Bank of Baroda (BoB) announced that it will extend a COVID-19-related personal loan product for existing retail loan customers, including home and auto loan customers and loans against property (LAP) borrowers. Customers may avail of this product till September 30 to tide over any liquidity mismatch caused by the nationwide lockdown. The customers may approach their existing branches to avail this personal loan up to a maximum limit of Rs 5 lakh in a hassle-free manner.
The interest rate of the COVID-19 personal loans will be linked to the repo-linked lending rate – Baroda repo-linked lending rate, plus strategic premium, plus 2.75% per annum, with monthly rest, the bank said. The minimum borrowing limit for the facility is Rs 25,000.
Auto loans, LAP and all variants of home loans customers who have banked with BoB for at least six months are eligible to avail this facility. Additional eligibility requirements that customers need to fulfil are that their loans must be fully disbursed, with moratorium periods completed and minimum three months’ instalments paid, and their account must never have slipped in the SMA-1 category until February 29.