COVID-19 has taken us all some steps back, affecting not just our lifestyle, but also our financial stability. With a lot of people getting laid off, and the others not being able to keep up with their daily needs, the savings accounts have seen a substantial dent. Keeping in view this financial disruption, all the banks and NBFCs are trying to come up with unique and different solutions to help them remain to stand and attract more customer base. While some banks had to shut up, others flourished. Currently, some of the Indian public sector banks have launched the new COVID-19 Personal loans which are cheaper than the earlier personal loans hence attracting a larger customer base. Bank of Baroda (BOB) along with Punjab National bank (PNB), Bank of Maharashtra (BoM), and Bank of India (BoI) are the ones who are focusing on their new Personal Loan scheme.
Sahyog COVID-19 Bank of Baroda Personal Loan :
Bank of Baroda on Wednesday announced their new Sahyog COVID-19 personal loan scheme. They mentioned on their website that for their preexisting quality retail asset customers the Bank of Baroda personal loan comes with relaxed assessment norms and a lower rate of interest. They further mentioned that considering the havoc that the pandemic has caused to people’s bank accounts, the customers with this new personal loan scheme get access to various services including temporary liquidity mismatch due to COVID-19 except for speculation purpose. The Bank of Baroda customers can approach their existing branches to make use of this scheme and get a personal loan up to a maximum of Rs. 5 Lakh. The bank has also asked the customers to take a note of their eligibility criteria which says that their loans must be fully disbursed, with moratorium periods completed and a minimum of three months’ of instalments paid. It is also important to note that their loan account mustn’t have slipped in the SMA-1 category until February 29.