How to Get Loan against Insurance?

November 27, 2015

Loan against insurance

Most of us have an insurance policy to face the unfortunate future, and many have an unfulfilled dream to buy a car, to build a home… but, not all of them have enough collateral to take loan from formal sources or the collateral is not enough to meet the required amount. You have a friend who can loan you!! It’s well and good but again, only few are lucky to have a friend who can loan with little or no interest.

If you are one, who doesn’t have any source to get loan. Don’t worry and don’t think about private lenders unless you care for interest rates. We are on the same ship and let me tell you how we can get loan from the insurance policy. Yes!! We can

Benefits

Interest rates are cheaper than personal loans
Less paper work
No worries about credit score; your application will not get rejected sighting your credit score
Option to deduct loan amount from claim amount

Note: Many insurance companies doesn’t offer loan against insurance policy if you have term insurance policy rather than traditional insurance policy with endowment plan and money back policies. So, please check with your insurance provider before proceeding further.

1 COMMENT

Vandana Agarwal August 11, 2016 at 8:22 am

Loan against insurance or your security for an untoward future. This sounds like double advantage. But what happens when the loan is taken and you need the policy money too? In that case the money when most needed is deducted and one is left with no choice.