SBI offers loan up to Rs 20 lakh for LIC employees to invest in IPO at a special interest rate

State Bank of India (SBI) is offering a loan product at an attractive interest rate to LIC employees that will provide financial assistance to them to subscribe to the LIC IPO. This loan product is tailor-made to invest in LIC IPO for all LIC employees.

State Bank of India (SBI) is offering a personal loan of up to Rs 20 lakh at a special rate of 7.10 per cent. If a person is an existing LIC employee, he can bid for a further Rs 2 lakh under the employee category. Employees receive a Rs 45 per share discount. The loan amount will be credited directly to the customer's savings account. 

For people who are not LIC Employees, SBI is offering IPO loans up to 2 lakhs instant loans at a 9.85 per cent interest rate.

SBI has announced to operate even on Sunday between 10 AM and 4 PM.

To support India's largest IPO, the Reserve Bank of India (RBI) has also allowed banks to keep their branches open on Sunday (8 May) to process the LIC application. The bank branches will remain open between 10 am and 4 pm.  

The exchanges will also remain open on Sunday to accept application between 10 AM to 7 PM.

Senior citizens and people not associated with the online medium can fill out the form and submit it to the branch to invest money in LIC IPO.

The LIC initial public offering (IPO) will close on May 9.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. LIC has fixed the price band at Rs 902-949 per equity share for the issue.