Covid 19 Personal Loan

List of Banks Providing Covid 19 Personal Loans in India

  • Indian Bank
  • Union Bank of India
  • UCO Bank
  • Bank of Maharashtra
  • Punjab National Bank (PNB)
  • Indian Overseas Bank (IOB)
  • Bank of Baroda (BoB)
  • State Bank of India (SBI)
  • Bank of India

1. Punjab National Bank Aabhar Rin Covid 19 Personal Loan for Individuals

In the midst of the COVID-19 outbreak, PNB Aabhar Rin COVID-19 is being provided to pensioners to satisfy emergency financial needs. The loan sum can be used, including medical expenses, to meet personal needs. This scheme can actually only be used until June 30th, 2020.

Eligibility criteria: Eligible for PNB Aabhar Rin COVID-19 are all pensioners who receive their pension from branches of the PNB.

Interest Rate: RLLR (7.05 percent) + 2.00 percent = 9.05 percent

Duration of repayment: up to a maximum of 3 years (36 months) if you already have a continuous PNB pension loan. Nevertheless, new applicants can repay the loan for a maximum term of 5 years (60 months).

Loan Quantum: Up to Rs. 2 lakh or three times the average pension added to your account for the last six months, whichever one is lower. Your monthly personal loan EMI for PNB Aabhar Rin COVID-19 should, however, not surpass the following limits:

  • 50 per cent of the total monthly pension if you earn a monthly pension of up to Rs. 30,000;
  • If you earn more than Rs. 30,000 as a monthly pension, you get 60% of the total monthly pension.

Maximum Age of the Candidate: At the time of application, the borrower must be less than 75 years old. However, by the time the borrower is 75 years old, the personal loan can be paid off.

Procedure for application: Complete the Pension Loan Application Form under the PNB Aabhar-COVID 19 scheme and send it to the bank together with a photograph, ID proof, address proof, date of birth, proof of income and the bank statement of your pension account for the past six months.
Charges for Processing and Documentation: Null

If you want to learn more about PNB Aabhar Rin COVID 19, you can contact 1800-180-2222 or 1800-103-2222 toll-free numbers for PNB customer service. Alternatively, to get more details, you can send an email to care@pnb.co.in.

2. Bank of India Covid 19 Personal Loan for Individuals

The COVID-19 Personal Loan (CPL) has been launched by the Bank of India (BoI) for single borrowers to help them achieve personal financial requirements arising from the Coronavirus crisis and the subsequent lockdown. The following are the main features of this Covid 19 Personal Loan:

Eligibility criteria

Personal loan eligibility criteria for a Covid 19 Loan from the Bank of India are:

  • Holders of BoI salary accounts (if the salary was received in BoI account for at least 12 months) 
  • Both existing personal loan and home loan borrowers of the Bank of India (irrespective of salary account tie-up)
  • Not applicable to Bank of India’s current/ex-employees
  • Sum of Loan

Rs. 5 lakh is the permissible amount of loan sanctioned under the scheme, subject to the following restrictions:

  • 3 times monthly income as per last Income Tax Return for self-employed
  • For wage workers, 3 times the latest gross monthly wage

Interest Rate and Payments for Processing

Bank of India Covid 19 Personal Loan is offered at a concessional personal loan interest rate equivalent to 7.25 per cent p.a. BoI RBLR (Repo-based lending rate) The processing fee for this personal loan from COVID-19 is Null.

Tenure of Loan

The maximum permitted repayment period for the Bank of India CPL is 36 months, along with a 6-month moratorium.

Required Documents

  • Fully completed BoI COVID-19 form for personal loan application
  • Documents from KYC
  • Salary Slip/ITR Slip

You need to reach out to your nearest branch for more information about this Covid 19 Personal Loan and the comprehensive application process. Bank of India’s alternate contact details are:

Toll-free phone numbers: 1800-220-229/1800-103-1906

E-Mail: BOI.COVID19@bankofindia.com

Chargeable phone number: 022-409-1919

3. Indian Overseas Bank Insta Pension-Covid 19 Relief Loan for Individuals

Insta Pension-COVID-19 Relief Loan from Indian Overseas Bank is provided to pensioners to meet unforeseen expenses due to Covid-19. Up to 30/06/2020, this loan offer is currently available.

Applicants eligible:

  • Any central government, defence, state government, TNEB pensioners, retired IOB workers, etc. whose originally Pension Payment Order (PPO) remains in Indian Overseas Bank custody.
  • Other pensioners, such as pensioners of municipal corporations, pensioners of the state government, ex-gratia pensioners, etc., whose benefits are disbursed by Government treasuries by means of cheques drawn up for the benefit of the bank, in compliance with the retiree’s mandate,
  • Family pensioners in the categories referred to above are also eligible.

