COVID-19 Personal Bank Loan Schemes: Eligibility, Rate Of Interest & Just How To Apply

COVID-19 Personal Bank Loan Schemes: Eligibility, Rate Of Interest & Just How To Apply

3. Punjab Nationwide Bank Aabhar Rin COVID 19 Personal Bank Loan Scheme for folks

PNB Aabhar Rin COVID-19 is wanted to pensioners to meet up with crisis economic requirements amid the outbreak that is COVID-19. The mortgage quantity enables you to fulfill individual requirements, including medical costs. Presently this scheme can be availed just till.

Qualified candidates: All pensioners who draw their retirement through branches of PNB meet the criteria for PNB Aabhar Rin COVID-19.

Interest rate: RLLR (7.05%) + 2.00% = 9.05percent onwards

Repayment Period: as much as a optimum of 36 months (3 years), in the event that you curently have a pension that is ongoing with PNB. Nevertheless, brand brand new candidates can repay the mortgage in just a optimum tenure of five years (60 months).

Loan Quantum: Up to Rs. 2 lakh or 3 times regarding the average associated with the final 6 months retirement credited for your requirements, whichever is gloomier. Nevertheless, your monthly EMI for PNB Aabhar Rin COVID-19 personal loan should maybe not exceed the under limitations:

  • 50% of gross pension that is monthly in the event that you receive as much as Rs. 30,000 as monthly retirement;
  • 60% of gross month-to-month retirement, in the event that you receive significantly more than Rs. 30,000 as month-to-month retirement.

Optimum chronilogical age of the Applicant: Borrower should be significantly less than 75 years old in the period of application. Nevertheless, the personal bank loan should be reduced by plenty of time the debtor is 75 yrs old.

Procedure to use: fill in the applying form for Pension Loan under PNB Aabhar- COVID 19 scheme and submit it to your bank along side a picture, ID evidence, target evidence, date of delivery evidence, earnings proof and final half a year’ bank statement of one’s retirement account.

Processing and Documentation Charges: Nil

If you wish to learn about the PNB Aabhar Rin COVID 19, it is possible to ask PNB customer support toll-free figures. Instead, it is possible to deliver a contact to to have further details.

4. Bank of Asia COVID-19 Unsecured Loan for people

Bank of Asia (BoI) has introduced the COVID-19 Personal Loan (CPL) for specific borrowers to assist them to satisfy individual monetary demands caused by the Corona virus crisis and resultant lockdown. Listed here are key options that come with this COVID-19 personal bank loan:


Eligible candidates when it comes to Bank of Asia COVID-19 unsecured loan are:

  • Salary members of BoI (if wage happens to be gotten in BoI account fully for at the very least one year)
  • All current Bank of Asia loan that is personal mortgage loan borrowers (irrespective of income account tie-up)
  • Maybe maybe Not open to current/ex-staff of Bank of Asia

Loan Amount

Optimum loan quantity sanctioned under the scheme is Rs. 5 lakh at the mercy of restictions that are following

  • For self-employed – three times of month-to-month income as per final money Tax Return
  • For salaried – three times of latest gross salary that is monthly

Interest rate and Processing Charges

Bank of payday loans New Mexico Asia COVID-19 unsecured loan will be offered by the rate that is concessional to BoI RBLR (Repo-based financing rate) of 7.25per cent p.a. Processing cost with this COVID-19 personal bank loan is NIL.

Loan Tenure

Optimum repayment tenure permitted for Bank of India CPL is 3 years including a moratorium of six months.

Papers Required

  • Entirely filled out BoI COVID-19 loan application form that is personal
  • KYC papers
  • Salary Slip/ITR

For further details regarding this COVID-19 unsecured loan and detail by detail application procedure you’ll want to speak to your nearest branch. Alternate contact information of Bank of Asia are:

Toll-free telephone numbers.

Chargeable telephone number.

5. Indian Overseas Bank Insta Pension-COVID-19 Relief Loan for folks

Indian Overseas Bank Insta Pension-COVID-19 Relief Loan is provided to pensioners to meet up expenses that are unexpected to Covid-19. This loan offer happens to be legitimate as much as 30/06/2020.

Qualified Applicants:

  1. All Central Government, Defence, local government, TNEB Pensioners, Retired IOB workers, etc. whoever pension that is original Order (PPO) remains into the custody of Indian Overseas Bank
  2. Other Pensioners, such as Pensioners of Municipal Corporations, State national pensioners, Ex- gratia pensioners, etc., whoever retirement benefits are disbursed by Government Treasuries in the form of cheques drawn in preference of the financial institution, depending on mandate associated with the pensioner
  3. Family pensioners regarding the above mentioned groups are additionally qualified

Take note that:

  1. The ex-staff user pensioners of Asia Overseas Bank under some of the above category are perhaps perhaps perhaps not entitled to your own loan under this scheme
  2. Malaysian Government pensioners pension that is receiving the lender will also be maybe perhaps not entitled to avail this loan scheme

Interest: 1 year MCLR (8.50%) + 1.50% [0.20% (strategic premium) + 1.30% (danger Premium)] = 10% onwards

Payment period: The payment duration is 60 months if you are significantly less than 70 years and three years if you are above 70 years. The payment duration also contains the holiday that is moratorium of three months.

Loan Quantum:


  1. For Pensioners up to 70 years: Either guarantee from spouse or any one of several heirs that are legal from alternative party
  2. For Pensioners above 70 years as well as for family members pensioners: Either guarantee from spouse or any one of many appropriate heirs. If spouse/legal heir isn’t available, 3rd party guarantee can be had

In the event of any question, you are able to call the lender (toll- free quantity). Alternatively it is possible to request a call straight straight straight back through the bank’s customer service division by filling in the “Reach Us” form regarding the Indian Overseas Bank formal web site with you details.