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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PNB's Personal Loan Under COVID 19 Scheme

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2. Punjab National Bank's - PNB Sahyog Covid 19


Punjab National Bank has launched two Personal Loan Schemes - one is for pensioners and the other for public. The personal loan scheme of Punjab National Bank for public has been named as PNB Sahyog Covid 19 by the bank.


Who Can Apply 

You can apply if you are a permanent employee of the Central or any State Government, maintaining your salary account with any of the Punjab National Bank's branches. 

Any permanent employee of a PSU, any renowned Company, School, College, University, Autonomous Bodies can also apply for this personal loan if he/she is maintaining his/her salary account with Punjab National Bank.

Your minimum net take home salary should be Rs. 10,000.00, if you are at a rural or a semi urban center, and if you are at any metro or urban center, it should br Rs. 15,000.00 minimum.

Recently, Oriental Bank of Commerce, and United Bank of India have been amalgamated with Punjab National Bank, and now all of these three banks are functioning as one entity. So, if you are a customer of any of these three banks and meeting the above criteria, you can apply for this personal loan - PNB Sahyog Covid 19.

What Amount You Can Get

Punjab National Bank has put a cap of maximum Three Lakh Rupees under PNB Sahyog Covid 19. There is no minimum amount of loan specified.

So you can get maximum up to Rs. 3.00 Lakh under this scheme.

Rate of Interest And Processing Charge

The bank is charging at present, a rate of interest of 9.05% (RLLR+2.00%) per annum with monthly rest. It is linked with Repo Rate of the RBI and may change with change in Repo Rate.

While the interest rate is lower than normal Personal Loans, another good thing is that the bank is not charging any Processing Fee for PNB Sahyog Covid 19 Loan.

How to Apply

You can apply for this loan by submitting the Application Form provided by the bank. You can also download it from the link given below.


Where to Apply

You need to submit the application to the branch of the bank where you are maintaining your salary account. You may also approach to your nearest branch for applying for the loan. For more details you can follow the link - PNB Sahyog Covid 19.



Other Personal Loans Under Covid 19 Scheme

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