Please be aware that:

  • India Overseas Bank’s former employee pensioners in any of the above groups are not liable for a personal loan under this scheme.
  • Pensioners earning pension through the bank also are not eligible for this loan scheme from the Malaysian Government.

Interest rate: 1 YR MCLR (8.50 percent) + 1.50% [0.20 percent (strategic premium) + 1.30 percent (risk premium)] = 10 percent

Repayment duration: The repayment period is 60 months for those under 70 years of age and 36 months for those over 70 years of age. The repayment duration also covers the 3-month moratorium/holiday period.

Loan Quantum:

Type of Applicant Age Criteria of Applicant Pension COVID-19 Loan Quantum
All Central Government, State Government, Defence, Retired IOB employees, TNEB Pensioners, etc. whose original Pension Payment Order (PPO) stays in the custody of Bank.

 

Up to 70 years 20 times of monthly pension or Rs. 5 lakh whichever is less
70 years and above 20 times of monthly pension or Rs. 3 lakh whichever is less
 All Pilot Pensioners, such as State Government pensioners, Pensioners of Municipal Corporations, Ex- gratia pensioners, etc., whose pensions, in compliance with the mandate of the pensioner, are disbursed by Government Treasuries by cheques drawn in favour of the bank. Up to 70 years 15 times of monthly pension or Rs. 5 lakh whichever is less
70 years and above 15 times of monthly pension or Rs. 3 lakh whichever is less
Family pensioners of the above-mentioned categories Up to 70 years 15 times monthly pension or Rs. 3 lakh whichever is less
70 years and above 15 times of monthly pension or Rs. 2 lakh whichever is less

Safety:

  1. For pensioners up to 70 years: either the spouse’s guarantee or any of the legitimate heirs or the third party’s guarantee.
  2. For pensioners over 70 and for family pensioners: either the spouse’s guarantee or any of the legitimate heirs. If there is no spouse/legal heir present, it is possible to receive a third party guarantee

You should call the bank at 1800-425-4445 in the event of any queries (toll- free number). (toll- free number). Alternatively, you can demand a call from the customer care department of the bank by filling up the “Reach Us” form with your information on the official website of the Indian Overseas Bank.

4. Bank of Maharashtra Emergency Credit Line – Covid 19 Personal Loan for Individuals

Bank of Maharashtra is providing all its current home loan customers with the Bank of Maharashtra Emergency Credit Line-Covid 9 1 Personal Loan Scheme so that throughout the current COVID crisis, they can meet the necessary liquidity requirements. The scheme is only valid until 06/30/2020.

Eligibility Criteria:

  1. Current customers of housing loans who have completed the protection fee for their property on behalf of the bank and have begun repayment of a current home loan
  2. Established customers of housing loans who have already taken advantage of a personal loan are also eligible for a new scheme subject to deduction standards as defined by the Maharashtra Bank.

Required Documents:

  • Properly signed application form along with the form of the guarantor and assets and liabilities form.
  • Evidence of income: payslip showing all deductions for the last 3 months or latest Form 16) properly attested by the employer.
  • Evidence of employment: a copy of the employer’s photo ID card, employment order, number of the employee, etc.
  • PAN (Number of Permanent Account) Card
  • Form 16/ ITRR approved form 16
  • KYC Documents:  Aadhar Card, Visa, Voter ID, Ration Card, Driving License, etc.
  • Authorization to debit the mandate for SB account/ECS/NACH

Interest rate: RLLR concessional interest rate (7.45 %) + 1.00 % = 8.45 %

Duration of repayment: up to 36 months including 6 months moratorium/holiday period

Loan Quantum:

  • For Salaried Individuals: Subject to the overall credit cap of Rs.3 lakh, 10 times the most recent monthly gross salary income.
  • For Non- Salaried Individuals: 60 % of recent annual income based on ITR subject to a maximum loan of Rs. 3 Lakh.

Deduction Standards: Not more than 70% of gross annual profits, including the proposed EMI,

For more information about the loan program, please call the toll-free bank at 1800-233-4526. Or write an email to cmcustomerservice@mahabank.co.in with your inquiry to

5. Punjab National Bank SAHYOG Covid 19 Personal Loan for Individuals

PNB SAHYOG Covid 19 The Personal Loan Scheme is provided to current bank customers to give financial support so that as a result of the COVID-19 outbreak, they can fulfil medical or other personal financial needs. At present, the scheme is only valid until 30.06.2020.

