Covid-19 Personal Loan from 6 Banks @ <10% Interest
The corona pandemic has bruised India badly especially on the economic front. The shutting down of public life and a partially restricted range of services offered resulted in reduced expenditure. Many industries, including retail, hotel, travel and catering, are particularly affected by the effects of the pandemic, and unemployment figures are already rising dramatically. Indians have started facing the heat of poor The need for money has arised more than before.
This the reason why financial institutions in India have launched Covid-19 personal loan to deal with emergency money requirement.
List of Banks offering Covid-19 Personal Loans
Listed in the below table are the interest rate and loan amount offered by various financial institutions offering emergency personal loan during Coronavirus.
| Name of Lender & Scheme Name | Interest Rate | Loan Amount | Eligibility | Is the scheme currently active? |
|---|---|---|---|---|
| Bank of Baroda - Personal Loan COVID 19 | Baroda Repo Linked Lending Rate + SP+ 2.75% per annum | Rs. 25,000 to Rs. 5 lakh | (1) Home loan customers (2) Minimum credit score of 650 | Yes |
| Bank of India | 7.25% p.a. | Up to Rs. 5 lakh | (1) Salary account holders of BoI (2) Personal loan and home loan borrowers of the bank | Yes |
| Punjab National Bank - Aabhar Rin | 9.05% onwards | Up to Rs. 2 lakh or three times of the average of the last six months pension credited, whichever is lower | All pensioners who draw their pension through branches of PNB | No. It ended on 30/06/2020. |
| Bank of Maharashtra Emergency Credit Line | 8.45% onwards | For Salaried - 10 times the latest monthly gross salary income subject to maximum loan limit of Rs. 3,00,000 For Non-Salaried - 60 % of latest annual income based on ITR subject to maximum loan of Rs. 3,00,000 | For existing home loan customers | No. It ended on 30/06/2020. |
| Indian Overseas Bank Insta Pension-COVID-19 Relief Loan for Individuals | 10% onwards | Between 2 lakh to 5 lakh | (1) Pensioners whose original Pension Payment Order (PPO) remains in the custody of IoB (2) Pensioners whose pensions are disbursed by Government Treasuries | No. It ended on 30/06/2020. |
| Indian Bank - IND-COVID – Emergency Salary Loan | 9.50% p.a. | Up to Rs. 2 lakh | (1) Existing home loan borrowers and salary loan borrowers (2) Having salary account with Indian Bank | Yes |
Note: Above loans are only for individuals and not businesses.
The economic consequences of the Corona crisis will also be felt in personal budget over a long period of time. All other sectors are also having to contend with problems such as short-time work, slumps in orders and non-payment. That many now fear for their existence is obvious. The entire global economy will not be spared the consequences of Covid-19.
Author Bio:
Hi, I am Nikesh Mehta owner and writer of this site.
I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.
I can be reached at nikeshmehta@allonmoney.com. You may also visit my LinkedIn profile.
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