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

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

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

PNB Aabhar Rin COVID-19 is agreed to pensioners to satisfy crisis monetary requirements amid the outbreak that is COVID-19. The mortgage quantity may be used to satisfy individual requirements, including expenses that are medical. Presently this scheme can till be availed only.

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

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

Repayment Period: as much as no more than three years (three years), in the event that you curently have a continuous retirement loan with PNB. Nonetheless, brand new candidates can repay the mortgage in just a optimum tenure of 5 years (60 months).

Loan Quantum: Up to Rs. 2 lakh or 3 times for the average associated with final half a year retirement credited for your requirements, whichever is leaner. Nevertheless, your monthly EMI for PNB Aabhar Rin COVID-19 loan that is personal maybe perhaps not go beyond the under limitations:

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

Optimum chronilogical age of the Applicant: Borrower has to be not as much as 75 yrs . old in the period of application. But, the loan that is personal be paid by plenty of time the debtor is 75 yrs old.

Procedure to use: fill in the program 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 6 months’ bank declaration of one’s retirement account.

Processing and Documentation Charges: Nil

You can call on PNB customer care toll-free numbers if you want to know more about the PNB Aabhar Rin COVID 19. Instead, it is possible to deliver a message to to have details that are further.

4. Bank of Asia COVID-19 Personal Bank Loan for folks

Bank of Asia (BoI) has introduced the COVID-19 Personal Loan (CPL) for specific borrowers to assist them to fulfill individual economic needs caused by the Corona virus crisis and lockdown that is resultant. Listed below are key popular features of this COVID-19 personal bank loan:


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

  • Salary customers of BoI (if wage happens to be gotten in BoI account fully for at the least year)
  • All current Bank of Asia unsecured loan and mortgage loan borrowers (irrespective of wage account tie-up)
  • Perhaps maybe perhaps Not accessible to current/ex-staff of Bank of Asia

Loan Amount

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

  • For self-employed – three times of month-to-month earnings as per final Income Tax Return
  • For salaried – three times of latest gross month-to-month income

Interest rate and Processing Costs

Bank of Asia COVID-19 unsecured loan has been offered by the rate that is concessional to BoI RBLR (Repo-based financing price) of 7.25per cent p.a. Processing cost with this COVID-19 unsecured loan is NIL.

Loan Tenure

Maximum repayment tenure permitted for Bank of Asia CPL is 3 years including a moratorium of half a year.

Papers Required

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

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

Toll-free cell phone numbers.

Chargeable telephone number.

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

Indian Overseas Bank Insta Pension-COVID-19 Relief Loan is wanted to pensioners to satisfy unforeseen expenses due to Covid-19. This loan offer happens to be valid as much as 30/06/2020.

Qualified Applicants:

  1. All Central Government, Defence, local government, TNEB Pensioners, Retired IOB workers, etc. whoever initial Pension Payment Order (PPO) remains within 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 for the pensioner
  3. Family pensioners regarding the above categories that are mentioned additionally qualified

Take note that:

  1. The ex-staff user pensioners of Asia Overseas Bank under some of the above category are perhaps perhaps not qualified to receive a personal loan under this scheme
  2. Malaysian Government pensioners getting retirement through the financial institution may also be maybe maybe not qualified to avail this loan scheme

Interest rate: 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 click here to investigate significantly less than 70 years and 3 years if you are above 70 years. The payment duration also incorporates the moratorium/ vacation duration of a few months.

Loan Quantum:


  1. For Pensioners as much as 70 years: Either guarantee from spouse or any one of many appropriate heirs or from 3rd party
  2. For Pensioners above 70 years as well as for household pensioners: Either guarantee from spouse or any among the appropriate heirs. If spouse/legal heir is certainly not available, 3rd party guarantee can be acquired

In case there is any question, you are able to phone the lender (toll- free quantity). Alternatively it is possible to request a call right right back through the bank’s customer service division by completing the “Reach Us” form from the Indian Overseas Bank formal web site with you details.

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