https://www.desidime.com/comments/permalink/10185869
Insurance mandatory for personal loan
So one of my friend has recently taken a personal loan from indusind bank( don’t have much info about loan amount). Amount has already been disbursed into his account but today he received a call from someone from bank who knew all the loan details asking him why he has not taken insurance along with the loan to which my friend replied he didn’t see any insurance option plus even if it was there he don’t want it. After this bank agent told him it is mandatory to take insurance along with loan after this my friend told her he will close loan right away as he doesn’t want insurance btw insurance premium as informed by agent is around 9-10k. After this agent told him that she will move file forward for loan closure and it will take around 7 days. Now my question is it is mandatory to take insurance along with personal loan? Also my friend currently don’t have any insurance policy
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https://www.desidime.com/comments/permalink/10185955
Not mandatory, they are forcing this onto customers to complete their target. Even bank employees are included this scam. Although, insurance covers your loan amount incase of any death or default (it depends on insurance plan t&c)
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https://www.desidime.com/comments/permalink/10185883
requesting to tag other dimers who may have information about this
https://www.desidime.com/comments/permalink/10185892
no its not mandatory to take insurance. Bank some times force customers to take insurnace in case of any unsecured loan and to avoid inconvenience customer do take sometimes. If the amount is payable in your absence by your family then clear cut No to bank insurance. even if you have adequate life/term insurance cover the ln again no to bank insurance.
bank donit to recover their money conveniently in case you are not able to pay
https://www.desidime.com/comments/permalink/10185953
I am not an expert on this but i think loan and loan on credit card are two different things.
https://www.desidime.com/comments/permalink/10185914
Insurance is not mandatory. Since the loan is already disbursed, I don't think they can close the loan without the consent (OTP verification or written consent). If the consent is not shared, you can relax.
If you receive the call again then you can threaten them that you will complain if the loan is closed without your consent.
https://www.desidime.com/comments/permalink/10185949
My friend has already utilised the fund but he can prepay if needed. So even if bank want to close loan than they will intimidate to add fund in account?? And assume if bank closes the loan than does my friend has to bear the processing fees and other charges?? Because she told told him that he needs to return loan amount and not the disbursed amount.
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https://www.desidime.com/comments/permalink/10185958
if anyone has link to any rbi guideline on this do share here
https://www.desidime.com/comments/permalink/10186064
Yeah banks are becoming the biggest scamsters of today because of pressure from government.
They are pushing all kinds of products and even audaciously subscribe without consent to PMJJBY and PMSBY and other insurances. Pitiful state for customer unfortunately
https://www.desidime.com/comments/permalink/10186546
Even if an insurance is compulsory the customer should have the option to choose
it as per his choice.
Last week ,I took a housing loan from HDFC and they asked for a personal & house insurance saying it mandatory.
I asked to give that requirement in writing and then they said it is advisable.
I did receive the disbursement without any insurance from them.
https://www.desidime.com/comments/permalink/10213592
Insurance is mandatory for loans where
(a)an asset is created out of the loan so disbursed (eg. house construction - house policy, cattle purchase loan - cattle insurance) etc. Agricultural loan required Crop insurance which was made optional by govt few years ago.
(b)When an asset is given as security for advancing the loan eg. Personal loan backed by mortgage of land and building (building policy), Vehicle loan, where the vehicle is given as security by way of Hypothecation (Comprehensive Vehicle Insurance).
Personal insurance is not mandatory for any kind of loan, only asset insurance is mandatory.
I am a PSU banker.
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https://www.desidime.com/comments/permalink/10200519
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The funny thing is when the bank swindles amount in the name of PM insurance without the knowledge of customer, how would they know there is insurance in their name and what it's benifits are. Sab chalta hain hamare yahan.
And If anyone is not have the time, energy and brain to do that, in that case, they shouldn't trust anyone either its bank, government, etc.
For eg, Any responsible person need to check the bank passbook periodically and for any unauthorized debits, one needs to investigate and raise complaint.
Even if an insurance is compulsory the customer should have the option to choose
it as per his choice.
Last week ,I took a housing loan from HDFC and they asked for a personal & house insurance saying it mandatory.
I asked to give that requirement in writing and then they said it is advisable.
I did receive the disbursement without any insurance from them.
Even if an insurance is compulsory the customer should have the option to choose
it as per his choice.
Last week ,I took a housing loan from HDFC and they asked for a personal & house insurance saying it mandatory.
I asked to give that requirement in writing and then they said it is advisable.
I did receive the disbursement without any insurance from them.
Insurance is mandatory for loans where
(a)an asset is created out of the loan so disbursed (eg. house construction - house policy, cattle purchase loan - cattle insurance) etc. Agricultural loan required Crop insurance which was made optional by govt few years ago.
(b)When an asset is given as security for advancing the loan eg. Personal loan backed by mortgage of land and building (building policy), Vehicle loan, where the vehicle is given as security by way of Hypothecation (Comprehensive Vehicle Insurance).
Personal insurance is not mandatory for any kind of loan, only asset insurance is mandatory.
I am a PSU banker.