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What are the Insurance Requirements under AMF?

April 26, 2017amf Insurance requirements

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What are the Insurance Requirements under AMF?

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Bank will undertake two types of insurance under AMF. Firstly, the property mortgaged under AMF shall be insured and secondly, in case of individual/sole proprietor, life insurance of the borrower shall be obtained with Bank as loss payee in both cases. Insurance premium shall be built in the installment amount. First Year insurance premium shall be taken upfront before disbursement of facility.