Are you an insurance policy holder? Aphelion now offers a unique product to add value to your life – Loan against Insurance Policy (LAIP).
Generally, life insurance companies allow their clients to take loans against their insurance policies, but the quantum of loan is restricted to around 70% of the surrender value of the policy. Thus the applicant gets only 50-60% of the paid up value of the insurance policy. However, Aphelion’s policy will allow you to avail loans upto 150% of surrender value of the policy.
A LAIP can be taken for any purpose apart from Speculation (such as investments in shares, funding in money laundering activities, etc). A loan can be sanctioned within 24 hours, once the insurance company completes the assignment of the borrower’s insurance policy.
Eligibility Criteria for Loan against Insurance Policy Application
Eligibility to Loan against Insurance Policy Application
| Loan Amount | Up to Rs. 15 lakhs |
| Tenure | 1-3 Years |
| Minimum Lock In | 9 months |
| Foreclosure Fees | 2% on Outstanding Principal |
| Top Up Criteria | Till the completion of 9 months or after completion of 60% of tenure (whichever is later) |
| Interest Rates | 18 to 24% p.a. |
| Age | 23 to 58 or Retirement Age whichever is lower |
| Loan Application Up to Surrender Value | No Guarantor |
| Loan Application More than Surrender Value | One Guarantor who owns a house within Greater Mumbai and Thane |
In case of Top Up, no foreclosure fees will be charged for closing the previous loan prematurely.
Documents Required to Loan against Insurance Policy Application
- 1) For loans up to surrender value, only KYC formalities (Identity proof and address proof along with PAN card) are to be completed.
- 2) For loans beyond surrender value, all the documents pertaining to Personal loan are to be executed.