The program is aimed at protecting the obligations of the Borrower before the Credit Organization.
Nowadays, a loan provides an opportunity: to solve various kinds of problems, to satisfy current needs or to realize interesting ideas, and sometimes, it even gives an opportunity to fulfill a cherished dream. Knowing the size of his/her stable earnings, the Borrower, when contacting the Credit Organization, calculates the size and considers duration of the loan payments allowed for him and stably pays it, since his stable earnings allow him to do this.
But there are factors that the Borrower cannot foreknow. Such factor is among others: Job loss. In our unstable time, this can happen to any person. Losing a job is not a pleasant event in itself, usually accompanied by stress for both the employee and his family members, depression and, of course, loss of earnings. And it takes time to find a new job that would meet the Borrower's requirements. And to all this there are also obligations for the loan.
In order to minimize the losses of the Borrower in case of loss of work, the Insurance Organization «BIMA» has developed the «Job Loss» Insurance.
The main idea of the program is as follows:
If the Borrower becomes unemployed during the loan agreement, then the Insurance Organization undertakes to pay his monthly loan payment until the Borrower finds a new job.
This allows the Borrower, in the event of the job loss, to shift the burden of responsibility onto the shoulders of the Insurance Organization, to avoid fines and penalties on an overdue loan and, to look for a new job without being distracted by the search for the amount of the next monthly loan payment.