• COVID 19 Personal Loan

    The personal schemes mentioned on this page is subject to availability and hence it is important you check the validity date of the scheme before applying for it. Do contact the bank for more information regarding the Covid-19 personal loan schemes before deciding whether you would like to avail it or not.

    Covid-19 also known as Coronavirus has already been termed as a global pandemic by World Health Organisation (WHO). The virus forced governments to lockdown borders and stop the movement of people. The financial sector also suffered including in India. Covid-19 created financial problems for people who were currently forced to stay at home. Hence banks in India in order to ensure that people do not face any financial problems during the lockdown period introduced Covid emergency line of credit scheme. Banks have introduced Covid-19 personal scheme which allows you to meet not only the cost of the treatment of Covid-19 but also any other financial crunch that you may face.

    You can avail this type of loan from the banks who are offering the scheme and use the amount to meet various requirements including your financial needs. We will discuss in length about what Covid emergency line of credit is and how will benefit you. You can apply for this loan by 30 June 2020.

    Who can apply for a Covid Emergency line of credit scheme?

    There are certain eligibility criteria you will have to fulfil in order to avail this personal loan:

    • Term loan borrowers, and MSME working capital borrowers who have exposure up to Rs.5 crore can apply for this type of loan
    • All those who have availed a personal loan from the bank offering this type of loan to its customers can apply

    List of Banks offering Covid Emergency line of credit scheme

    Some of the banks in India who are offering Covid emergency line of credit scheme are:

    • Bank of Baroda
    • UCO Bank
    • Punjab National Bank
    • State Bank of India
    • Bank of India

    There are various small-time digital lenders who are also offering Covid emergency line of credit scheme to its customers.


    Quantum of Finance Maximum limit of up to Rs.5 lakh
    Rate of Interest 8.50% per annum (fixed)
    Processing Charges NIL
    Repayment Maximum repayment period of five years with a moratorium period of two years

    To apply for Covid Emergency Line Of Credit (CELC) Scheme, click here.

    Bank of Baroda Personal Loan COVID-19

    Loan limit
    • Minimum loan amount: Rs.25,000
    • Maximum loan amount: Rs.5 lakh
    Repayment tenure Up to 60 months
    Moratorium period 3 months for the overall repayment tenure of 5 years
    Minimum CIBIL score 650
    Rate of interest 8.75% p.a. - 9.5% p.a.
    Processing charges 1% of the loan amount or Rs.500 + GST
    Penal interest 2% on the outstanding amount to be paid
    Prepayment charges Nil

    To apply for Baroda Personal Loan COVID 19, click here.

    UCO Bank – Guaranteed Emergency Credit Line (GECL)

    Loan amount Maximum loan amount of up to Rs.5 crore or up to 20% of the outstanding loan of up to Rs.25 crore as on 29 February 2020
    Interest Rate 7.50% p.a.
    Repayment Tenure
    • Repayment tenure of up to 4 years
    • Moratorium period of 1 year
    Margin NIL
    Processing fee NIL
    Documentation You will have to provide the necessary KYC documents. However, for further information contact the bank.
    Documentation charges NIL

    To apply for UCO Emergency Credit Line, click here.

    PNB Sahyog COVID 19 - Personal Loan Scheme For Public

    Scheme validity 31 March 2022
    Loan amount Maximum loan amount of up to Rs.3 lakh
    Interest Rate 8.20% p.a.
    Repayment Tenure Up to 5 years
    Processing fee NIL
    Minimum net home take salary
    • Rs.15000 in metro and urban centres
    • Rs 10000 in semi urban and rural centre
    Security or guarantee Not required

    To apply for PNB Sahyog COVID 19 Personal Loan, click here.

    SBI Kavach Personal Loan Scheme

    Scheme validity For those found to be Covid positive after 1 April 2021
    Loan amount Rs.25,000 – Rs.5 lakh
    Interest Rate 8.50% p.a.
    Repayment Tenure Up to 5 years
    Moratorium period 3 months
    Processing fee NIL
    Nature of Loan Fund based working-capital term loan
    Margin NIL

    To apply for SBI Guaranteed Emergency Credit Line, click here.

    Bank of India COVID 19 Personal Loan (CPL)

    Loan amount Maximum of up to Rs.5 lakh
    Interest Rate RBLR floating with monthly rests
    Repayment Tenure Up to 3 years
    Moratorium period 6 months
    Processing fee NIL
    Net take home salary Minimum 25% of the loan amount irrespective of the borrower’s income category
    Margin NIL

    To apply for Bank of India COVID 19 Personal Loan, click here.

    How to apply for Credit Emergency Line?

    • You can visit the official website of the bank offering credit emergency line to its customers and click on ‘Apply Online’ under the ‘Personal Loan’ section
    • You will have to submit the necessary documents and they will be verified. If the documents submitted by you is correct, then the bank will disburse the loan amount to your bank account
    • You can also call the customer care of your bank or send a mail to the official email ID of the bank in order to apply for a credit emergency line. A representative from the bank will help you with the process of applying for the emergency credit line

    Reliefs on Loan Repayment

    Some of the reliefs on loan repayment you must be aware of:

    • According to a directive issued by the Reserve Bank of India (RBI), all the lenders in India have been asked to offer the option of moratorium period to its customers.
    • You can opt for a moratorium period if you have availed a loan from any lender in India. It must be noted that the relief on loan repayment is not a waiver of your loan amount but only a way to shift your payment schedule.
    • During the moratorium period, you will not have to pay any penalties whatsoever and your credit score will not be affected in any manner. However, the relief will not be applicable for demand loans such as gold loans.
    • However, if you have availed moratorium on repayments, the bank will charge you additional interest rates on simple interest basis.

    FAQs on COVID 19 Personal Loan in India

    1. Is the moratorium on repayment optional?

      Yes, you can choose not to take moratorium on repayment option. You can continue paying your EMIs on the due date the bank.

    2. What is the maximum amount that I can avail under Covid-19 emergency credit line?

      The maximum amount that you can avail will differ from lender to lender. However, you must be able to avail up to Rs.2 crore under the scheme.

    3. Apart from banks, who else are offering Covid-19 emergency credit line?

      Apart from banks, various co-operative banks, small banks, Non-Banking Finance Companies (NBFCs), Housing Finance Companies (HFCs), online digital lenders, etc. are offering Covid-19 emergency credit line to its customers.

    4. How many days will it take for the bank to disburse the loan amount to my bank account?

      The time taken to disburse the loan amount to your bank account may differ from lender to lender. In some cases, it may take 2-3 working days for the bank to disburse the amount to your bank account. In other cases, the bank may take up to a week to disburse the amount to your bank account.

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