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INSURANCE PREMIUM FINANCE (IPF)
A facility where BCR finances insurance premiums on behalf of customers and gives them an extended period of repayment i.e. the customer pays back in installments.
Do you pay Insurance premiums for your automobile, house, or equipment on an annual basis? Paying insurance premiums as a lump some can be a drawback on a customer’s cash flow which is restrictive on their advancement. This is the product for you.
Benefits
- You can choose to repay the facility over a period of 3, 6 or 9 months
- The interest rates applied will be flat i.e.
- 3% for months,
- 5.5% for 6 months
- 7.5% for 9 months
- The monthly repayments will be made in advance i.e. the first installment paid before disbursement
- There is no maximum on the amount to be funded and the minimum is RWF 500,000
- For more information, please your BCR branch. You may also contact your insurance company or brokerage firm.
Requirements
The Customer/ Insurance Broker / Insurance Company will only provide the bank following information: Customer Name, Physical & Post Office Address, Ownership & Directors (in the case of a company), Telephone ContactsWith this product, there is no collateral requirement.
