Covid-19 Personal Loan from 6 Banks @ <10% Interest

Covid-19 Personal Loans

The corona pandemic has bruised India badly especially on the economic front. The shutting down of public life and a partially restricted range of services offered resulted in reduced expenditure. Many industries, including retail, hotel, travel and catering, are particularly affected by the effects of the pandemic. Indians have started facing the heat and the need for instant money has arised more than before.

Unemployment figures will inevitably rise as well, which not only represents a major loss at the individual level, but also puts an additional burden on the economy.

This is the reason why financial institutions in India have launched Covid-19 personal loan schemes to deal with emergency money requirements for their customers.

List of Banks offering Covid-19 Personal Loan

Listed in the below table are the interest rate, loan amount, tenure, moratorium period offered by various financial institutions offering emergency personal loan during Coronavirus.

Sr. No.Bank NameName of LoanInterest RateTenureLoan AmountMoratorium PeriodEligibility
1Bank of MaharashtraEmergency Credit Line – Personal Loan Scheme COVID-198.45% p.a.Upto 36 months i.e. 3 years(1) Salaried – 10 times the latest monthly gross salary income
(2) Non-Salaried – 60 % of latest annual income based on ITR
6 monthsFor existing home loan customers
2Bank of IndiaCOVID-19 Personal Loan7.25% p.a.Upto 36 months i.e. 3 years(1) Self Employed – 3 times of monthly income as per last IT Return
(2) Salaried – 3 times of latest gross monthly salary
6 monthsSalary account holders, existing personal and home loan borrowers
3Indian Overseas BankInsta Pension-COVID-19 Relief Loan10%60 months15 to 20 times monthly pension3 monthsPensioners
4Indian BankIND-COVID – Emergency Salary Loan9.50% p.a.Upto 36 months i.e. 3 years20 times gross monthly salary up to a maximum of Rs. 2 lakh6 monthsSalaried, Existing Home Loan borrowers
5Indian BankIND-COVID – Emergency Pension Loan8.75% p.a.Upto 36 months i.e. 3 years15 times net monthly pension less TDS. Maximum 2 Lakhs3 monthsPensioners
6Punjab National BankPNB SAHYOG COVID 19 Personal Loan8.05% p.a.Upto 36 months i.e. 3 yearsUp to 3 LacsNilExisting home loan customers
and Salaried
7Punjab National BankAabhar Rin COVID 19 Personal Loan9.05% p.a.Upto 36 months i.e. 3 yearsUp to 3 LacsNilPensioners
8Bank of BarodaBaroda Personal Loan COVID 19Baroda Repo Linked Lending Rate) + SP+ 2.75%Upto 60 monthsRs. 25,000 to Rs. 5 lakhNilCustomers having existing home loan (all variants), loan against property or auto loan
Covid-19 Personal Loan Providers

The economic consequences of the Corona crisis will be felt on an individual’s personal budget over a long period of time. All other sectors are also having to contend with problems such as short-time work, slumps in orders and non-payment. That many now fear for their existence is obvious. The entire global economy will be affected because of Covid-19 for atleast an year.

Author Bio – Chandra Mehta:

This article has been written by Chandra Mehta.

Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.

He has authored many articles on this site (allonmoney.com).

He can be reached at [email protected]. You may also visit his LinkedIn profile.

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