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What is Loan Protection?
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Loan Protection is a safeguard for you and your loved ones from unforeseen events when you borrow from SLoan.
A monthly service fee will be included if you opt to include Loan Protection as part of your withdrawal. The monthly service fee is equivalent to 0.2% of the total loan amount and will be included in your monthly installment amount as part of the processing fee for the duration of the loan period.
There are two benefits available:
Late Fee Waiver
We will waive the late charge on your first overdue loan repayment, easing your burden when you do not have enough funds to repay.
Group Credit Protection Insurance
SeaInsure will cover the outstanding loan amount plus interest for you and your family in case of the following unforeseen events:
Death due to an accident
Death due to unprovoked murder or assault
Death due to natural causes
Death due to suicide (not applicable for the first 2 years of coverage, premium refund will be given)
Permanent total disability
The premiums for the Group Credit Protection Insurance Policy are payable by SeaMoney as the master Policy holder, and the Group Credit Protection Insurance Policy is underwritten by SeaInsure Life Insurance.
To apply the Loan Protection
During the loan application, tick the Loan Protection to use it.
⚠️Note • Loan Protection is available when you withdraw using SLoan. • SLoan Protect is not a payment extension. The late fee waiver is a one-time benefit; any succeeding late payments will result in a late charge. |
Learn more about Loan Protection.