIC loan balance?

LIC home loan application status through net banking All you need to do is login to your net banking portal and go to the loans section. Here you can apply, check or know the balance on the loan you apply.