Employees of LIC will receive a discount of Rs 45 per equity share in the IPO. Individuals can make maximum bids up to Rs 2 lakh. This means that policyholders applying under both categories employee and retail can bid up to Rs 4 lakh.
LIC employees
The three categories in which a LIC employee can bid via retail, LIC policyholder and as an employee.
If a person is an existing LIC employee, he can bid for further Rs 2 lakh under the employee category. Employees receive a Rs 45 per share discount.
According to a market expert, the highest offer permissible in a scenario where a retail investor is both a LIC employee and a policyholder is Rs 6 lakh – Rs 2 lakh in each of the three categories.
Important features of the loan product
- All employees with one year of confirmed service are eligible to apply
- Loan up to Rs 20 lakh can be availed
- Special interest rate of 7.10 percent per annum with 100 percent margin
- Loan tenure will be upto 60 months
- NIL processing fee, prepayment penalty, no security, guarantee
- Loan amount will be credited directly into salary or savings account
How LIC employees can apply for IPO loan
Step 1: Visit SBI website or directly click https://sbi.co.in/web/home/lic-ipo
Step 2: Enter your details such as name, mail id, select category option from LIC employee or LIC policyholder along with other details
Step 3: Enter verification code and click submit