abhishreshthaa
Abhijeet S
In case of death or total permanent disability of the loanee, the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstanding on the loan upto a maximum of the loan amount.
Principle outstanding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss, having accounted for payments made and interest accruing as determined in the Policy.
Hence, the amount covered does not include any principal added because of non - payment of EMI and also will not include interest/ accrued charges.
Principle outstanding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss, having accounted for payments made and interest accruing as determined in the Policy.
Hence, the amount covered does not include any principal added because of non - payment of EMI and also will not include interest/ accrued charges.