Damascus-SANA
The Savings Bank announced that, starting next Sunday, it will start granting loans to people with limited income, with the guarantee of an insurance policy issued by the Syrian General Insurance Corporation without the need for personal guarantors, according to the agreement signed with the Corporation last year.
The bank stated, in a statement that SANA received a copy of, that any borrower can request the insurance policy from the bank branch in which he is applying for the loan, as the insurance allowance is 2 percent of the loan amount, i.e. 100,000 Syrian pounds, if the loan granted is 5 million Syrian pounds, for example. This allowance is deducted directly from the principal of the loan for one time.
According to the bank, the insurance policy includes, in addition to loan default insurance, life insurance for the borrower, whereby his heirs, in the event of his death, receive compensation equal to what he paid of the loan amount before the date of death.
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