Insurance Premium Finance

Insurance Premium Finance- This credit facility is to finance insurance premiums
Product Features

All cheques for premium payments will be in the name of the Insurance Company
No Premium Finance for premiums below GH¢ 500.00
Credit period is within 6 months with equal monthly installments repayment
The product only covers General Insurance policies
The security to the credit is 20% Cash Security, the unearned gross premium of the policy and any other security agreed upon
Failure to honour repayment will lead to the cancellation of the policy
Competitive Interest Rate
Processing fees

Requirements

a. Complete Relevant Forms
b. Board Resolution for Companies
c. Two passport pictures of Directors (2)
d. Certificate of Incorporation
e. Certificate to Commence Business and Company Regulations
f. Two Passport Pictures and Valid ID
g. Utility Bill / Tenancy Agreement
h. Premium Invoice .

Other Terms and Conditions
Default and Cancellation: Borrower agrees that EV Microfinance may cancel any policy and the unpaid balance owed will be due and payable to EV Microfinance Ltd if any one or more of the following occur:

a. Borrower defaults in the payment of any installment payment due which is cured within 5 days
b. Borrower does not comply with any term or condition of the Premium Finance Agreement
c. In the event of policy cancellation, the insurance company is authorized and instructed to issue cheques solely to EV Microfinance Ltd
d. Any payments received by EV Microfinance after cancellation shall be credited to Borrower’s account without waiver of by EV Microfinance of any default. If a deficiency remains, Borrower agrees to pay the amount of such deficiency to EV Microfinance at the contract rate of interest plus penalty charges until it is paid in full. EV Microfinance may at its option, collect and enforce the payment of any amount owed by the Borrower without recourse to the security assigned to EV Microfinance Ltd