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 provided to pensioners to generally meet crisis economic requirements amid the COVID-19 outbreak. The mortgage quantity could be used to fulfill personal requirements, including medical costs. Presently this scheme can be availed just till.

Eligible 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 a optimum of 36 months (3 years), in the event that you have a pension that is ongoing with PNB. But, brand brand brand new candidates can repay the mortgage within an optimum tenure of five years (60 months).

Loan Quantum: Up to Rs. 2 lakh or 3 x for 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 maybe maybe not go beyond the under limitations:

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

Optimum chronilogical age of the Applicant: Borrower has to be not as much as 75 years old during the right time of application. Nonetheless, the unsecured loan should be paid down because of sufficient time the debtor is 75 years old.

Procedure to utilize: Fill out the application type form for Pension Loan under PNB Aabhar- COVID 19 scheme and submit it to your bank along side an image, ID evidence, target evidence, date of delivery evidence, earnings proof and final 6 months’ bank declaration of the 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, you are able to deliver a message to to obtain 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 economic needs caused by the Corona virus crisis and resultant lockdown. Listed here are key options that come with this COVID-19 unsecured loan:


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

  • Salary members of BoI (if wage happens to be gotten in BoI take into account at the very least one year)
  • All current Bank of Asia personal bank loan and mortgage loan borrowers (irrespective of income account tie-up)
  • Perhaps maybe 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 money Tax Return
  • For salaried – three times of latest gross month-to-month wage

Interest and Processing Charges

Bank of Asia COVID-19 unsecured loan will be provided by the concessional price equal to BoI RBLR (Repo-based financing price) of 7.25% 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 3 years including a moratorium of a few months.

Papers 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 unsecured loan and detail by detail application procedure you’ll want to contact your branch that is nearest. 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 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 form of cheques drawn in preference of the lender, depending on mandate associated with pensioner
  3. Family pensioners regarding 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 maybe maybe maybe 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 period is 60 months if you are significantly less than 70 years and three years if you are above 70 years. The payment duration also incorporates the holiday that is moratorium 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 alternative party
  2. For Pensioners above 70 years as well as for family members pensioners: Either guarantee from spouse or any among the heirs that are legal. If spouse/legal heir just isn’t available, alternative party guarantee can be had

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