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

۳٫ Punjab Nationwide Bank Aabhar Rin COVID 19 Personal Bank Loan Scheme for people

PNB Aabhar Rin COVID-19 is wanted to pensioners to fulfill crisis economic needs amid the outbreak that is COVID-19. The mortgage quantity may be used to fulfill individual requirements, including expenses that are medical. Presently this scheme can be availed just till.

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 36 months (3 years), in the event that you curently have a continuous retirement loan with PNB. But, brand brand brand new candidates can repay the mortgage inside a optimum tenure of five years (60 months).

Loan Quantum: Up to Rs. 2 lakh or 3 x associated with average associated with final 6 months retirement credited for your requirements, whichever is leaner. Nonetheless, your monthly EMI for PNB Aabhar Rin COVID-19 loan that is personal maybe maybe not exceed the under limits:

  • ۵۰% of gross pension that is monthly in the event that you receive as much as Rs. 30,000 as month-to-month retirement;
  • ۶۰% of gross month-to-month retirement, in the event that you get a lot more than Rs. 30,000 as month-to-month retirement.

Optimum chronilogical age of the Applicant: Borrower needs to be lower than 75 years old in the time of application. But, the unsecured loan should be paid down by enough time the debtor is 75 years of age.

Procedure to use: fill in the application kind form for Pension Loan under PNB Aabhar- COVID 19 scheme and submit it towards the bank along side an image, ID evidence, target evidence, date of delivery evidence, earnings proof and final half a year’ bank declaration of one’s pension account.

Processing and Documentation Charges: Nil

Should you want to learn more about the PNB Aabhar Rin COVID 19, it is possible to ask PNB customer support toll-free figures. Instead, you can easily deliver a contact to to obtain details that are further.

۴٫ Bank of Asia COVID-19 Personal Bank Loan for people

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


Qualified candidates for the Bank of Asia COVID-19 unsecured loan are:

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

Loan Amount

Optimum loan quantity sanctioned beneath the scheme is Rs. 5 lakh susceptible to restictions that are following

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

Interest rate and Processing Charges

Bank of Asia COVID-19 unsecured loan will be offered by the concessional price equal to BoI RBLR (Repo-based financing price) of 7.25per cent p.a. Processing fee with this COVID-19 unsecured loan is NIL.

Loan Tenure

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

Papers Required

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

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

Toll-free telephone numbers.

Chargeable contact number.

۵٫ Indian Overseas Bank Insta Pension-COVID-19 Relief Loan for people

Indian Overseas Bank Insta Pension-COVID-19 Relief Loan is agreed to pensioners to meet up unanticipated costs due to Covid-19. This loan offer is currently 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 within the custody of Indian Overseas Bank
  2. Other Pensioners, such as Pensioners of Municipal Corporations, State national check that pensioners, Ex- gratia pensioners, etc., whoever pensions 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 for the above mentioned groups are additionally qualified

Please be aware that:

  1. The ex-staff user pensioners of Asia Overseas Bank under some of the category that is above perhaps perhaps perhaps perhaps not entitled to an individual loan under this scheme
  2. Malaysian Government pensioners pension that is receiving the lender are maybe perhaps perhaps 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 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 as much as 70 years: Either guarantee from spouse or any among the appropriate heirs or from alternative 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 just isn’t available, 3rd party guarantee are available

In the event of any question, you are able to phone the financial institution (toll- free quantity). Alternatively you can easily request a call straight right right straight back through the bank’s customer support division by filling in the “Reach Us” form in the Indian Overseas Bank website that is official you details.