May 25, 2024

What Happens If the Person Who Takes a Consumer and Vehicle Loan Dies?

Consumer and vehicle loans are 2 of the 3 most preferred loans today. While the number of households that do not take consumer loans is few in Turkey, there is a high demand for the number of people who take out vehicle loans due to the known car prices. Banks that always meet this demand, while offering loans to their customers with high interest rates and high repayments, they always keep themselves prepared for possible cases and bad situations. So what happens if the person who takes out a consumer and vehicle loan dies?

In addition to the fact that the loan payment should be made regularly every month, the policy fee is deducted under the name of life insurance by asking the person by the bank, sometimes not directly, taking into account the possible death situation of the person. With this price, the person not only guarantees himself, the bank, and his relatives, but also prevents possible debts that will remain from him.

What Happens If the Person Who Takes a Consumer Loan Dies?

What happens if the borrower dies? The answer to the question depends on your relative. If your relative has taken out life insurance while taking out a loan, the general purpose loan debt will be automatically deleted and the general purpose loan that has been paid to the bank by your relative to date will be shared in a legally equal amount to his heirs.

If the person owes 48.000 TL for 48 months and dies in the 24th month, 24 thousand TL will be paid back to his heirs and the other loan debt will be automatically erased. However, for this to happen, the person must have life insurance when taking out a loan.

What Happens If the Person Who Takes a Vehicle Loan Dies?

The situation in vehicle loans works in the same way, but in a slightly different way. If the person who takes out the current vehicle loan is under the guarantee of life insurance, the vehicle he bought will be legally given to his heirs and the money he has paid so far will be legally repaid to his heirs together with the vehicle.

The remaining debt will be automatically deleted by the bank in the same way, and it is known that many banks automatically take out life insurance for their customers in consumer and vehicle loans. Life insurance saves your life and that of your loved ones.

Leave a Reply