COVID 19 Personal Loan in India

About COVID-19 Loan

COVID-19 (popularly known as Coronavirus), a severe pandemic disease, is impacting countries (more than 180) all over the world, including India. The pandemic has considerably damaged humankind within the past couple of months.

Till now, there are a total of 59,662 confirmed cases in India with 1,981 deaths. The disease is expanding, and to reduce its exponential growth, central and state governments are locking down cities and states.

This lockdown status has created some temporary liquidity mismatch in the country and to overcome it, many banks have launched a new personal loan scheme for their customers with relaxed assessment norms and lower interest rate. This COVID 19 Loan or Personal Loan Scheme will help to deal with the present critical situation.

Here’s a comparative analysis of COVID 19 personal loans offered by various banks:

COVID 19 Loan Providers in India

Bank of Baroda COVID 19 Personal Loan

Features

• Purpose: Any non-speculation purpose, including temporary liquidity mismatch because of COVID-19.
• Loan amount: Minimum Rs. 25,000 and maximum Rs. 5 Lakhs
• Repayment tenure: Co-terminus with the qualifying link loan OR maximum door to door maturity of up to 60 months. There is a moratorium period available for maximum 3 months (within overall 60 months repayment tenure).
• Rate of interest: BRLLR (7.25%) + SP (0.25%) + 2.75% = 10.25% per annum with monthly rest. Interest to be serviced during the moratorium period.
• Processing fee: 500 + applicable GST

Eligibility 

Following existing Retail Assets customers with qualifying loan accounts are eligible:

• Home Loan (all variants)
• Loan Against Property
• Auto Loan
• Applicant must have minimum 6 months of relationship with the bank where:
• Loan is completely disbursed & moratorium period is completed
• Minimum 3 instalments have been paid
• Account never slipped in SMA1 category till 29.02.2020
• The CIBIL Credit Vision Score of the applicant should be minimum 650
• At any point of time the proposed Personal Loan EMI will not exceed 15% of total cumulative EMIs to be paid by the borrower to the Bank for any Retail Loans mentioned above.
• Non-Individuals and borrower enjoying Overdraft limits are not eligible

Documents

• Application form – duly filled and signed
• Identity proof
• Age proof
• Residence proof
• Income proof
• Detail of existing Saving Account Number with Bank of Baroda
• Detail of existing Retail Loan Account(s) with Bank of Baroda

Helpline Number

For any query regarding Bank of Baroda COVID 19 Loan, you can call at their 24×7 Toll-Free Numbers: 1800 258 44 55 and 1800 102 44 55

Indian Bank

A. IND COVID – EMERGENCY SALARY LOAN (CESL)

Features

• Purpose: For meeting unforeseen expenses due to COVID 19
• Loan amount: 20 times the latest gross monthly income, subject to a maximum of Rs. 2 Lakhs.
• Repayment tenure: Maximum up to 36 months, including 6 months’ moratorium period. However, sanctioning authority may ensure that the repayment tenure is fixed in such a way that the loan is completely adjusted 3 months prior to the borrower’s superannuation. The validity of the scheme is up to 30.06.2020.
• Rate of interest:50% p.a. (Fixed rate of interest)
• Processing fee: NIL

Eligibility

Target group:

• Permanent employees of Government/ Quasi-Government/ Boards/ Endowments/ MNCs/ other Reputed Companies/ organisations with a minimum service period of 2 years – Salary should be credited to the account maintained with the Indian Bank.
• Existing Home Loan borrowers of the bank – Salary account is maintained with the Indian Bank or other bank account.
• The Special Salary Loan Scheme 2020 may be extended additionally subject to maintaining the Net Take Home Pay (NTHP).
• All existing accounts under “Standard category” excluding SMA 1/ SMA 2

NTHP norms:

• NTHP after proposed EMI should not be below 40% of the gross salary
• If the applicant has availed loan(s) with Indian Bank secured by immovable properties, a loan amount of 30% of NTHP against the extension of equal mortgage will be considered.
• Age limit: Minimum entry age required is 21 years
• Security: Wherever 30% NTHP is considered, an extension of the equal mortgage over immovable property has to be provided as security.
• Guarantee: Guarantee of spouse or employee from the same organisation is required (wherever applicable).

