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Friday, 10 April 2020

LIC Loan borrowers! Want to defer payment of EMI? Here is how to do it

LIC Loan Borrowers: If you have availed a retail or a corporate loan from the Life Insurance Corporation of India (LIC) and are in a financial crunch you can defer the loan repayment for 3 months. The facility of loan deferment by three months is being given by banks and financial institutions as per the directions of the reserve Bank of India

LIC Loan Borrowers: If you have availed a retail or a corporate loan from the Life Insurance Corporation of India (LIC) and are in a financial crunch you can defer the loan repayment for 3 months. The facility of loan deferment by three months is being given by banks and financial institutions as per the directions of the reserve Bank of India.

How can LIC retail or corporate borrower use this facility?

This facility is being provided by the state-run ensurer to people who have been economically impacted due to COVID -19. This facility can be exercised by making a request at least 3 days before the due date of installment payment falling due between 01 March 2020 and 31 May 2020 at LIC's web-site - or mail to consent@lichousing.com

In case of Corporate loans, option can be exercised only by the representative duly authorised by the Company/Firm for this purpose.

Interest shall continue to accrue on the outstanding portion of the loan during the moratorium period.

Options before the eligible Borrowers: Borrowers will have 2 options to pay the accrued interest as below:

-- Upfront payment of accrued Interest on completion of moratorium period

OR

-- Capitalise the accrued interest, which will be added to the loan amount outstanding and the same will be recovered by extending the term of the loan. Borrowers making a request as provided in (i) above, shall at the same time can opt for any the two options mentioned above.

Moratorium is only a temporary relief to tide over the economic fallout due to COVID – 19 and not to be construed as a waiver.

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