Insurance Premium Finance

Insurance Premium Finance is a loan facility that allows you to pay your insurance premiums in instalments rather than paying the full amount upfront . This product is open to all customers, whether individuals or business entities, for the purpose of paying their general insurance premiums . It is specifically designed for customers who have property or life insured and may be facing cash flow challenges that make paying the full premium amount difficult at once .

The facility amount is determined based on the Insurer's invoice . This means the loan will cover the exact amount of your insurance premium as billed by your insurance provider, allowing you to pay the premium in full to the insurer while repaying the bank over time.

The loan offers a term of 9 months for repayment . This short-term structure aligns with the annual nature of most general insurance policies, allowing you to spread the cost of your premium over the policy period rather than paying everything at the start.

The interest rate is calculated as the Base Rate plus a Risk-Based margin . Interest is calculated on a reducing balance basis, meaning you pay interest only on the outstanding loan amount. For current Base Rate information, customers are advised to contact NBS Bank directly or visit any NBS Bank Service Centre.

To qualify for Insurance Premium Finance, you must have maintained an active NBS Bank account for at least six months . You are required to pay a deposit of three months premiums upfront. The insurance policy rights must be ceded to the Bank, meaning the Bank has a claim on the policy benefits if you default on the loan. For business applicants, you will need to provide audited accounts, management accounts, twelve months cash flow projections, and your Memorandum or Articles of Association along with a Board Resolution to borrow .

Insurance Premium Finance offers several key benefits for customers. You can have peace of mind knowing your insurance cover remains active without paying the full premium amount at once . The facility offers flexible collateral options, making it accessible to a wider range of customers. Additionally, you can obtain parallel loans if you have an excellent credit record, meaning maintaining good repayment history on this facility could help you access other credit products from the Bank . This offering supports households and businesses that might be having challenges with cash flow, allowing you to be insured and enjoy payment in instalments rather than worrying about a large upfront expense .