How To Get A Loan During COVID-19

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HOW TO GET A LOAN DURING COVID-19
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• Whether youre looking for an emergency personal
  loan or a business loan, the terms and conditions
  for acquiring loans have definitely undergone
  massive operational changes.
• With the current work from home pay cuts,
  furloughs, and layoffs due to business being
  affected, that finances might have suffered, due
  to which, loans might be more of a necessity now
  more than ever.
• In lieu of the same, many banks are doling out
  what is called a COVID-19 public loan.

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What is a COVID-19 loan?
These loans are generally priced lower than
regular, short-term loans. These have essentially
been initiated in order to help manage temporary
cash flow problems for existing customers during
the pandemic.
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Which banks are giving COVID-19 loans?

• Bank of India
• Bank of Maharashtra
• Union Bank of India
• Punjab National Bank
• Bank of Baroda

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Eligibility

• Only pre-existing customers who hold a loan,
  pension or salary account with the bank are
  allowed to apply for the COVID-19 loan.
• Approval of the loan application hinges upon a
  lot of other factors as well.
• You need to double-check with your bank for
  further details.

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Interest Rates

• These loans are priced at much lower interest
  rates than other loans.
• Interest Rate for these loans ranges between 7.2
  to 10.5 per annum in comparison to 9 to 24 for
  normal personal loans.

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Loan Amount

• The loans that you can get from a COVID-19 loan
  amount ranges from as little as Rs 25000 up to a
  maximum of Rs. 5 lakhs.

Processing Fees

• There are no processing fees for COVID-19 loans.

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Should I take a COVID-19 loan?

• COVID-19 loan makes sense if youre looking to
  consolidate your debts.
• When used smartly, these loans can help you
  replace high-cost loans and lower your debt
  burden.
• If you are considering a COVID-19 loan to meet
  your cash-flow needs, be very certain that the
  problem you are facing is only temporary.

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