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.
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.
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 loans are best to meet your immediate financial needs. Based on the current salary, the loan amount and interest rate will vary.
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)
Punjab National Bank (PNB)
Bank of Baroda
State Bank of India
For detailed information, please visit the bank’s website and contact customer support for any information.
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