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Vehicle Finance Assurance
When you receive credit from Nedbank you are entitled to join this plan as a member, provided it is done within 1 month of the date of credit approval. Participation in this plan is voluntary for eligible borrowers, who on election of cover become members of this arrangement.
- Minimum age at entry 18
- Maximum age at entry 55
- Ceasing age of cover 65
The maximum loan term is 60 months.
The Policy Contract provides insurance cover on your outstanding Vehicle and Asset-based Finance Loan.
The insurance will cover your outstanding loan, excluding installments in arrear, if you:
- die, or
- become totally and permanently disabled or
- have a critical illness or
The insurance will cover your monthly installments due, excluding installments in arrear, if you:
- become temporarily disabled (maximum of 5 monthly installments will be paid) or
- become retrenched (maximum of 12 monthly installments will be paid)
The maximum cover under the Policy Contract is limited to an outstanding loan of N$500 000. Benefits will be paid directly to Nedbank Namibia Limited.
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