Due to the country-wide lockdown that had been put into effect across India, some regions had to close down entirely until things returned to normal and they are still paying for their loss in many ways. As a consequence, a lot of individuals and businesses couldn't use their regular accounts. By collaborating with leading commercial banks in the country, we've put together a list of special COVID-19 crisis loans that can be used to help you deal with your bills that have piled up because of the situation.
Here we are mentioning some of these recently introduced COVID-19 personal loans and business loans that could help you out:
The Bank of India has introduced the COVID-19 Personal Loan to help individuals meet their personal financial obligations in light of the CoronaVirus Crisis and its aftermath. Following are the listed features of this Loan program:
The maximum loan amount that can be sanctioned under the scheme is Rs. 5 lakh. Although the applicant must meet the following criteria:
Rate of Interest and Processing Fee
The Loan is being offered at the rate equal to BoI RBLR (Repo-based lending rate) of 7.25% p.a. Processing fee - NIL.
The maximum repayment tenure allowed would be 36 months including a moratorium of 6 months.
For further or detailed information you will have to reach out to your nearest BOI branch. Alternate contact details of Bank of India are
Toll-free phone numbers: 1800-220-229/1800-103-1906
Chargeable phone number: 022-409-1919
Bank of Baroda has introduced the Baroda Personal Loan COVID 19 so that individuals can meet any personal purpose (except speculation purposes) including temporary liquidity mismatch due to COVID-19.
Rate of Interest: BRLLR (Baroda Repo Linked Lending Rate) + SP+ 2.75% per annum with monthly rest (ROI is irrespective of credit score)
Repayment Tenure: Upto a maximum of 60 months
Loan Quantum: Rs. 25,000 to Rs. 5 lakh
Processing Charges: Rs. 500 with additional applicable GST
For any other information, you can contact the customer care of Bank of Baroda at 1800 258 44 55 and 1800 102 44 55 (toll-free numbers).
IND-COVID – Emergency Salary Loan from Indian Bank has been introduced exclusively for salaried individuals to provide financial assistance in case of an unforeseen emergency. Below mentioned are the key features of the Loan program:
Rate of Interest: 9.50% p.a. fixed-rate
Repayment period: Up to 36 months including a moratorium period of 6 months
Loan Quantum: 20 times gross monthly salary up to a maximum of Rs. 2 lakh
Processing Fees/Prepayment Charges: Nil
Minimum age of applicant: 21 years
Indian Bank is a trusted name in the banking sector, offering tailor-made solutions to customers' needs through its package of products, facilities, and services. The IND-COVID Emergency Pension Loan for pensioners is a unique initiative to provide financial assistance to pensioners for unforeseen expenses related to COVID -19.
2) Should be an existing borrower under the Indian Bank Pension Loan scheme
Note: CRS retirees and EPF pensioners are not eligible
Rate of interest: 8.75% p.a. fixed rate
Repayment period: Maximum 36 months including a moratorium of 3 months
Loan Quantum: 15 times net monthly pension fewer TDS up to a maximum of Rs. 2 lakh
Processing Fees/Prepayment Charges: Nil
For regular pensioners
For family pensioners
For more details contact Indian Bank Toll-free numbers – 1800-425-000-00 or 1800-425-4422*. You can send an email with details of your query to the following:
SBI has announced an additional ad-hoc credit line facility for existing business borrowers to help them mitigate liquidity problems caused by the current Coronavirus crisis. SBI’s move comes at a time when several Indian businesses, who account for around 75% of the country’s IT exports, have seen their operations getting hit due to the fallout of the virus.
Some key details of the scheme are:
You can obtain the required additional details related to the scheme from a nearby SBI branch, the official SBI website or you can email your queries to firstname.lastname@example.org
State Bank of India toll-free contact center numbers are – 1800-11-2211 and 1800-425-3800
Sahaya Loan by Indian Bank for Self-Help Groups is a loan facility that is specifically targeted at self-help groups (SHGs) across the country. It has been designed to provide liquidity support to SHGs when they are faced with unforeseen contingencies.
Maximum Loan Amount: Rs. 1 Lakh for each SHG
Repayment Tenure: 36 months and moratorium of 6 months
Union Bank of India announced its COVID emergency line of credit for businesses, providing much-needed liquidity support to businesses being affected by the current crisis. This product is expected to help businesses avoid adverse impacts due to liquidity disruptions caused by COVID-19, although the details are still awaited.
Union Bank of India contact details: Toll-free numbers – 1800-2222-44 / 1800-208-2244*
Email Union Bank of India – Customercare@unionbankofindia.in with details of your query.
UCO Bank has put together an Emergency Credit Line for businesses to help them meet the temporary cash-flow crunch and liquidity crisis caused by COVID-19. While generals are currently available, you can find additional details on the UCO Bank official website or by reaching out to them.
UCO Bank contact details – Toll-free number: 1800-274-0123* / email – email@example.com or firstname.lastname@example.org
The Indian Overseas Bank introduces a new COVID emergency loan scheme for medium and small enterprises (MSME). This loan is available to all current MSME borrowers of the bank. The product aims to provide financial support to MSMEs suffering as a result of COVID -19 aftermath in line with IOB’s policy of supporting MSMEs.
The Key Features of the scheme are:
For further details regarding the loan scheme, you can contact your nearest branch or you can also contact at their toll-free number: 1800-425-4445*
How Can You Apply for the COVID - 19 Personal Loans?
Currently, there is no way to apply for a COVID-19 personal loan online. However, different banks have a different lending process. The best thing to do is call up your bank and ask about the procedure of applying for a COVID-19 personal loan. It will take some time but it's worth it in the end. Alternatively, you can also reach out to them through their toll-free numbers and customer care emails. Following are details of some major COVID-19 loan providers in India.
Punjab National Bank
Toll-free numbers: 1800-180-2222 or 1800-103-2222.
Bank of Maharashtra
1800-233-4526. Email: email@example.com
Bank of Baroda
Toll-free numbers 1800-258-4455 and 1800-102-4455
State Bank of India
1800-11-2211 / 1800-425-3800
1800-425-000-00 / 1800-425-4422 firstname.lastname@example.org / email@example.com
Indian Overseas Bank