Loan insurance is coverage for the loan taken. RBI does not mandate it, but securing an instant personal loan has plenty of benefits. India is ranked 11th in the global insurance business. It is growing at a 32-34% rate each year. Wondering why? You might face unforeseen events like a job loss or a sudden accidental disability.
Due to the cash crunch, these mishaps make it quite tough to continue with the EMI payments. This is when a cover can pay on your behalf so you may focus on other vital issues like health. It can also clear the outstanding balance right on time. Read on to know better.
Why Safeguard your Loan?
This is because not being able to pay the installments has repercussions. For instance,
- A 0.7% interest-free penalty for delays after the grace period.
- Highly negative impact on your hard-earned credit score.
- You might have to opt for ‘loan settled’ status, which is not good for a credit profile.
The top fintech in India presents a 5-day interest-free grace period. This means the EMI payment is deferred for some time. It acts as an excellent breather during challenging times of a financial crisis. This is when you can arrange for the amount without pressure. It saves the hassle of breaking your savings or touching your FDs at the eleventh hour.
Must Read – Why are instant loan apps the future of lending?
Types of Protection Cover
Knowing these can help you make a well-informed choice. You may pick the most accurate one to suit your current situation. There are fewer chances of dissatisfaction and errors. Download the loan app on your iOS or Android to get started.
Income Protection
Over 10 million people lost their jobs amid the pandemic. The income of 97% of households has declined since the beginning of 2020. An income protection plan is beneficial during situations like these. So, if you have lost your job for a reason, consider adding this to your instant personal loan. This product is designed to take the burden of job loss. Leave worries behind since it can take care of your EMIs.
Health Cover
This makes sure the loan payments do not affect you during unfortunate events. The plan will clear the debt without you having to monitor a thing. Take care of your health and ensure a speedy recovery without mental stress. So, do not worry if you have a short-term personal loan on your shoulder. Borrow as much as you require up to ₹4,00,00 and set up a convenient EMI plan.
Conclusion
You may buy a group insurance policy that covers job issues and health concerns. This brings both under one roof and makes it easy to manage. Apply for an instant personal loan online and opt for these products simultaneously for a fantastic borrowing experience.
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