Documents

• Duly signed application form along with guarantor’s form
• PAN Card (mandatory)
• KYC documents – Passport/ Aadhar Card/ Ration Card/ Election ID/ Driving License/ etc.
• Assets & Liabilities form
• Last 6 months’ Salary Slips as income proof showing all deductions/ Latest Form 16 (duly attested by the employer).
• Employment proof – A copy of the employment order/ Photo Identity Card issued by the employer/ employee number/ etc.
• Form 16/ ITR (wherever available)
• Authorisation to debit Savings Bank account/ ECS/ NACH mandate

Helpline Number

• For any query regarding IND CESL, you can call at +917305898992/ +919931094920
• You can also send an email to ibcovidresponse@indianbank.co.in

B. IND COVID – EMERGENCY PENSION LOAN (CEPL)

Features

• Purpose: Personal Loan for pensioners to meet any non-speculation financial need, including temporary financial requirements arising due to COVID-19.
• Loan amount: Least of the below three options:
• Maximum 15 times of monthly pension (net of TDS)
• Maximum Rs. 2 Lakhs
• 40% of Net Take Home Pay (NTHP)
• Repayment tenure: Maximum up to 36 months, including 3 months’ moratorium period. The validity of the scheme is up to 30.06.2020.
• Rate of interest:75% p.a. (Fixed rate of interest)
• Processing fee: NIL

Eligibility

• Target group:
  • Central/State Government Pensioners, Family Pensioners, Re-employed Pensioners, RBI Pensioners, IB Retirees (both under VRS and superannuation) – Whose pension accounts are with Indian Bank branches).
  • Existing borrowers of the IB Pension Loan Scheme can avail this loan scheme subject to availability of NTHP of 40% or 30% (as the case may be) after deducting the existing and proposed EMI.
  • CRS retirees & EPF Pensioners are not eligible
  • All existing accounts under the “Standard category” excluding SMA1/ SMA 2 as on the date of sanction.
• NTHP norms: If the applicant has availed loan(s) with Indian Bank secured by immovable properties, a loan amount of 30% of NTHP will be considered.

Age limit:

• Regular pensioners: Maximum entry age is 68 years and maximum exit age is 75 years
• Family pensioners: Maximum entry age is 68 years and maximum exit age is 73 years

Security: Wherever 30% NTHP is considered, an extension of the equal mortgage over immovable property has to be provided as security.

Documents

• Duly filled in loan application form
• Assets & Liability statement for New Borrowers
• Credit report of the borrower/guarantor

Helpline Number

• For any query regarding IND CEPL, you can call at +917305898992/ +919931094920
• You can also send an email to ibcovidresponse@indianbank.co.in

Bank of India – COVID 19 Personal Loan

• Features
  • Purpose: Any non-speculation purpose, including temporary liquidity mismatch due to COVID-19.
  • Loan amount: 3 times of last drawn gross salary (up to a maximum of Rs. 5 Lakhs).
  • Repayment tenure: 36 months, including moratorium period of 6 months
  • Rate of interest:25%
  • Processing fee: NIL
• Eligibility
• Following customers are eligible:
  • Customers who are drawing salary through Bank of India for more than one year
  • Existing Star Home Loan borrowers (Home loan account should be in Standard category)
  • Existing Standard Personal Loan borrowers
• Net Take Home Pay (NTHP): Minimum 25%
• Self-employed as well as salaried employees are eligible for CPL scheme
• Staff/Ex-Staff are not eligible for CPL scheme
• Documents
  • Loan application form – duly filled and signed
  • KYC documents
  • Latest proof of address
  • 2 passport size photographs
  • Latest salary slip/ITR
• Helpline Number
  • For any query regarding Bank of India COVID 19 Personal Loan (CPL), you can call at their
  • Toll-Free Numbers: 1800220229 and 18001031906
  • Chargeable Number: 022-4091919
• You can also send an email to BOI.COVID19@bankofindia.co.in

