In fact, it is widely used today and has become a system that we can easily access from the internet without going to the bank. Banks also have different ongoing policies regarding the loan type, amount and payment terms requested. In addition, banks may also charge some cost fees from their customers, depending on the type of loan and the age range of the withdrawal.
Customers are not obliged to pay these costs and at the same time
The customer can withdraw from the loan request due to the excess amount of the cost. These expenses include items such as loan transaction amount, file cost and life insurance. Life insurance, on the other hand, plays an important role here, both for the benefit of the customer and the bank. So, what kind of interest are we talking about? In the event that the borrower dies, who owns and how the debt will be paid depends on whether or not they have taken out life insurance.
The age of withdrawal from banks is determined to be 18. This is not only limited to banks but also the lower limit determined to perform formal transactions in private or public institutions. If we talk about the main reasons, the banks have set the lower limit as 20 considering the concern that people who have not reached the age of 18 can not provide regular income, military status, and other risk situations. As an upper limit, it passes through policies that the insurance companies they work with set the upper age limit. When considering the health problems that may be experienced, banks require life insurance for people aged 60 and over.
Banks normally require this insurance
Even if a person who is 30 years old is not obliged to take out life insurance so that the amount can be covered by the insurance company in case of the death of the lender. In case of death; All the installments paid by the person are paid to the bank by the insurance company and all the installments paid by the person until the time of his death can be refunded from the bank. The way to be followed for this is;
The death certificate of the deceased person is taken and the bank is applied to the loan,
The inheritance certificate of the deceased is obtained. With these two documents, the loan is applied to the bank. Meeting with a lawyer during these procedures will help prepare the ground for a healthy application process.
If the borrower did not take out life insurance, debts are tried to be collected by the bank through different channels. These channels are the legal heirs or the person or persons who vouch for the loan. Legal heirs have the right to give up this denial and all accompanying receivables and inherit the denial. In the case of inheritance, they will not be liable to pay this debt. The legal period valid for inheritance is 3 months from the date of death. If we look at the situation by the guarantor; One of the troubles that the guarantor can experience is the death of the guarantor.
If the guarantor dies
The way the bank will follow varies depending on whether the lender has life insurance. For this reason, life insurance is of great importance in loans. Since there is no legal obligation and it is added as an expense over the loan amount, life insurance is generally not required by individuals. However, if the person dies, if there is no life insurance, the remaining debt amount is transferred to the guarantor if the loan is used by the guarantor, and to the heirs, if the loan is used without a guarantor.
If life insurance has not been made, in this case, he has the right to demand the debt of the deceased from the bank guarantor. If the heirs do not undertake the debt and inherit the disclaimer, the guarantor is obliged to pay the entire debt.