Eligibility Criteria :

  • All permanent salaried/confirmed Central/State Govt./PSU employees and all respectable organizations/institutions, including schools and universities, autonomous bodies/nursing homes/hospitals, who draw their salaries from PNB accounts (account holders with erstwhile OBC and UBI are also eligible) (account holders with erstwhile OBC and UBI are also eligible)
  • Present PNB home loan borrower (as well as existing home loans from the former OBC and UBI) with up-to-date payments as of 15.03.2020.

Interest Rate: RLLR (7.05%) + 1.00% = 8.05%

Repayment Period: Up to 36 months

Loan Quantum: Up to Rs. 3 lakh

Maximum Age of the Applicant: 60 years

If you need to learn more about the personal loan system, you can dial 1800-180-2222 or 1800-103-2222 toll-free numbers. By sending emails to care@pnb.co.in, you can also get information.

6. IND-COVID – Emergency Pension Loan by Indian Bank for Pensioners

The Indian Bank’s IND-COVID Emergency Pension Loan is intended to supply pensioners with financial assistance for unexpected expenses related to COVID -19.

Applicants eligible:

  1. Pensioners of the central and state government, as well as family pensioners and retirees of the Indian Bank (both voluntary and superannuation pensioners) who earn their pension through the Indian Bank.
  2. Current creditors under the scheme of the Indian Bank Pension Loan

Note: CRS retired people, and EPF pensioners are not eligible for the Emergency Pension Loan of IND-COVID.

Interest Rate: 8.75% p.a. fixed rate

Repayment duration: Maximum 36 months along with the moratorium of 3 months

Loan Quantum: 15 times net monthly pension fewer TDS up to a maximum of Rs. 2 lakh

Processing Fees/Prepayment Charges: Nil

Criteria for age: There is no minimum age for entry. The maximum entry age for daily pensioners is 68, and the maximum exit age is 75. The median entry age for a family pensioner is 68 years, and the minimum exit age is 73 years.

Customers can call Indian Bank Toll free numbers, 1800-425-000-00 or 1800-425-4422*, for knowledge on more information and extra features of these loans. Alternatively, you can send an email with your question information to:

  • hopbd@indianbank.co.in
  • indianbank@indianbank.co.in
  • ibhocustomerservice@indianbank.co.in

7. IND-COVID – Emergency Salary Loan by Indian Bank for Salaried Individuals

The Indian Bank has launched this emergency Covid 19 personal loan with the intention of meeting any unexpected expenses due to Covid 19. The main features of the IND-COVID-Emergency Salary Loan are the following:

Applicants eligible:

  1. Permanent Government/Quasi-Government/MNCs/Board/Other reputed employees of the corporation with a minimum of 2 years of service in the current organisation who have an Indian Bank salary account.
  2. Current borrowers of the Indian Bank Home Loan (irrespective of salary account maintained with Indian Bank)
  3. Current Indian Bank Salary Loan borrowers

Interest Rate: 9.50% p.a. fixed rate

Repayment period: It is up to 36 months including the moratorium period of 6 months

Loan Quantum: 20 times gross monthly salary up to a maximum of Rs. 2 lakh   

Processing Fees/Prepayment Charges: Nil

Minimum age of applicant: 21 years

8. Baroda Covid 19 Personal Loan by Bank of Baroda (BoB) for Individuals

The Baroda personal loan Covid 19 has been introduced by Bank of Baroda so that people can serve any personal purpose (excluding speculation purposes), including temporary liquidity discrepancy due to COVID-19.

Applicants eligible:

1 Customer with current home loans (all variants), property loans or Bank of Baroda auto loans is eligible.

2. They ought to have a minimum of 6 months’ partnership with the bank where:

  • The loan should be disbursed in full, and the moratorium period is over.
  • Minimum payment of three instalments
  • In the SMA1 band, the account never dropped until 29.02.2020

3. The applicant’s minimum credit score should be 650.

Interest Rate: BRLLR (Baroda Repo Linked Lending Rate) + SP+ 2.75% per annum with monthly rest (ROI is irrespective of credit score)

Repayment Period: It is same as a current loan of applicant up to a maximum of 60 months

Loan Quantum: Rs. 25,000 to Rs. 5 lakh

Processing Charges: Rs. 500 plus applicable GST

You can contact Bank of Baroda Customer Service at 1800 258 44 55 and 1800 102 44 555 for further inquiries (toll- free numbers). 

9. SHG-COVID – Sahaya Loan by Indian Bank for Self Help Groups

Other Indian Bank offering cash crunch related to emergency COVID-19 is aimed at self-help groups (SHGs) across the country. For each SHG with a loan term of 36 months and a moratorium of 6 months, the maximum loan sum is Rs. 1 lakh.

Indian Bank can be contacted at toll-free numbers 1800-425-000-00 or 1800-425-4422 or 1800-425-4422.   

