Damascus-SANA
The Syrian General Institution for Insurance and the People's Credit Bank announced that the implementation of the agreement signed between them last January, which includes granting low-income people loans under the guarantee of an insurance policy issued by the institution, without the need for personal guarantors, will begin early next month.
According to the agreement signed between the two parties, any borrower can request the insurance policy from the branch of the same lending bank in which he applies for the loan, while the insurance price is 2% of the loan amount, i.e. 100,000 Syrian pounds, if the maximum loan amount is 5 million pounds, and this amount is deducted Directly from the principal of the loan and for one time throughout the repayment period.
According to the agreement, the insurance includes, in addition to the loan default insurance, the borrower’s life insurance, so that the borrower’s heirs, in the event of his death, receive a compensation equal to what he paid from the loan before the date of his death, given that life insurance is one of the most important types of insurance available in the Syrian market from a social point of view .
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