Bank of Baroda (BoB) has launched a special personal loan for its customers to deal with coronavirus. Those who need money because of the corona epidemic take advantage of it. Under this, a maximum loan of up to Rs 5 lakh can be taken. For this, customers have to visit their bank branch. The scheme is valid till 30 September 2020.
According to the bank, ‘Baroda Personal Loan Kovid-19’ aims to provide relief to customers facing cash problem. Under this, loans will be available at very low interest rates. The bank has stated that since it is a special personal loan, interest will have to be paid on it against regular personal loan.
These customers can take loan According to the BoB website, customers who have taken home loan, loan against property or auto loan can avail this facility of the bank. With this, their credit score is 650 or more. Apart from this, the customer should have at least 6 months contact with the bank.
How much will be the interest? Under this, a loan of at least Rs 25000 and a maximum of Rs 5 lakh can be taken. The loan interest rate is linked to the repo rate (BRLLR). Currently the BRLLR applicable for retail loans is 7.25 percent which varies. On this loan, you get a processing fee of Rs 500. + GST. The bank is also offering a three-month moratorium on this loan. You will have to repay this loan in 5 years. For more information, you can visit the official site of the Bank of Baroda.