Bank of Baroda Announces COVID 19 Personal Loan up to Rs 5 Lakh for its Customers
Taking the lead in easing the financial stress of retail banking customers, the Bank of Baroda has rolled out an exclusive Personal Loan product for its existing retail customers.
Being a Bank of Baroda customer of any of the retail loans such as Home Loan, Loan Against Property, or Auto Loan, you can Apply for a Personal Loan up to Rs 5 lakhs and confidently tide through the liquidity crunch caused due to the COVID 19 pandemic.
The customers need to approach their home branches to avail of the offer. In a bid to ease the liquidity crunch of its customers, the BOB has offered a much lower rate of interest for COVID 19 Personal Loan. This scheme is open to customers until September 30, 2020.
In order to be eligible for Bank of Baroda Covid19 Personal Loan, you should have a running loan with a fair credit rating. Here is a quick list of eligibility and other details about the BOB Covid19 Loan Scheme.
- You should be a retail loan customer Bank of Baroda.
- You should have a credit score of 650 or above.
- The customers of Home Loans and Loan Against Property can apply for Personal Loan up to 10 percent of their existing loans.
- The customers of auto loans can apply for a maximum of 20 percent of their loan.
- The loan is available for a maximum tenor of 5 years.
- The rate of interest starts from 10.25 percent. The interest is linked to BRLLR, presently being 7.25%. The lower than regular Personal Loan interest rate is offered to all COVID loan applicants, irrespective of their credit rating.
- The customer can also make use of COVID 19 moratorium of three months.
- The overall tenure including moratorium should not be more than 5 years, and the interest will be accrued during the moratorium period.
- A penal interest of 2 % will be charged in case of overdue.
- There are no prepayment charges.
- A unified processing fee of Rs 500 along with GST is levied.
The BOB has already reduced its Repo Linked Lending Rate by 75 basis points, ensuring complete benefit transmission to customers after RBI’s repo rate cut.