INSURANCE OF BORROWERS FROM FINANCIAL RISKS ASSOCIATED WITH LOSS OF WORK
The program aims to protect the borrower's obligations to the credit organization.
Nowadays, a loan provides an opportunity: to solve various kinds of problems, satisfy current needs or implement interesting ideas, and sometimes, it even gives an opportunity to fulfill the cherished dream.
Knowing the size of his stable earnings, the Borrower, by contacting the Credit Organization, calculates the amount and duration of the paymentsh allowed for him on the Loan and consistently pays him, as his stable earnings allow him to do so.
However, there are factors that the Borrower cannot calculate in advance. Such a factor among others is these: Loss of work. In our unstable time, this can happen to anyone. The loss of work in itself is not an enjoyable event, usually accompanied by stress for both the employee and his family, depression and loss of earnings. Moreover, to find a new workplace that would satisfy the requirements of the Borrower, it takes time. In addition, for all this there are obligations on the loan too.
In order to minimize the borrower's losses in case of loss of work, BIMA Insurance Organization developed the Loss of Work Insurance Program.
The main idea of the Program is as follows:
If the Borrower becomes unemployed during the loan agreement, the Insurance Organization undertakes to pay its monthly loan payment until the Borrower finds a new job.
This allows the Borrower in the event of loss of work to shift the burden of responsibility on the shoulders of the Insurance Organization, to avoid fines and penalties on overdue loans and, without being distracted by finding the amount of the next monthly loan payment, to look for a new place of employment.
What will happen if an insured event occurs?
The figures in the calculation are conditional and are not a substitute for tariffs.
An estimated loan of 10,000 somoni for a period of 12 months;
Monthly payment will be about 1000 somoni;
Period of absence of employment: 6 months.
Aims to protect the borrower's obligations to the credit organization.