The General Manager for BSP Finance, Mr Krishna Raju, said, "All New Consumer Motor Vehicle Loans will now have embedded in the product, a loan protection insurance element which will clear the outstanding loan debt on the untimely passing of the borrower. We will also pay out $2000 to the borrower's next of kin to assist with funeral expenses."
BSP Finance has only been in the market for three years and has quickly established itself as a reputable and trusted brand in the Asset Financing market. Their ability to make quick decisions, at competitive interest rates, has allowed them to make inroads in a short period of time, leading to the addition of another office in Nadi to complement their Suva operations. This new feature is designed to provide customers peace of mind knowing that their debt will be covered in the event of untimely passing. Mr Raju launched the promotional campaign with the tag-line "We've got you covered!."
He also thanked their insurers BSP Life for partnering with them on this product.
The General Manager Distribution & Marketing of BSP Life, Mr Michael Nacola said, "Our close association with BSP Finance has enabled us to develop this innovative enhancement with a simple and efficient administration process. These customers will form a group and the total value of loans will be insured, instead of individual policies for each motor vehicle customer, which can be costly."
Mr Nacola added, "As members of the BSP Group, consisting of BSP Bank, BSP Finance and BSP Life, we are able to provide an all finance solution with attractive products, professional service and great value. We currently have an insurance and funeral assistance benefit for customers taking out unsecured personal loans with BSP Bank. This new enhancement with BSP Finance's motor vehicle loan product adds to this and we will continue to explore and implement new solutions that provide added value to our customers. We are confident that BSP Finance motor vehicle customers will find the insurance protection and funeral benefit very useful to their beneficiaries."
BSP Finance offers asset financing for individuals, commercial loans and hire purchase funding for commercial customers. Their officers are located at Samabula in Suva and Namaka in Nadi, with expansion plans of opening another outlet in 2018.
BSP Finance and BSP Life are part of the BSP Group.