How to Register for an account with LIC's Merchant portal.
The new merchant registration portal was launched by LIC in December 2015. It was launched with the intention to improve the efficiency of the bankās operations and to provide its customers with a better experience.
In the new merchant portal, you can register online for a merchant account and also for a loan account. The main advantage of the new portal is that you donāt need to visit any branch for registration and the entire process is done online.
Now, let us know how to register for an account with LICās merchant portal.
Step 1: Visit the LIC's Merchant Portal.
To register for a merchant account, you will first need to visit the LIC's Merchant Portal. You can visit the portal by clicking the link mentioned below:
Step 2: Create a user ID.
After you reach the homepage of the portal, you will be asked to create a user ID. If you donāt have an account with the bank then you will be given the option to create one. You will be asked to enter the name of the business and the business address. You will also be required to enter the personal details of the person who will be running the business.
Once you have entered all the details, click on the Next button.
Step 3: Enter the password.
After you have created a user ID, you will be asked to select a password. You will be required to enter the password twice and also check the āRemember meā option.
Step 4: Select the desired account.
After you have created a user ID, you will be taken to the next screen where you will be asked to select the desired account. You will be provided with the option to select the account you want to register for, like a merchant account or a loan account.
Step 5: Upload the documents.
Now you will be taken to the next screen where you will be asked to upload the documents required for the registration. These documents include the business form, a letter from the owner of the business, the proof of address, a copy of the passport, the tax returns, a copy of the PAN card, a certificate of incorporation, a copy of the lease agreement, a copy of the power of attorney and a copy of the business permit.
Step 6: Complete the application.
You will now be taken to the final screen where you will be required to complete the application. You will be required to enter the business name, the business type, the business address, the phone number, the email ID, the bank account details and the bank branch.
In this way, you can register for a merchant account and also for a loan account with the LIC's merchant portal. If you are a new business then you will be provided with the option to choose the E-business account.