Vehicle and Asset Loan Protection
Vehicle and asset loan protection will pay off your vehicle or asset loan in the event of your death or permanent total disablement. In these circumstances, the outstanding amount owing on the loan will be written off and the Bank will no longer have an interest in the vehicle or asset.
What does it offer me
- This cover ensures that your vehicle or asset is safe from repossession , giving you and your loved ones the security of knowing that the vehicle or asset remains in the family and cannot be taken away.
- For additional peace of mind, premiums are calculated on the monthly outstanding balance of your loan and payable alongside your loan repayments. As you pay off your loan, your premiums will also decrease.
What do I need to apply
This cover is best suited for clients or potential clients who have vehicle and / or asset finance through Standard Bank. Plus, if your loan amount is less than MWK10 000, you don’t need a medical test, your cover is guaranteed.
To take out Vehicle and asset loan protection cover, just visit your nearest Standard Bank branch with your valid Identity Document.