Union Bank of India – Union COVID 19 Personal Loan Scheme

Features

• Purpose: To meet consumption needs, medical expenses, and short term liquidity mismatch
• Loan amount:
  • Category I: Maximum Rs. 5 Lakhs or up to 6 times of last credited net salary/ pension (whichever is low).
  • Category I: Maximum Rs. 5 Lakhs or difference amount of original sanctioned limit and present outstanding exiting loan amount (whichever is low).
• Repayment tenure: Maximum repayment period is up to 60 months (inclusive of a moratorium of 3 months).
• Rate of interest: 20%
• Processing fee: NIL

Eligibility 

• Category I:
  • All Government/ Non-Government employees/ pensioners of reputed private organisations in India, who are drawing salary/ pension through Union Bank o India for the last 12 months.
• Category II:
  • Existing retail borrower(s) having a minimum repayment history of 12 months or above
  • The existing loan account of the customer should be in the standard category and shouldn’t be under SMA-1/ SMA-2 categories as on 29.02.2020 or anytime during the last 12 months.
  • All borrowers/ co-borrowers of existing loan must join as applicant/co-applicant
  • Existing retail loan for this purpose comprise: Home Loan, Personal Loan, Cash Loan, Vehicle Loan, and Mortgage Loan.
• Security:
  • Category I: NIL
  • Category II: Extension of Mortgage/ hypothecation on existing property or vehicle for Home/Mortgage/Vehicle loan borrowers OR collateral security (if any) held for an existing personal loan will be extended for the proposed loan. NIL security required or Personal and Cash Loan
• Guarantee
  • Category I: Personal guarantee of spouse (for married applicant)/ either of the parents (for unmarried/ widow/ divorcee applicant).
  • Category II: Personal guarantee (if any) obtained in the existing loan will be extended for the proposed loan too.
  • NRI borrowers are not eligible
  • Minimum CIBIL score required: 650 and above

Documents

• Application form – duly filled & signed
• Identity proof
• Age proof
• Residence proof
• Income proof
• Detail of existing Saving Account Number with the bank
• Detail of existing Retail Loan Account(s) with the bank

Helpline Number

For any query regarding Union COVID 19 Personal Loan Scheme, you can call at their 24×7 Toll-Free Numbers: 1800 22 22 44 OR 1800 208 2244.

Bank of Maharashtra – Emergency Credit Line – Personal Loan Scheme”- COVID-19

Features

• Purpose: It is an emergency personal loan scheme for existing housing loan borrowers of Bank of Maharashtra to help them meet personal expenses during lockdown due to COVID 19.
• Loan amount:
  • For Salaried: 10 times the latest gross monthly salary, subject to a maximum loan limit of Rs. 3 Lakhs.
  • For Non-Salaried: 60 % of the latest annual income based on ITR, subject to a maximum loan of Rs. 3 Lakhs.
• Repayment tenure:
  • Up to 36 months, including 6 months moratorium period
  • Interest capitalising for a maximum period of 6 months
  • The repayment is fixed in such a way that the loan is completely adjusted 3 months before the closure of Housing Loan.
  • Scheme is valid up to 30.06.2020
• Rate of interest: RLLR (8.20%) + 1% = 9.20% p.a.
• Processing fee: NIL
• CIBIL charges: 50 + GST per individual

Eligibility

• All standard Home Loan accounts wherein the security charge is completed in favour of the Bank of Maharashtra and repayment started.
• Existing Home Loan borrowers who have already availed of Personal Loan are also eligible
• Deductions norms: Should not exceed 70% of the Annual Gross Income, including the proposed EMI.
• Security: Negative lien on the property mortgaged in Housing Loan, otherwise NIL
• Guarantee: Co-applicants/ Guarantors of existing Housing Loans

Documents

• Application form – duly filled & signed, with guarantor’s form
• Assets & Liabilities form
• Income proof: Last 3 months’ Salary Slips showing all deductions or latest Form 16 – attested by the employer.
• Employment proof: A copy of the employment order, Photo ID Card issued by the employer, employee number, etc.
• Form 16/ ITR (if available)
• PAN Card is mandatory
• KYC documents: Passport, Aadhar Card, Driving License, Ration Card, Election ID, etc.
• Authorization to debit Savings Bank account/ ECS/ NACH mandate

Helpline Number

For any query regarding Bank of Maharashtra Emergency Credit Line – Personal Loan Scheme – COVID-19, you can call at their 24×7 Toll-Free Number 1800-233-4526.

