Public sector lender, Bank of Baroda, has launched Baroda Personal Loan COVID 19 for its existing retail loan customers. These customers who have a home loan or auto loan or loan against property.

According to the bank's press release, "The objective of this loan is to provide ease to tide over the liquidity mismatch to existing customers." The customer can approach their existing branches to avail this personal loan up to a maximum limit Rs 5 lakh.

Customers may avail the benefits under the scheme till September 30, 2020.

Here are more details about the loan.

Who can avail the loan
According to the Bank of Baroda website, customers can avail the loan for any purpose including temporary liquidity mismatch due to COVID-19 except speculation purpose.

Further, customers with minimum six months relationship with the bank where:

Loan limit

Interest rate
The interest rate of loan is linked to the repo rate (BRLLR). (For retail loans applicable BRLLR is 7.25 per cent.) The BRLLR prevailing on the date of disbursement will be applicable till the next reset date. The bank shall be entitled to reset the Interest rate (including any of the components of BRLLR) on monthly basis. This being a special personal loan, the interest on this loan is lower than the bank's regular personal loan schemes.

This is how much interest rate will be charged on the Baroda Personal Loan COVID 19 according to the bank's website:
BRLLR + SP+ 2.75% per annum with monthly rest (ROI is irrespective of Bureau score)

(For existing customers with a minimum of six months relationship with the bank, this is interest rate on a regular personal loan: BRLLR +SP+3.00% to BRLLR +SP+ 6.00% (as per Risk Rating of the applicant/s))

Penal interest: Penal interest at 2 per cent shall be levied on overdue amount/ non-compliance of terms and conditions

Prepayment charges: NIL

Unified processing charges: Rs 500 plus applicable GST

Repayment period
It has a maximum door-to-door maturity of up to 60 months.