1. #1
    Unregistered

    How to avoid an unwanted building insurance while taking a business loan?

    I am planning of establishing a shopping mall. So I asked the bank manager for taking a business loan. He said he will help in every possible means in getting a business but with it I also have to make a building insurance worth 30 lacs. It is a bad investment for me. Is it compulsory to make a insurance or bank manager is just doing this for his own profit?

  2. #2
    Ashok Array
    Join Date
    Jul 2012
    Posts
    2,293

    Re: How to avoid an unwanted building insurance while taking a business loan?

    Quote Originally Posted by Unregistered View Post
    I am planning of establishing a shopping mall. So I asked the bank manager for taking a business loan. He said he will help in every possible means in getting a business but with it I also have to make a building insurance worth 30 lacs. It is a bad investment for me. Is it compulsory to make a insurance or bank manager is just doing this for his own profit?

    Dear Aspirant,

    It is generally
    seen that building/flat is insured when it is purchased with bank loan.So in order to be satisfied with the scheme,you must ask the manager about the leaflet regarding the scheme.Every thing is clearly mentioned in the leaflet.Be satisfied with the scheme & then proceed as per your choice.

    Every provision for the public has merits & demerits.The demerits points with the insurance plan is that it gives less return in case of survival,but it covers insurance for the whole amount in case of any mishappening.there are many factors for casuality.

    So it is better to insure & take loan to fulfill your dream.

    Thanks & good luck.

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