Punjab National Bank

A. PNB Sahyog COVID 19 – Personal Loan Scheme For Public

Features

• Purpose: To provide financial assistance to the existing customers of the bank affected by COVID19 pandemic, to help them meet their emergency consumption or medical needs.
• Loan amount: The maximum loan amount is Rs. 3 Lakhs. For existing personal loan borrowers, the permissible loan limit can be up to Rs. 10 Lakhs.
• Repayment tenure: Maximum 36 months. The validity of the scheme is up to 30.06.2020.
• Rate of interest: RLLR (7.05%) + 2% = 9.05% p.a.
• Processing fee: NIL

Eligibility

• All confirmed salaried/permanent employees of Central/State Government/PSUs and all reputed companies/institutions, including Colleges, Universities, Schools, autonomous bodies, Hospitals, and Nursing Homes, who are either drawing salary through accounts maintained with PNB branches (erstwhile OBC and UBI).
• Minimum Net Take Home Salary:
• Rs. 15,000 in Metro/Urban Centres
• Rs. 10,000 in Semi-Urban/Rural Centre
• Age: Repayment has to be done before the borrower turns 60 years of age or before that.
• Security/Guarantee: Not required

Documents

• Duly filled & signed loan application form
• Recent photograph
• Identity proof
• Address proof
• Date of birth proof
• Income proof
• Last 6 months’ statement of account of salary account

Helpline Number

• For PNB COVID-19 Personal Loan related queries, you can call at their Toll-Free Number 1800 180 4400, which is available from 10 AM to 7 PM (All Days).

B. PNB Aabhar Rin COVID 19 – Personal Loan Scheme For Pensioners

Features

• Purpose: To meet the personal needs of the borrower, including medical expenses, during COVID 19.
• Loan amount: Least of the below options:
• Maximum 3 times the average of last 6 months’ pension credited in the account
• Maximum Rs. 2 Lakhs
• Repayment tenure:
  • Maximum 36 months for existing pension loan borrowers
  • Maximum 60 monthsfor new applicants
• Rate of interest: RLLR (7.05%) + 2% = 9.05% p.a.
• Processing fee: NIL

Eligibility

• All types of pensioners who are drawing pension through PNB branches
• Minimum Net Take Home Pension
• 50% if the gross monthly pension is up to Rs. 30,000
• 60% if the gross monthly pension is above Rs. 30,000
• Age: Repayment has to be done before the borrower turns 75 years of age or before that.
• Security: As per “Personal Loan Scheme for Pensioners”

Documents

• Duly filled & signed loan application form
• Recent photograph
• Identity proof
• Address proof
• Date of birth proof
• Income proof
• Last 6 months’ statement of account of pension account

Helpline Number

• For PNB COVID-19 Personal Loan related queries, you can call at their Toll-Free Number 1800 180 4400, which is available from 10 AM to 7 PM (All Days).

Indian Overseas Bank – IOB Insta Pension-Covid-19 Relief Loan

Features

• Purpose: To meet unforeseen expenses of pensioners due to Covid-19
• Loan amount: Least of the below options:
• Category A:
  • Up to 70 years: 20 times of monthly pension or Rs. 5 Lakhs, whichever less
  • 70 years and above: 20 times of monthly pension or Rs. 3 Lakhs, whichever less
• Category B:
  • Up to 70 years: 15 times of monthly pension or Rs. 5 Lakhs, whichever less
  • 70 years and above: 15 times of monthly pension or Rs. 3 Lakhs, whichever less
• Category C:
  • Up to 70 years: 15 times of monthly pension or Rs. 3 Lakhs, whichever less
  • 70 years and above: 15 times of monthly pension or Rs. 2 Lakhs, whichever less
• Repayment tenure:
  • Maximum 60 months for those who are not over 70 years
  • Maximum 36 monthsfor those above 70 years
  • Tenure includes holiday period of 3 months
  • Scheme is valid till 30.06.2020
• Rate of interest: 1 year MCLR (8.25%) + 1.50% = 9.75% p.a.
• Processing fee: NIL

