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

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

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

PNB Aabhar Rin COVID-19 is wanted to pensioners to satisfy crisis economic needs amid the COVID-19 outbreak. The mortgage quantity may be used to satisfy individual requirements, including medical costs. 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: RLLR (7.05%) + 2.00% = 9.05percent onwards

Repayment Period: as much as a optimum of three years (3 years), in the event that you curently have a continuing pension loan with PNB. But, brand brand new candidates can repay the mortgage inside a optimum tenure of 5 years (60 months).

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

  • 50% of gross month-to-month retirement, 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 month-to-month retirement.

Optimum chronilogical age of the Applicant: Borrower has to be lower than 75 yrs . old during the right period of application. Nevertheless, the personal bank loan should be paid down by plenty of time the borrower is 75 years old.

Procedure to utilize: fill in the applying form for Pension Loan under PNB Aabhar- COVID 19 scheme and submit it towards the 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

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

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 greatly help them fulfill individual economic needs caused by the Corona virus crisis and lockdown that is resultant. Listed here are key attributes of this COVID-19 loan that is personal


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

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

Loan Amount

Maximum loan quantity sanctioned beneath the scheme is Rs. 5 lakh susceptible to after restictions:

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

Interest rate and Processing Charges

Bank of Asia COVID-19 unsecured loan has been provided 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 personal bank loan is NIL.

Loan Tenure

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

Documents Required

  • Entirely 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 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 contact number.

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

Indian Overseas Bank Insta Pension-COVID-19 Relief Loan is provided to pensioners to fulfill 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 within the custody of Indian Overseas Bank
  2. Other Pensioners, such as Pensioners of Municipal Corporations, State national pensioners, Ex- gratia pensioners, etc., whose retirement benefits are disbursed by Government Treasuries in the shape of cheques drawn in preference of the financial institution, depending on mandate regarding the pensioner
  3. Family pensioners regarding the above mentioned categories are additionally qualified

Please be aware 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 individual loan under this scheme
  2. Malaysian Government pensioners getting retirement through the financial institution may also be perhaps maybe maybe 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 lower than 70 years and three years if you are above 70 years. The payment duration also contains 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 heirs that are legal from 3rd party
  2. For Pensioners above 70 years as well as for household pensioners: Either guarantee from spouse or any one of many heirs that are legal. If spouse/legal heir just isn’t available, 3rd party guarantee can be had

In case there is any query, it is possible to phone the financial institution (toll- free quantity). Alternatively it is possible to request a call right straight back through the bank’s customer support division by completing the “Reach Us” form regarding the Indian Overseas Bank formal web site payday loans DE with you details.