News from Garanti Bank
Garanti Bank launched the general purpose loan with insurance
08.09.2009 - Garanti Bank launched a new general purpose loan with a group insurance policy called "Income protection plan" attached. Customers who will take this product will be financially protected in the following cases: involuntary unemployment, temporary and permanent disability and death. This product is available for individuals and professionals.
Customers receive the insurance upon signing the loan agreement. In case of unemployment or temporary disability, the insurance has a coverage period of 18 months. In case of permanent disability or death, the insurance policy covers the entire value of the debit balance existing as of the date on which the insured event occurs.
The costs for this loan are the same as for the standard general purpose loan. The interest rate is 9.27% for loans in EUR (APR 15.98% calculated for the maximum amount of EUR 30,000 EUR for 10 years) and 12.60% for loans in RON (APR 19.92% calculated for the maximum amount of EUR 30,000 EUR for 10 years).
"The insurance attached to this general purpose loan offer customers additional income protection in case one of the insured events occur. Thus, in case customers become unemployed or are on medical leave for a period exceeding 60 days, they should not worry about the installments due to the bank for 18 months. Moreover, in case of permanent disability or death, the total debt of the customer will be covered by the bank.", Okan Yurtsever, Director Retail Banking & Bancassurance, Garanti Bank, stated.