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, 1 month ago.

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  • #47037

    Deepak Gupta
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    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?

    #47038

    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.

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