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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Union Bank's Personal Loan Under Covid 19 Scheme

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3. Union Bank of India's - Union Covid 19 Personal Loan Scheme


Union Bank of India is a leading Public Sector Bank. This bank has also launched a special Personal Loan scheme for its customers which is - Union Covid 19 Personal Loan Scheme.



Who Can Apply 


For applying either you should be a permanent Government /Non-Government employee/pensioner or permanent employee/pensioner of reputed private organizations in India drawing salary/pension through Union Bank of India for the last 12 months. 


Or, you should have an existing retail loan, like Home Loan, Mortgage Loan, Car Loan, Personal Loan, or Pension Loan with Union Bank of India. This loan should be at least 12 months old and all of the last 12 installments should have been paid within 30 days of the due date.


What Amount You Can Get


If you are a salaried individual, or a pensioner, you can get six times of your net salary/pension credited last month, or Rs. 5.00 Lakh, whichever is lower.


If you are an existing Retail Loan borrower of Union Bank of India, fulfilling the above mentioned condition, you can get the principal amount that you have already paid in your existing loan account, or Rs. 5.00 Lakh, whichever is lower.


So, maximum cap fixed by the bank under Union Personal Covid 19 scheme is Rs. 5.00 Lakh.

 

Rate of Interest And Processing Charge


The bank is charging at present, a rate of interest of 7.20% (EBLR) per annum with monthly rest. It is linked with Repo Rate of the RBI and may change with change in Repo Rate.


The interest rate is very low compared to that charged by other banks for their Covid 19, bank is also not charging any Processing Fee for Union Personal Covid 19 Scheme.


Repayment Period


The bank is giving you 60 months for repayment. You can also take moratorium of 3 months for this, it means your installment for repayment will start after 3 months of availing the loan. 


How to Apply


You can apply for this loan by submitting the Application to the bank. 


Where to Apply


You need to submit the application to the branch of the bank where you are maintaining your salary account or your loan account. For more details you can follow the link - Union Covid Personal Loan Scheme.



Other Personal Loans Under Covid 19 Scheme



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