Yirendai reached a cooperation agreement with China PICC P&C, signed a three-year cooperation agreement, and launched the borrower's performance guarantee insurance for specific loan products. This is a key cooperation and achievement after the planning and upgrading of network information security, bank depository and other fields.
The borrower's performance guarantee insurance refers to the specific loan and specific borrower set by PICC for pleasant loan matching.
The lender performs performance guarantee insurance, and the loan period of the insured products shall not exceed 12 months, and the loan amount shall not exceed RMB 200,000.
If the borrower defaults, China PICC P&C can collect the corresponding insurance premium from the borrower who is overdue for more than 90 days as agreed, and also pay the insurance premium corresponding to the number of pleasant loan days.
The borrower's performance guarantee insurance is the insurance signed by Yirendai and PICC to launch the borrower's performance guarantee for specific loan products.