Azerbaijan to launch insurance for people who lose their jobs while repaying loans
Azerbaijan to launch insurance for people who lose their jobs while repaying loans
Azerbaijan is preparing a new insurance product that covers borrowers against the risk of losing their jobs while repaying a loan, MP Vugar Bayramov said. The Central Bank has drafted the rules, and the product is expected to launch soon.
In practice, the insurance would cushion borrowers who lose their income: instead of defaulting on a loan the moment a paycheck stops, the policy would step in. For a country where consumer lending has grown fast, it is a small piece of financial safety net.
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