WhyTrends.com

WhyTrends.com

What is covid personal loan scheme? things you should know before availing

Are you planning to avail Personal loan in Covid Situation, Who can avail Covid personal loan? How much loan can be availed in COVID Personal Loan? What will be CIBIL score for COVID Personal loan scheme? Where we can use money availed in Covid Personal Loan money?  What will the rate of interest in the Covid Personal Loan? What are the charges in COVID Personal loan scheme? When will EMI of the COVID Personal loan started?

This article will answer all your queries regarding the COVID Personal loan scheme.
During this corona virus lockdown, if you are in need to avail personal loan due to slowdown of business,  due to salary cut, urgent need of fund you can avail personal loan in the new scheme named as Covid Personal loan scheme launched by various banks. Many banks are providing personal loan in this new scheme with low interest rate. Even Government of India has instructed bank to provide these loans to needy in a hassle free manner. 

Who can avail Covid personal loan?
All the individuals maintaining salary accounts with the bank can avail this loan from their concerned bank. Few banks also provide loan when you are maintaining salary account with different banks. 
Business class already enjoying any business loan from banks can avail such loan. However most of the loan banks are giving loan to customer who are having good repayment history as per CIBIL in their previous loans with them for last 1-2 years.

How much loan can be availed in COVID Personal Loan?
Maximum loan amount of Rs 5.00 lakhs can be availed in these COVID personal loan scheme.  However few banks are provided more than this amount. The loan amount is based on you repayment capacity i.e. your income earning source. In general banks are giving 5 to 6 times of you net credited salary with the bank as a loan amount. If you are a business loan amount depend on your income shown in your ITRs.  

What will be CIBIL score for COVID Personal loan scheme?
A person should have satisfactory CIBIL score store. Repayment in existing loan accounts should be regular and satisfactory. Generally CIBIL score should be above 700 to avail such personal loan. 

Where we can use this money availed in COVID Personal loan scheme?
 The loan availed in COVID Personal loan scheme can be utilized any personal needs like medical expenses, living expenses and any other liquidity problem in the business.    

What will the rate of interest in the COVID Personal loan? 
Most of the banks are charging very low rate of interest in COVID Personal loan scheme as comparison to loan given in other existing personal loan schemes. The approx ROI rate between 7% to 9% as prescribed by the bank.

How to avail loan under COVID Personal loan scheme?
Loan can be availed by contacting your Home branch from where you are already enjoying existing loan facility or from the branch where you are maintaining salary accounts.  If you are stuck somewhere outside, you can also contact different branch of same bank at some other place. 

Whether guarantor is required in COVID Personal loan scheme?
Banks are taking guarantor who may be any individual or co-employee having good net worth.

What are the charges in COVID Personal loan scheme?
You have to pay processing fee and stamp duty as per state government act. Even few banks have also waived processing charges. 

When will EMI of the COVID Personal loan started?
Bank are providing time period of 3 months to start repayment of personal loan. Till then you have choice to pay only interest regularly in the loan account or the same can be accumulated to your loan amount also. 

You can also reach respective bank website to know the clear and specific guidelines regarding the particular bank. We hope this article has solved all your queries regarding  the COVID Personal loan scheme.  In case of any query kindly ask in the comment section. Thanks

Post a comment

0 Comments