Amid coronavirus crisis, Bank of Baroda launches this facility - Check if you are eligible for benefit

To meet the liquidity demand amid the COVID-19 crisis, state-run Bank of Baroda has come up with an offer of personal loan of up to Rs 5 lakh to its existing retail borrowers. "The objective of Baroda Personal Loan COVID 19 is to provide ease to tide over the liquidity mismatch to existing customers. The customers may approach their existing branches to avail this personal loan up to a maximum limit Rs 5 lakh in a hassle free manner," the bank said in a release.

Are you eligible?

The lender is offering this loan to its existing borrowers who have taken home loan, loan against property or auto loan, and have a credit score of 650 and above.

Loan period and interest rate

The loan is being offered for a period of five years and at an interest rate starting from 10.25 per cent.

Also, the bank is offering a moratorium of three months (within the overall 5-year repayments period). The borrowers, however, will have to pay interest during the moratorium period.

Under the scheme, home loans and loan against property customers can avail personal loan up to 10 per cent of their existing loans, auto loan borrowers can get up to 20 per cent of their current loans.

The lender will be charging a penal interest of 2 per cent in case of any overdue amount.

Coronavirus Latest News Update

The death toll due to the novel coronavirus rose to 149 and the number of cases to 5,194 in the country on Wednesday, according to the Union Health Ministry. While the number of active COVID-19 cases is 4,643, as many as 401 people were cured and discharged and one had migrated, it said. The total number of cases include 70 foreign nationals. According to the ministry's data updated at 9 a.m., 25 new deaths have been reported since Tuesday.