Loans are available and classified as policy loans.
The so-called policy loan refers to a loan method in which the insured mortgages the policy he holds to the insurance company and obtains funds according to a certain proportion of the cash value of the policy. Because the customer's insurance protection is not affected in this process, the policy is still valid.
The one-time loanable amount of a policy loan depends on the effective year of the policy, the age of the insured and the amount of compensation for death when the policy is issued, which can generally reach 50% to 80% of the cash value of the policy. In terms of interest rate, the interest rate of such loans to policyholders is usually lower than the market interest rate. If the insured fails to repay the loan, the principal and interest of the loan will be deducted from the death compensation in the life insurance policy.
Under normal circumstances, policy loans can only be targeted at policies with cash value. Long-term life insurance with savings, such as endowment insurance, life insurance, old-age insurance, energy insurance, dividend insurance, etc., will have cash value after one year of insurance, and the longer the payment time, the higher the accumulated cash value.
These policies can usually be used for policy loans, but the specific situation depends on the specific terms in the insurance contract.
2. Can I get a loan from the Pacific auto insurance policy?
If the vehicle insurance policy can't handle the loan, you can handle the car loan.
Handling the automobile mortgage process:
1, the customer provides the materials of the vehicle to be mortgaged;
2. The appraiser of the borrower evaluates the vehicle to be mortgaged;
3. The borrower and the lender negotiate the value of the mortgaged vehicle;
4. The borrower and the lender sign a vehicle mortgage contract and notarize it at the same time;
5. The borrower and the lender shall go through the mortgage registration and relevant documents at the vehicle management office;
6. The lender drives the vehicle to the parking lot designated by the borrower, gives all the car keys to the company for safekeeping, and the borrower issues a receipt list and pays the mortgage amount at the same time;
7. After the mortgage expires, the lender and the borrower go through the repayment and mortgage cancellation procedures, repay all the loans, and cooperate with the borrower's vehicle management office to go through the mortgage registration cancellation procedures and get the car keys;
8. After the loan expires, the mortgage shall be released.
3. How much can I borrow from Pacific Insurance Company?
Bank policy loan: the monthly payment amount is 200/ month or more for the insured (multiple policies can be superimposed, up to 3), and payment cannot be stopped. Pay in four installments after 3 years. It can be 30 times the annual premium, and some banks can do it 45 times. You can go to many banks, and each bank can do up to 500 thousand.
Small loan company: the policy expires for half a year, and the premium is greater than or equal to 200/ month (which can be superimposed), and it can be granted 50- 15000. Preparation materials: ID card, work certificate, bank account number, address certificate and insurance policy (3 copies can be superimposed).
4. Can I get a loan from the Pacific auto insurance policy?
If you can't get a loan from the vehicle insurance policy, you can use a car.
Handling the automobile mortgage process:
1, customer information;
2. The appraiser of the borrower evaluates the vehicle to be mortgaged;
3. The borrower and the lender negotiate the price of the mortgaged vehicle.
4. The borrower and the lender sign a vehicle mortgage contract.
5. The borrower and the lender shall go through the mortgage registration and relevant documents at the vehicle management office;
6. The lender will drive the vehicle to the vehicle key designated by the borrower and hand it over to the company for safekeeping. The borrower will draw up a collection list and pay the mortgage amount at the same time;
7. After the mortgage expires, the lender and the borrower go through the repayment and mortgage cancellation procedures, repay all the loans, and cooperate with the borrower's vehicle management office to go through the mortgage registration cancellation procedures and get the car keys;
8. After the loan expires, the mortgage shall be released.