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Insurance policy with NBFC loan


Kunal Mittal (FINANCE OFFICER)     10 August 2020

Kunal Mittal
FINANCE OFFICER 
 22 likes  531 points

| My Other Post

While taking a business loan from any nbfc they take an insurance policy on the name of the borrower.

Just in case the borrower doesn't pay up the insurance can be invoked.

Can this be taken as business expense or will it go in drawings.

avater

Asha Kanta Sharma (Manager - Finance & Accounts)     11 August 2020

Asha Kanta Sharma
Manager - Finance & Accounts 
 146 likes  6435 points

View Profile | My Other Post

If the loan is for business and business pays for the Insurance then it is a Business Expenses.


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