Eligibility

• Target Group: All pensioners receiving pension through Indian Overseas Bank (IOB). Eligible pensioners are categorized as below:
• Category A: All Central/State Government, Defense, Railways, and TNEB Pensioners, and Retired IOB employees, whose original Pension Payment Order (PPO) is in the custody of IOB and are maintained by them directly as original pensioners.
• Category B: All Pilot Pensioners, like State Government pensioners, Municipal Corporations Pensioners, Ex-gratia pensioners, etc., whose pensions are provided by Government Treasuries via cheques drawn in favour of IOB branches.
• Category C: Family pensioners of all the categories
• In case an existing borrower seeks additional loan, all the existing loan accounts should be in the Standard category.
• SMA1 and SMA2 accounts are not eligible
• Age: No maximum age limit prescribed for the Scheme
• Security: As per “Personal Loan Scheme for Pensioners”
• For pensioners up to 70 years of age: Guarantee from spouse/ any Legal Heir/ Third Party in Form 111 & F 378.
• For pensioners above 70 years of age & family pensioners: Guarantee from spouse/ any Legal Heir. If Spouse/Legal Heir not available, third-party guarantee is required.

Documents

• Duly filled & signed loan application form
• Recent photograph
• Identity proof
• Address proof
• Income proof
• Last 6 months’ statement of account of pension account

Helpline Number

• For any IOB Insta Pension-Covid-19 Relief Loan related queries, you can call at their Toll-Free Number 1800 425 4445.

UCO Bank – UCO Covid-19 Emergency Credit Line

Features

• Purpose: To provide some relief to the borrowers whose operations have been affected by the impact of lockdowns due to the Covid-19 pandemic.
• Loan amount:
  • Up to 10% of the existing Working Capital Limits FB + NFB (ILC+FLC), subject to a maximum of Rs. 50 Crores.
  • Full interchangeability from Non-Fund based (FLC/ILC) to Fund based limit can be allowed till 30.09.2020. Such interchangeability is subject to the availability of Drawing Power (DP).
  • Borrowers, who have been given ad-hoc/excess/gold card limits, the total of such limits (including proposed scheme) should not exceed 25% of the total fund-based working capital limit.
• Repayment tenure: Up to 24 months. Repayable in maximum 18 EMIs, after a moratorium of 6 months from the date of loan disbursement.
• Rate of interest: 30% to 7.90%
• Processing fee: NIL

Eligibility

• All existing Standard Accounts borrowers, including SMA-0 & SMA-1 on the date of sanction, are eligible.
• For availing these limits, DP should be available. However, the bank may reduce the margin on the stocks & receivables and increase the cover period if justified.
• Security:
• The proposed limits will be fully covered by the value of the stocks & receivables as per the Stock statement.
• No clean facility will be approved
• Extension of charge will be given on the existing primary & collateral security
• Cover period on Receivables can extend by a maximum period of 6 months for this ad-hoc portion, till the closure of the facility.

Helpline Number

• For any query regarding UCO Covid-19 Emergency Credit Line (UCECL), you can call at Toll-Free Number 1800 274 0123.

SBI – COVID Emergency Credit Line

Features

• Purpose: To provide some relief to the Micro, Small and Medium Enterprises (MSMEs) owners whose operations have been affected by the impact of lockdowns due to the Covid-19 pandemic.
• Loan amount:
  • Under the CELC facility, borrowers can avail up to or 10% of the existing fund-based working capital limits at reduced interest rates for a limited period.
  • This additional liquidity facility will provide funds up to Rs. 200 Crores and will be available till 30 June, 2020.
• Repayment tenure: Up to 12 months
• Rate of interest:25%

Helpline Number

• For any query regarding SBI – COVID Emergency Credit Line (CELC), you can call at Toll-Free Numbers – 1800 11 2211, 1800 425 3800, or 080-26599990.