Amid the lockdown issued in India, Bank of Baroda launched the 'Baroda Personal Loan Covid 19' scheme for its existing retail loan customers. The scheme is for the home loan, auto loan and loan against property customers of the bank. This scheme will help in reducing the hassle of liquidity of customers. Customers can go to their existing branch and apply for this personal loan. The maximum limit in this personal loan is Rs 5 lakh.
'Corona' hurts economy, unemployment rate rises to 23 percent
'Badoda Personal Loan Covid 19' is a special personal loan amid the outbreak of the virus. In comparison to a normal personal loan scheme, the bank has kept the interest rate low. Customers can avail this scheme till 30 September 2020. According to the Bank of Baroda website, customers can avail this personal loan for any purpose, including increasing their liquidity at this time of Corana virus, except for the purposes of prospecting.
Market recovers from Corona hit, business is fierce today
In this special personal loan scheme of Bank of Baroda, the minimum limit is Rs 25,000 and the maximum limit is Rs 5 lakh. The interest rate of this loan is linked to the repo rate (BRllR). BRLLR 7.25 percent will be applicable for retail loans. According to the bank's website, the interest rate on Baroda Personal Loan Covid-19 will be BRllR + SP + 2.75% per annum. There will be no repayment fee in this scheme. The maximum repayment time in the plan is up to 60 months.
Crisis on jobs deepens in India, 30 percent people will be unemployed due to lock down