COVID-19 Personal Bank Loan Schemes: Eligibility, Rate Of Interest & Just How To Apply

3. Punjab Nationwide Bank Aabhar Rin COVID 19 Personal Bank Loan Scheme for people

PNB Aabhar Rin COVID-19 is provided to pensioners to meet up crisis monetary requirements amid the outbreak that is COVID-19. The mortgage quantity enables you to satisfy individual requirements, including expenses that are medical. Presently this scheme can be availed just till.

Qualified 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 no more than 36 months (3 years), in the event that you currently have a pension that is ongoing with PNB. But, brand brand brand new candidates can repay the mortgage within an optimum tenure of 5 years (60 months).

Loan Quantum: Up to Rs. 2 lakh or 3 times associated with average for the final half a year retirement credited for your requirements, whichever is gloomier. Nevertheless, your monthly EMI for PNB Aabhar Rin COVID-19 personal loan should maybe maybe not meet or online payday KS exceed the under limitations:

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

Optimum chronilogical age of the Applicant: Borrower has to be lower than 75 yrs old during the right time of application. Nonetheless, the personal bank loan should be paid down by plenty of time the debtor is 75 years of age.

Procedure to utilize: fill in the program form for Pension Loan under PNB Aabhar- COVID 19 scheme and submit it to your bank along side a picture, ID evidence, target evidence, date of delivery evidence, earnings proof and final 6 months’ bank declaration of your 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. Alternatively, you can easily deliver a message to care@pnb.co.in getting details that are further.

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 greatly help them fulfill individual monetary demands caused by the Corona virus crisis and resultant lockdown. Listed here are key popular features of this COVID-19 unsecured loan:


Qualified candidates when it comes to Bank of Asia COVID-19 unsecured loan are:

  • Salary members of BoI (if income happens to be gotten in BoI account fully for at the very least one year)
  • All existing Bank of Asia loan that is personal mortgage loan borrowers (irrespective of wage account tie-up)
  • 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 after restictions:

  • For self-employed – three times of month-to-month earnings as per final money Tax Return
  • For salaried – three times of latest gross salary that is monthly

Interest rate and Processing Charges

Bank of Asia COVID-19 unsecured loan has been offered by the rate that is concessional to BoI RBLR (Repo-based financing price) of 7.25per cent 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 half a year.

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 step-by-step application process you’ll want to speak to your branch that is nearest. Alternate contact information of Bank of Asia are:

Toll-free telephone numbers.

Chargeable contact number.

5. Indian Overseas Bank Insta Pension-COVID-19 Relief Loan for people

Indian Overseas Bank Insta Pension-COVID-19 Relief Loan is agreed to pensioners to satisfy expenses that are unexpected to Covid-19. This loan offer is legitimate as much as 30/06/2020.

Qualified Applicants:

  1. All Central Government, Defence, local government, TNEB Pensioners, Retired IOB workers, etc. whoever original Pension Payment Order (PPO) remains into the custody of Indian Overseas Bank
  2. Other Pensioners, such as Pensioners of Municipal Corporations, State national pensioners, Ex- gratia pensioners, etc., whoever retirement benefits are disbursed by Government Treasuries by way of cheques drawn in favour of the financial institution, depending on mandate for the pensioner
  3. Family pensioners of this 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 perhaps perhaps maybe maybe not qualified to receive your own loan under this scheme
  2. Malaysian Government pensioners getting retirement through the lender are maybe perhaps maybe not entitled 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 duration is 60 months if you are lower than 70 years and 3 years if you are above 70 years. The payment duration also contains the moratorium/ vacation duration of three months.

Loan Quantum:


  1. For Pensioners as much as 70 years: Either guarantee from spouse or any one of several heirs that are legal from 3rd party
  2. For Pensioners above 70 years as well as family members pensioners: Either guarantee from spouse or any one of many heirs that are legal. If spouse/legal heir isn’t available, alternative party guarantee can be had

In the event of any question, it is possible to phone the financial institution (toll- free quantity). Alternatively you are able to request a call right straight back through the bank’s customer service division by filling in the “Reach Us” form in the Indian Overseas Bank formal web site with you details.