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Central government and state government has launched many schemes during COVID-19. Many bank such as Bank of Maharashtra, Punjab National Bank (PNB), State Bank of India (SBI) and Bank of Baroda (BoB) have lunched COVID-19 Special Loan Scheme. These loan scheme lower interest rate and will provide loan up to Rs.5 lack. These loan scheme for existing customers. It will provide financial support to their customers.
| Scheme: | COVID-19 Special Loan Scheme |
| Benefits: | Loan: up to Rs. 5 lakh |
| Beneficiaries: | Existing Customers of bank |
| Rate of Interest: | 8.05% [RLLR (7.05%) + 1.00%] |
| Loan Tenure: | 3 years (36 months) |
| Loan limit: | Up to Rs. 5 lakh |
| Launched By: | Bank of Maharashtra, Punjab National Bank (PNB), State Bank of India (SBI) and Bank of Baroda (BoB) |
| Launched Date: | May 2020 |
| Last date of Application: | 30/06/2020 |
Benefits:
- Loan: up to Rs. 5 lakh
- lower interest rate: 8.05%
- No processing fee
- No prepayment
Beneficiaries:
- Existing Customers of bank
- Customers having salary account in those bank
- Customers with good CIBIL credit ratings
Eligibility:
- Customers have salary account and/or EMI loan in bank
- Applicants maximum age and maximum loan amount:
| Bank | Maximum age: | Maximum loan amount: |
| Punjab National Bank | 60 years | |
| Punjab National Bank Aabhar Rin | 75 years | Rs. 2 lakh |
| Bank of India | Rs. 5 lakh | |
| Indian Overseas Bank Insta Pension | 70 years | Rs. 2 lakh to Rs. 5 lakh |
| Baroda Personal Loan | Rs. 25,000 to Rs. 5 lakh | |
| Indian Bank | Minimum age: 21 years | Rs. 2 lakh |
| State Bank of India | Rs. 200 crore | |
| Indian Overseas Bank | Rs. 1 crore |
Loan is provided by following bank:
- Indian Bank
- UCO Bank
- Bank of India
- Bank of Maharashtra
- Punjab National Bank (PNB)
- Indian Overseas Bank (IOB)
- Bank of Baroda (BoB)
- Union Bank of India
- State Bank of India (SBI)
Required Documents:
- Application form and guarantor’s form and assets and liabilities form
- Proof of income: Salary slip of last 3 months
- Proof of employment: Employment ID
- PAN Card
- KYC Documents: Aadhar Card, Driving License, Passport, Ration Card, Voter ID etc.
Reserve bank of India will provide required support to the bank to implement this scheme
