COVID-19 Personal Loan Scheme/COVID-19 Special Loan Scheme

Banks are providing special loan up to Rs. 5 lakh with lower interest rates

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:
BankMaximum age: Maximum loan amount:
Punjab National Bank60 years
Punjab National Bank Aabhar Rin75 yearsRs. 2 lakh
Bank of IndiaRs. 5 lakh
Indian Overseas Bank Insta Pension70 yearsRs. 2 lakh to Rs. 5 lakh
Baroda Personal LoanRs. 25,000 to Rs. 5 lakh
Indian BankMinimum age: 21 yearsRs. 2 lakh
State Bank of IndiaRs. 200 crore
Indian Overseas BankRs. 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

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