2. The staff of the lending institution accepts the application and approves the materials;
3. After approval, the banking institution shall specify the loan amount and sign a loan agreement with the lender. After the contract is signed, the policy will be left to the next institution to pledge loans;
4. The lender repays the principal and interest according to the terms of the contract.
Insurance policies are generally called "insurance policies". Written proof that the insurer and the insured have signed an insurance contract. The insurance policy must establish and describe in detail the rights and obligations of the relevant insurers. The insurance policy mainly includes the names of the insurer and the insured, the subject matter insured, the insured amount, the insurance premium, the insurance period, the scope of compensation or calculation of liability and other agreed matters.
This type of loan, we need to pay attention to two points:
First, the lender is an insurance company. Many insurance companies' long-term policies support the policy loan function and are written into the contract. The loan amount is based on the cash value, and the loan interest rate rises with reference to the central bank loan interest rate during the same period. Short-term insurance, such as medical insurance and accident insurance, does not support policy pledge loans because of its extremely low cash value.
Second, you have to pay insurance before you can get a loan. Just like real estate mortgage, you have to buy a house in full to get a part of the value of the property. Many people wonder that I obviously need money myself and have to pay insurance in advance. Isn't it unnecessary? After the applicant applies for the policy pledge loan, the original insurance will continue to be valid. If the insured suffers from a serious illness or dies, the insurance company needs to compensate the insurance liability after deducting the loan principal and interest.
For example, the husband bought a 500,000 critical illness insurance for his wife and paid it in 20 years. The annual premium is 6000 yuan, which has been paid for five years. At present, the cash value of the policy is 1.2 million yuan. If the husband needs money at hand, he can apply to the insurance company for a loan of 12000*80%, that is, 9600 yuan, for living expenses, and repay the interest on time. The policy of 500,000 yuan has been in effect. Borrowing money from insurance companies essentially increases insurance leverage and obtains the same risk protection with less premium funds. This kind of loan, because it is a mortgage loan, does not consider the credit record of the central bank. People with overdue bank credit cards and overdue online loans can also apply.