Unable to pay Personal loan
1 year ago
I'm unable to pay my personal loan EMI after covid. I have personal loan insurance taken when loan disbursement from the bank. Can I claim for it as I really cannot pay back?
A.Dear client,
Loan insurance is where like any other insurance, you pay a premium to cover your loan. The premium can be paid on a monthly basis or as a lumpsum. This will typically depend on the loan amount, your age and health status, as well as the loan tenure. Personal loan insurance will protect you and most importantly, your family from such unforeseen circumstances. So, yes you can claim it if you cannot pay the EMIs. Enquire with the loan company for more details.
Loan insurance is where like any other insurance, you pay a premium to cover your loan. The premium can be paid on a monthly basis or as a lumpsum. This will typically depend on the loan amount, your age and health status, as well as the loan tenure. Personal loan insurance will protect you and most importantly, your family from such unforeseen circumstances. So, yes you can claim it if you cannot pay the EMIs. Enquire with the loan company for more details.
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