posted on 2020-05-07 14:33:26 by Admin

COVID-19 Personal Loan - Schemes, Interest Rate, Eligibility

COVID 19 Specific loans are the type of personal loans that are currently offered by Banks and NBFC to maintain liquidity during the pandemic. Covid 19 Personal Loan is designed to satisfy the demand and supply in the market. These loans are now being available for the borrowers who are the existing customers of the banks. The eligibility, interest rate, repayment tenure for the Covid-19 Loans are slightly different from regular personal loans. Many banks like Bank of India, SBI are offering Covid 19 loan schemes at a low-interest rate, loan moratorium, etc. Get details about processing fees, schemes, and more below.

Covid-19 Personal Loan

Borrowers who are looking for immediate funds can apply for Covid-19 Loans for personal use. The interest rate and the borrowing amount have been relaxed looking at the liquidity crunch in the market. Here are some differences which make covid 19 personal loans different from the regular personal loan.

Covid-19 Loan Eligibility

Currently, the Covid 19 loans are available for existing current account, salary, pension, and loan customers. Applicants with a good credit score, clean history of EMI can easily apply for covid specific loans. The loan amount will depend on the monthly salary of the applicant.

Covid 19 Personal Loans Features

Covid 19 loans are best to meet your immediate financial needs. Based on the current salary, the loan amount and interest rate will vary.

• Low-interest rate- Candidates with a good credit score can easily apply for these loans at a low-interest rate between 7 to 10% p.a (vary from bank to bank). Some banks are giving loans at fixed rates and some at flexible rates.
• Benefits for account holders of public sector banks- Many public sector banks like Bank of India, Punjab National Bank, Bank of Baroda, Bank of Maharashtra, State Bank of India are offering Covid-19 Personal Loan.
• High Credit Score- Candidates with a credit score of 650 points and more have a high chance of loan disbursement.

List of Banks offering Covid-19 Loan

There are multiple public sector banks which are offering Covid 19 Personal Loans. The eligibility,interest rate, moratorium period, loan amount are different as per bank policies.

Bank of India (BOI)

• All customer drawing salaries from the last 1 year, home loan and personal loan customers are eligible to apply.
• The loan can be availed from 3 times of applicant salary or monthly ITR (Self-employed) to a maximum of 5 Lakhs.
• There is no processing fee and the repayment period of 36 months. Also, there is a 6 months moratorium.

Punjab National Bank (PNB)

• Punjab National Bank scheme “Sahyog Covid-19” is offering loans to existing salary account holders. The same scheme applies to United Bank of India and Oriental Bank of Commerce.
• An applicant can avail of a maximum loan amount of 3 Lakh.
• The minimum salary for metro/urban employees is INR 15000 and INR 10000 for semi-urban/ rural employees.
• The loan tenure is 36 months and no loan processing fee.
• The scheme is valid upto June 30, 2020.

Bank of Baroda

• Bank of Baroda has Covid 19 loans on offer for existing customers for the loan against property, home loans, and auto loans.
• The loans can be availed for temporary liquidity mismatch.
• The loan limit is minimum INR 25000 and a maximum of 5 Lakhs.
• The maximum repayment period is 60 months.
• Processing charges are INR 500 + GST.

State Bank of India

• SBI is offering an ad-hoc credit line for business borrowers to meet liquidity needs.
• The interest rate is 7.5% (fixed) with 6 EMI and 6 months moratorium.
• The maximum loan amount is 200 crore.

For detailed information, please visit the bank’s website and contact customer support for any information.

Should I Apply for Covid 19 Personal Loans?

In the lockdown, you may have some immediate funds requirements. So, to fulfill those needs, it is best to apply for these short term loans. Apply for a small ticket loan so that it will not add the financial burden. Look out for best plans that are suitable for your needs, compare interest rates from different banks, and then apply.

During covid expenditure has gone down by 70% to 80%. As no eating out, shopping, so try to save more. Thus, take out a loan only if you can fulfill financial obligations in the future. Apply only in case of an emergency need to avoid additional liability burden.

For any queries or further information, please the customer support at LoanADDa.com