Emirates NBD's Auto Protect provides security to auto loan customers

Under the terms of the new initiative, in the unfortunate event of the death or total disability of an auto loan customer, Emirates NBD's Auto Protect will pay the outstanding installments on their auto loan, ensuring that the vehicle remains with the family. In addition, the credit protection plan will also pay the customer's family a sum equivalent to the total outstanding installments.

Available with the auto loan product, Auto Protect has a premium as low as one per cent of the auto loan amount, which will also be financed by the bank over and above the loan amount.

"An unforeseen event often leaves a victim's family financially vulnerable. If the payments on auto loans are incomplete, the family could also be at risk of losing the vehicle. The Auto Protect plan from Emirates NBD is driven by the bank's commitment to customer security and aims to assist the customer's family in the event of fatality,"

said Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD.

"Auto Protect, which is a first-of-its-kind initiative in the industry, offers loan protection, family protection and disability protection all under one policy, with world-wide coverage. Premiums are relatively low on Auto Protect, making the credit protection plan affordable to all," he added.

Auto Protect has been designed keeping customer convenience in mind and includes a customer-friendly sign up process, a simplified claim procedure and premiums that can be adjusted along with the Auto Loan Equated Monthly Installments (EMIs). The coverage being offered is in addition to benefits such as personal accident benefit, already available to customers under their Motor Insurance Policies.