Insurance is one of the additional conditions for obtaining a loan from Sberbank. The service guarantees financial security to the borrower in the event of an insured event, however, in order to avoid overpayment of the loan, you can refuse it.
Cancellation of insurance when obtaining a loan
Currently, the legislation classifies health and life insurance as a voluntary procedure, therefore bank employees have no right to force the borrower to issue it when receiving a loan. It should be borne in mind that without insurance, the client may be denied a loan, or the interest rate on the loan will be noticeably higher, therefore, you can refuse the service only if you are fully confident in your creditworthiness and the loyal attitude of the bank.
The procedure for canceling insurance is as follows:
- When applying for a loan, inform the bank employee about your unwillingness to issue an insurance policy, referring to the law on voluntary insurance.
- If the representative of Sberbank insists on the registration of the service, draw up a refusal statement in two copies, one of which is given to the specialist.
- If you refuse to accept the application, send one copy to the postal address of the bank branch, making a note “Handing over with an inventory”.
If the bank still refuses to cooperate without insurance, you should go to court, making a statement about the illegal imposition of a paid service. This option is possible only if the loan has already been approved, but it is not issued, expecting that the client will nevertheless purchase an insurance policy.
Cancellation of insurance after receiving a loan
Clients often find out about purchasing insurance after receiving a loan. The provision on the execution of the policy should be indicated in the loan agreement, however, the bank employees do not always inform about this, and the borrowers do not read the document in full. The legislation provides for the return of money for insurance even after the signing of the contract. The main condition in this case is that no more than 14 days (or 30 days under special conditions of the contract) should elapse from the moment of the conclusion of the insurance contract.
- To return money, you need to act in the following order:
- Contact the branch of Sberbank and fill out an application for waiver of insurance;
- Prepare copies of your insurance policy, loan agreement and passport and attach them to your refund application. If necessary, also order a certificate from the bank about the absence of debt or early repayment of the loan.
- Submit the documents to the bank employee and make sure that he fixes the date of their receipt by putting a note of receipt.
After accepting the documents, wait for the bank's decision. Usually it is accepted within two business days, however, sometimes the bank may deliberately delay the consideration, waiting for the expiration of the term for the opportunity to return the money for insurance. In this case (if further refund is denied), you must go to court, attaching to the claim a copy of the loan agreement and the corresponding application for the return of insurance with a note on the date of its delivery. With a positive decision of the bank, the money is returned to the client's current account within 30 days.
