Guide to loan repayment insurance in Singapore
Loan repayment insurance provides peace of mind with a business loan. Here’s all you need to know.
Having an outstanding business loan can be a source of stress in the event of an accidental death or injury. Even better than a direct debit payment, opting for loan repayment insurance can be a great safeguard for your Singapore-based business. DBS understands this – which is why we have introduced a new business loan with 12 months’ complimentary loan repayment insurance.
What is loan repayment insurance and how does it protect me?
DBS’ Business Loan with loan repayment insurance offers a S$100,000 benefit in the event of accidental permanent disability or accidental death. If the insured is hospitalised for seven days or more, the policy also offers a skip loan benefit which pays up to three DBS Business Loan monthly instalments – including principal and interest – capped at S$3,000 per month.
How much does loan repayment insurance cost?
If you successfully apply for a DBS Business Loan, you will receive 12 months’ complimentary loan repayment insurance, for up to two insured individuals per company. Your Loan Repayment Insurance policy will be automatically renewed after 12 months, and you’ll pay an annual premium of S$267.50 thereafter.
What happens if I terminate the loan or repay in full early?
In the event that you terminate your loan early or repay it in full ahead of schedule, the complimentary insurance premium will be clawed back by DBS in full. DBS is entitled to deduct an amount equivalent to the insurance premium from any DBS account maintained by the loan applicant.
How do I apply for a DBS Business Loan with loan repayment insurance?
Applying for a DBS Business Loan is quick and convenient. All you need to do is complete your loan application and submit it online, together with all your supporting documents. You can opt to retrieve your personal and income tax information via MyInfo Business, which should reduce the time taken to complete the application. When you submit your loan application, be sure to use the promotion code “SMEINS” to enjoy complimentary 12-month Loan Repayment Insurance.
Apply online today for a DBS Business Loan with complimentary 12-month Loan Repayment Insurance. Loan Repayment Insurance is underwritten by Chubb and distributed by DBS.
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