How To Get Personal Loan Under COVID 19 Scheme

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The Lock-down, across the country to contain the spread of Novel Corona Virus, has led to a crunch of money for many of us. Closed shops, businesses and offices have badly affected the flow of money in the economy which has resulted in very limited money in our pockets. In such a situation, where this could be a common challenge for the most of us, Banks have come out with special personal loan schemes. We may find these helpful in solving our liquidity problem to some extent. Though, there are a number of Banks, which have come out with special personal loan schemes for their customers, here I will be providing details of the schemes of some major Banks. 1. Bank of Baroda's - Baroda Personal Loan Covid 19 Bank of Baroda is one of the  largest Public Sector Banks in India. It has launched Baroda Personal Loan Covid 19 scheme for its customers who need a personal loan to  meet their liquidity mismatch because of the lock-down   .  Who Can Apply   You can app...
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Additional Documents Required For Kishor and Tarun Category Loans

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For Kishor and Tarun Category Loans - 
There are three categories under PMMY (Pradhan Mantri Mudra Yojna) - Shishu, Kishor And Tarun. Under Shishu scheme, finance up to Rs. 50,000.00 is provided by the banks, under Kishor, above Rs. 50,000.00 to Rs. 5,00,000.00 is provided and under Tarun, above Rs. 5,00,000.00 to Rs. 10,00,000.00 is provided. While there are some common set of documents which we need to submit for applying under these schemes along with the application form, there are some additional other documents which are needed for Kishor and Tarun Category Loans. 




The common set of required documents are available on this link - Documents Required To Be Submitted For Mudra Loans
The additional documents which are asked by the banks for Kishor and Tarun category loans are given below:

1. Financial Statements of Previous Years - This is applicable for loan amount of Rs. 2.00 Lakh and above. For this we need to submit Balance Sheet with Profit & Loss Statements for the previous two years. Here year means financial year - perhaps you already know this, a financial year starts from 1st of April and ends on 31st of March. So, if we are giving application in April 2020, then previous two years will be 2019-20 (from 1st of April 2019 to 31st of March 2020), and 2018-19 (from 1st of April 2018 to 31st of March 2019).  
2. Projected Balance Sheets - for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lakh and above).
3. Sales Achieved - Banks are interested in knowing that what sales you have already achieved during the current financial year up to the last month of submission of application. You can prepare it on a letter head. You can submit copies of GST Return also in support.
4. Project Report (for the proposed project) containing details of technical & economic viability.
5. GST Return
6. Asset & Liability Statement In absence of third party guarantee, the lending institution may ask to submit this to know your net worth or net worth of Partners/Directors.
 

Please Note that these documents are general and not exhaustive, Banks/Financial Institutions may ask for other relevant documents also.

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