You have not missed a single equated monthly instalment (EMI) in a public sector bank (PSB), you may be able to avail a new personal loan product called the covid-19 loan if you have a salary account or an ongoing loan for which. Priced much reduced than regular signature loans, this system aims to help current bank clients to tide over a temporary crash crunch as a result of the ramifications of the pandemic that is covid-19.
A number of the banks providing covid-19 loans that are personal Bank of Baroda (BoB), Punjab nationwide Bank (PNB), Union Bank of Asia (UBI), Bank of Maharashtra (BoM) and Bank of Asia (BoI).
“Many of our clients are facing temporary income dilemmas as their companies are spending them reduced salaries during the lockdown. For such people, we now have launched covid signature loans with reduced interest levels and assessment that is relaxed,” stated Muchal Venkatesh, basic supervisor, retail banking, UBI.
As these unsecured loans are for a particular function, the attention prices are as little as 7.2percent per year (when it comes to UBI item). Typically, signature loans from PSBs cost 14-18% per year. But should you choose to go for them?
The conditions
The eligibility requirements of these loans vary from compared to regular loans that are personal.
BoI, for instance, is offering loans to clients who’ve been drawing salaries through the lender for at the least a 12 months, or even to anyone who has a preexisting house or loan that is personal. (more…)