At hosmed.policy@indianbank.co.in / indianbank@indianbank.co.in, you can contact the Indian Bank.

10. State Bank of India Covid 19 Emergency Credit Line for Businesses

SBI, India’s biggest public sector lender, has announced an add on ad-hoc credit line facility to assist existing business borrowers in mitigating liquidity issues triggered by the ongoing crisis of the Coronavirus. Many of this scheme’s main details include:

  • 7.25 % interest rate (fixed rate)
  • Repayment duration 6 EMIs after a moratorium period of 6 months
  • The total sum of Rs. 200 crores for the loan (10 % of existing Fund Based Working Capital)

You can obtain additional scheme-related information from the nearest SBI branch, the official SBI website, or email your questions to customercare@sbi.co.in.

The toll-free contact centre numbers of the State Bank of India are 1800-11-2211 and 1800-425-3800.

11. IND-MSE Covid 19 Emergency Loan by Indian Bank for Businesses

All current micro and small borrowers from the Indian Bank are permitted to use this facility and fulfil their temporary liquidity shortfall due to the outbreak of Covid 19. The deal is available until September 30, 2020, and includes Zero processing fees and service charges on this emergency credit line. Some of the other main characteristics are:

  • 8.75 % interest rate p.a. Set rate, fixed rate
  • Loan up to a limit of 50 lakhs max. Duration of repayment max.
  • For loans of up to Rs. 25 lakhs and a maximum of 36 months. Sixty months for loans greater than 25 lakhs. Maximum 6-month moratorium duration.

12. UCO Bank Covid 19 Emergency Credit Line for Businesses

The adhoc credit facility declared by UCO Bank is intended to help companies cope with the temporary cash flow and liquidity shortage arising from the COVID-19 crisis. While details are currently available, further information can be found on the official website of UCO Bank or by contacting them.

Contact information for UCO Bank: Toll-free: 1800-274-0123 / email: customercare.calcutta@ucobank.co.in or hopgr.calcutta@ucobank.co.in

13. Union Bank of India Covid 19 Emergency Line of Credit for Businesses

Union Bank of India has also revealed to its current customers its COVID emergency line of credit. Although specifics are presently awaited, it is also anticipated that this product will provide much-needed relief due to company liquidity disruptions resulted in the COVID-19 crisis.

Contact information for the Union Bank of India: Toll-free numbers- 1800-2222-44 / 1800-208-2244 or email Union Bank of India at-Customercare@unionbankofindia.in with your question details.

14. Indian Overseas Bank Covid 19 Line of Support Scheme for MSME Businesses

This Indian Overseas Bank (IOB) COVID emergency loan scheme for medium and small enterprises (MSME) is applicable to all existing MSME borrowers of the bank. Main characteristics include:

  • Loan for working capital for up to 12 months
  • Maximum volume of a loan of Rs. 1 crore
  • Enabled repayment in 6 monthly instalments
  • Charges for Zero Prepayment

Further information about the terms and conditions of the scheme are provided at nearby IOB branches, as per the latest notification. The toll-free number contains other methods to access the bank: 1800-425-4445*. Alternatively, in the “Reach Us” section of the official Indian Overseas Bank website, you could provide your name, email and mobile number alongside query details to get a callback/email response from a bank representative.

How to Apply for Covid 19 Personal loan?

You are unable to apply for a Covid 19 personal loan online as of now. Thus in order to know the specifics of the Covid 19 emergency loan application process, you need to contact your bank directly. The given below are the contact information of India’s major providers of Covid 19 personal loan.

Bank Details  Contact Details 
State Bank of India

1800-11-2211 / 1800-425-3800
customercare@sbi.co.in

Indian Bank 1800-425-000-00 / 1800-425-4422 orhosmed.policy@indianbank.co.in / indianbank@indianbank.co.in
Bank of Baroda Toll-free numbers 1800-258-4455 and 1800-102-4455
Punjab National Bank

Toll-free numbers: 1800-180-2222 or 1800-103-2222.

Email: care@pnb.co.in

Bank of Maharashtra 1800-233-4526. Email: cmcustomerservice@mahabank.co.in
Indian Overseas Bank 1800-425-4445
Visit the “Reach Us” section of the bank’s website,

For further information regarding Covid 19 personal loan of different banks, you can visit our website.

 

Capital Small Finance Pension Loan Capital Small Finance Bank Personal Loan Customer Care
Capital Small Finance Bank Personal Loan Customer Care Central Bank Of India Pension Loan
Central Bank of India Personal Loan Customer Care Chhattisgarh Rajya Gramin Bank Pension Loan
Chaitanya Godavari Gramin Bank Pension Loan Citi Bank Personal Loan Customer Care