Legal analysis: If the policy loan is not repaid, you can try the following methods: 1, and contact the loan to repay in installments. If you find that you can't pay back the money, you must contact the lending institution in time and then negotiate to solve it. We can't wait for loans overdue. 2. Apply for and pay the relief. After applying for a reduction, you will reduce your insurance coverage. If the borrower is unable to repay the loan equivalent to the cash value of your policy, the loan interest and principal will be deducted and the policy will be terminated.
Legal basis: People's Republic of China (PRC) Commercial Bank Law.
Article 36 Commercial banks should strictly examine the repayment ability of loans and loan guarantors, the ownership and value of collateral, and the feasibility of realizing collateral. After examination and evaluation by the commercial bank, it is confirmed that the borrower has a good credit standing and can really repay the loan.
Article 37 A commercial bank shall sign a written contract with the borrower when issuing loans. The contract shall stipulate the type, purpose, amount, interest rate, repayment period, repayment method, liability for breach of contract and
Second, what should I do if I can't get the loan policy?
If the policy loan is not repaid, the cash value will directly offset the premium. If it is not enough, terminate the contract after 180 days, and then terminate the contract. In order to prevent the borrower from not paying back the money, the insurance company has taken many measures in this regard, which is not good for the borrower at all. If the borrower fails to pay back the money within the time limit, the interest will accumulate and the repayment will be more difficult. At the same time, insurance that has been paid for many years will also be invalid. Friends who want to borrow money in this way must remember to pay back the money so as not to lose more.
3. What should I do if the policy loan is not due?
If the policy loan is not repaid, you can borrow from friends and relatives, or apply for repayment reduction or exemption, or contact the lending institution to apply for deferred repayment or installment repayment.
Otherwise, if it is not repaid for a long time, there will be a certain penalty interest, and the repayment pressure of the borrower will also increase. However, when the sum of interest and principal of the policy loan is equal to the cash value of the policy, the cash value will be deducted, but the policy is invalid at this time.
If the borrower is still unable to repay the loan and loan interest at the expiration of the loan term, the owed policy loan and accumulated loan interest constitute a new policy loan, and the interest will be compounded at the latest policy loan interest rate every six months.
In addition, if the policy loan has not been repaid, personal credit may also be tainted, and the consequences are still very serious.
Please register: Winnie Hsin. Click Query and enter information, and you can find important data information such as your personal credit status, network black index score, blacklist, online loan application record, application platform type, whether it is overdue, overdue amount, estimated credit line of credit card and online loan.
Extended data:
Must the policy loan be paid off within six months?
Not necessarily.
The policy loan need not be repaid within six months. In the real policy loan business, if the lender fails to repay the loan within the specified time for some reason, the insurance company will bear interest, and when the cash value of the policy is not enough to deduct the loan interest, the guarantee will be terminated.