Conditions to be met in applying for policy loans:
1, aged between 18-60, is a citizen of China who lives in Chinese mainland and can provide legal and valid identification;
2. Where the loan insurance company is located, the borrower should have a stable job, a stable economic income, a fixed source of funds every month, an intention to repay, and the ability to repay the loan and principal and interest.
3. The borrower has a fixed residence in the place where the loan insurance company is located, and can provide relevant certificates, including the residence certificate issued by the local town and other documents;
4, good credit, law-abiding, no bad credit records, no blacklist records in the bank credit information system;
5. I have purchased the Personal Consumer Credit Guarantee Insurance Policy of XX Insurance Company from the insurance company, and the borrower bought it in my name.
6. Other relevant conditions required by the bank.
However, policy loans are usually only allowed to borrow at the interest rate linked to the money market, and the interest rate of such loans to policy holders is often lower than the market interest rate, so it is a good loan choice for those who meet the loan conditions. However, if the insured fails to repay the loan, the principal and interest of the loan will be deducted from the death compensation of the life insurance policy, and the amount of compensation obtained in the future will not be guaranteed.
References:
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