TheDetails

Feb 2, 2019

Insurance premium funding

PURPOSE:

For funding of Insurance Premium subject to ensuring proper KYC compliance.

ELIGIBILTY:

All local legal entities (Corporates / Individuals) who are complying with Bank norms, KYC etc

QUANTUM:

80% of the Annual Insurance Premium (Maximum)

MARGIN:

20% (Minimum)

RATE OF INTEREST:

As Applicable

REPAYMENT:
  • The loan is to be repaid in EMIs within 10 months. Repayment to start One month after the first disbursement / date of issue of policy whichever is earlier.
  • PDCs for EMIs have necessarily to be presented to bank.
SECURITY:

Tripartite Agreement entered in to between Borrower, Insurance Company and Bank

PROCESSING CHARGES:

NIL