Bank of Baroda (BoB) has recently launched two Covid-19 personal loan schemes- Baroda Covid Personal Loan 2.0 and Baroda CoviCare Personal Loan, to help individuals deal with Covid-19 treatment related expenses and temporary liquidity mismatch resulting from Covid-19. The schemes aim to offer financial assistance up to Rs. 5 lakh and can be repaid over a convenient tenure ranging up to 60 months. Read on to know more about several key aspects relating to BoB Covid-19 personal loans:
Features of Bank of Baroda COVID-19 Personal Loan
- Loan Amount: You can avail a loan amount up to Rs. 5 lakh under the different Bank of Baroda Covid-19 Personal Loan schemes, provided you meet the bank’s eligibility criteria.
- Flexible Tenure: BoB Covid-19 personal loans can be repaid in easy EMIs over a tenure ranging up to 60 months.
- Low or No Processing Fees: Bank of Baroda Covid-19 Personal Loans are offered at low or without any processing fees.
- Minimal Documentation & Faster Processing: Since borrowers need to have an existing relationship with BoB to apply for Covid-19 personal loans, the documentation requirement is minimal and the loans are processed quickly.
- No Prepayment Penalty: No prepayment charges are levied in case you decide to prepay your Bank of Baroda Covid-19 personal loan before the end of its complete tenure.
Bank of Baroda COVID-19 Personal Loan Interest Rates
|Baroda CoviCare Personal Loan||9% p.a. to 9.50% p.a. (linked with CIBIL Score)|
|Baroda COVID Personal Loan 2.0||9% p.a. (irrespective of CIBIL Score)|
The following eligibility criteria must be kept in mind when applying for a Covid-19 personal loan with Bank of Baroda:
Baroda CoviCare Personal Loan
- You should be an existing individual customer (ETB) of the bank
- You should be an Indian resident having at least 6 months relationship with Bank of Baroda
Note: NRIs and existing staff members are not eligible to avail the scheme.
Baroda Covid Personal Loan 2.0
- You should be an existing retail assets customer
– Home Loan (all variants) with at least 6 month’s relationship
– Loan against Property with at least 6 month’s relationship
– Auto Loan with at least 12 month’s relationship
- Loan fully disbursed and moratorium period completed.
- Minimum 3 instalments paid
- Charge on the security is created and registered in CERSAI (wherever applicable)
- Account should not be 30+ DPD
Note:Staff members, credit facility given to non-individuals and borrowers enjoying overdraft limit are not eligible to avail the scheme.
Types of Bank of Baroda COVID-19 Personal Loan
At present, Bank of Baroda is offering two different Covid-19 personal loans and the details of these are given below:
I. Baroda CoviCare Personal Loan: The loan can be availed for Covid related treatment or expenses of self and family members. Some key features of the Baroda CoviCare Personal Loan are as follows:
- Offers loan amounts ranging between Rs. 25,000 to Rs. 2 lakh
- Can be repaid within a tenure ranging up to 60 months including a moratorium period of 3 months
- Can be prepaid without any prepayment penalty
II. Baroda Covid Personal Loan 2.0: The loan can be availed to deal with Covid treatment related expenses or temporary liquidity mismatch due to COVID- 19 (except for speculations). The salient features of Baroda Covid Personal Loan 2.0 are:
- It offers loan amounts ranging between Rs. 25,000 to Rs. 5 lakh
- Offered at low processing fee
- Can be prepaid without any prepayment charges
Documents Required for Bank of Baroda COVID-19 Personal Loan
No specific documentation requirements have been mentioned yet by Bank of Baroda. However, the bank may specify documents at the time of loan application on a case by case basis.
How to Apply for Bank of Baroda COVID-19 Personal Loan?
