Need A Financial Product Forums Loans Can co-operative bank force me to purchase LIC for loan

This topic contains 1 reply, has 2 voices, and was last updated by  Deepak Gupta 3 years, 6 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #47037

    Deepak Gupta

    I have applied for a loan of Rs. 8 lakhs from Co-operative Bank. The bank has put a condition for sanctioning and disbursing this loan to me. They said that I need to purchase a fresh LIC policy from them. This bank is a corporate agent of LIC. Are they right in their practice? If no, then what action I can take against them?


    I will suggest you to apply in some other bank for loan. It is a wrong practice for which you can either write to RBI or can file a complaint with banking ombudsman.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.

About Us

Simplypaisa, a web initiative by Elite Wealth Advisors Ltd, has the primary objective to help readers make smart financing decisions. What is smart finance? How to make smart financing decisions to procure assets or to meet one’s personal needs? Information is critical to make smart financing decisions: be it to purchase your dream house, a car, to start a business or to enable an entrepreneur to meet his/her working capital needs.Read More...


Elite Wealth Advisors Ltd.
S-8, DDA Shopping Complex,
Near Jeevan Anmol Hospital,
Mayur Vihar Phase-1, Delhi-110091.
Phone No: 011-42445800
Email :

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.