Covid-19 Personal Loan Schemes for Individuals in India

Just as businesses are struggling to keep their operations running, individuals are scrambling to make ends meet. The impact of Covid-19 has been far reaching with millions fighting the cash crunch caused by Covid-19 related unemployment. In order to offer some financial support to its customers, quite a few Public Sector Banks have come out with personal loan schemes for individuals. Following is a comprehensive list.

1. Punjab National Bank

a) Sahyog Covid-19 Personal Loan Scheme

This scheme is valid for existing home loan customers and salaried individuals who are drawing their salary through PNB accounts. Quantum of loan allowed is upto Rs. 3 Lakhs and the offer is available till 30 June.

b) Aabhar Rin Covid-19 Personal Loan Scheme

Designed in particular for pensioners, all customers who draw their pension through PNB branches are eligible for this scheme. The loan quantum is equivalent to three times of the average of the last six months pension, with a cap of Rs. 2 Lakhs.

2. Bank of Maharashtra

All existing home loan customers of Bank of Maharashtra are eligible to apply for the Emergency Credit Line – Personal Loan Scheme announced by the bank. Available till 30 June, it offers salaried individuals 10 times the latest monthly gross salary income whereas non-salaried individuals can obtain 60% of latest annual income based on ITR, each subject to a maximum of Rs. 3 Lakhs limit.

3. Bank of Baroda

Customers with existing home loans, auto loan and loans against property are eligible to apply for Baroda Personal Loan Covid-19 by BoB. A minimum relationship of 6 months with the bank and credit score of at least 650 is mandatory. The loan quantum ranges from Rs. 25,000 to Rs. 5 Lakhs.

4. Bank of India

a) Covid-19 Personal Loan

This scheme introduced by BoI is applicable for salary account holders (for at least 12 months) as well as all existing personal and home loan borrowers. The maximum loan amount offered under the scheme is Rs. 5 Lakhs with self-employed individuals eligible to apply for 3 times of their monthly income as per last ITR and salaried individuals eligible to apply for 3 times of latest gross monthly salary.

b) Covid-19 Pensioner Loan

Regular pensioners and family pensioners including retired employees of BoI are eligible for this scheme. The loan amount that can be sanctioned is 10 times the last drawn pension with a maximum of Rs. 2 Lakhs for regular pensioner and Rs. 75,000 for family pensioner. Pensioners getting through Treasury/DPDO are also eligible for upto Rs. 1 Lakh in loan amount.

5. Indian Overseas Bank

IOB Insta Pension Covid-19 Relief Loan is offered to all pensioners (excluding Malaysian Government pensioners) receiving pension through IOB’s branch. Details of loan amount vary depending on the category of pensioners as classified by the bank, with a maximum of Rs. 5 Lakhs available for a borrower who is upto 70 years old.

6. Indian Bank

a) Emergency Salary Loan

This scheme is applicable for salaried individuals with minimum 2 years of service in current organisation who have a salary account with Indian Bank, as well as existing home loan and salary loan borrowers. The amount of loan offered is 20 times the gross monthly salary up to a maximum of Rs. 2 Lakhs.

b) Emergency Pension Loan for Pensioners

Central and State Government pensioners along with family pensioners and Indian Bank retirees drawing their pension through Indian Bank are eligible for this scheme. It is also open to existing borrowers of Indian Bank Pension Loan scheme. A maximum of Rs. 2 Lakhs can be availed.

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