To apply for Bank of Baroda COVID-19 Personal Loan, you can use any of the following means given below:
- Online through the Bank of Baroda website
- By visiting the nearest Bank of Baroda branch and physically submitting the loan application form
Check Bank of Baroda COVID-19 Personal Loan Application Status
You check the status of your BoB Covid-19 Personal Loan application via any of the following methods:
- Bank of Baroda Internet Banking
- Contacting the BoB customer care
- In-Person visit to a nearby Bank of Baroda branch
Fees and Other Charges
The following are some key fees and charges associated with Bank of Baroda COVID-19 Personal Loan:
|Particulars||Baroda CoviCare Personal Loan||Baroda Covid Personal Loan 2.0|
|Processing Fees||Nil||Low Processing fee|
How to Login on Bank of Baroda Portal?
You can login to Bank of Baroda’s net banking portal by following the steps given below:
- Visit the Bank of Baroda website and click on ‘Login’
- Under ‘For Customers’ select ‘Baroda Connect (Net Banking) India’
- Use your login credentials to log into Baroda Connect – the e-banking platform of BoB
Bank of Baroda COVID-19 Personal Loan Statement
Bank of Baroda COVID-19 personal loan statement can be availed both online and offline:
- Online Method: You can view or download your personal loan statement online by simply logging in to your Bank of Baroda internet banking account.
- Offline Method: You can also avail a physical copy of your personal loan statement, visiting the nearest Bank of Baroda branch. Do note there may be charges involved in case you decide to avail a physical copy.
Bank of Baroda COVID-19 Personal Loan EMI Calculation
Given below is a sample of EMI calculations using varying loan amounts, interest rates and tenure:
|Loan Amount (Rs.) and Interest Rate||Monthly EMI Payout (Rs.)|
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|25,000 @ 9% p.a.||2,186||1,142||795||622||519|
|1 lakh @ 9% p.a.||8,745||4,568||3,180||2,489||2,076|
|5 lakh @ 9% p.a.||43,726||22,842||15,900||12,443||10,379|
Comparison of Bank of Baroda COVID-19 Personal Loan vs Other Lenders of COVID Loans
The following table compares key features of the Bank of Baroda Covid-19 personal loan to similar products offered by other leading lenders in the country:
|Particulars||Bank of Baroda||State Bank of India||Union Bank of India||Canara Bank||Punjab National Bank||Bank of India|
|Interest Rate||Starting from 9%||Fixed at 8.50%||Fixed at 8.50%||As per applicant profile||Starting from 8.50%||Starting from 8.50%|
|Tenure||Up to 60 months||Up to 60 months||Up to 60 months||Up to 60 months||Up to 60 months||Up to 60 months|
|Loan Amount||Rs. 25,000 to Rs. 5 lakh||Rs. 25,000 to Rs. 5 lakh||Up to Rs. 5 lakh||Rs. 25,000 to Rs. 5 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh|
|Processing Fee||As per the loan scheme||NIL||–||NIL||NIL||NIL|
Note: The above mentioned data is for illustrative purposes only and subject to change at discretion of the lenders.
Bank of Baroda Customer Care
You can contact the BoB customer care via any of the following means given below:
- By Phone: You can call on 1800-258-4455 or 1800-102-4455 (toll-free)
- Branch Visit:You can also visit the nearest Bank of Baroda branch to get your queries resolved
Q1. What is the minimum and maximum loan amount that I can avail on a BoB Covid-19 personal loan?
The minimum loan amount is Rs. 25,000 and the maximum is Rs. 2 lakh in case of Baroda CoviCare Personal Loan and Rs. 5 lakh for Baroda Covid Personal Loan 2.0.
Q2. Do I need to have an existing relationship with BoB to avail a Covid-19 personal loan?
Yes, you need to have an existing relationship of at least 6 months to avail a Covid-19 personal loan from Bank of Baroda.
Q3. Is moratorium available on Bank of Baroda Covid-19 personal loans?
In case of Baroda CoviCare Personal Loan, you can avail a moratorium of 3 months within the overall 60 months repayment period. However, moratorium is not available under the Baroda Covid Personal Loan 2.0.