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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.
⚠️Note • Loan Protection is available when you withdraw using SLoan. • Applying Loan Protection is optional. However, we would recommend that you use it to assure and protect you and your loved ones from unforeseen events. |
There are two services 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 accident
• Death due to unprovoked murder or assault
• Permanent total disability
• The premiums for the Group Credit Protection Insurance Policy are payable by SeaMoney as the master Policyholder and the Group Credit Protection Insurance Policy is underwritten by SeaInsure General Insurance.
To apply the Loan Protection
During the loan application, tick the Loan Protection to use it.
Learn more about Loan Protection.
