No. However, most institutions require this since, as a rule, the payment of the monthly instalment is processed through the account held with the creditor institution.

Prior to the conclusion of the agreement, institutions shall inform customers of any obligation to open a bank account in that institution and to take out life insurance. If life insurance is required, customers can freely choose the entity with which they intend to take out the insurance.

Institutions must also clearly present all the conditions that are associated with taking out the loan, namely the fees and expenses associated with opening an account and taking out life insurance.