Bank Of Baroda Personal Loan COVID 19

In pursuance to the Reserve Bank of India’s (RBI) COVID 19 regulatory package announcement, the Bank has provided a moratorium of three months on payment of all instalments falling due between March 01, 2020 to May 31, 2020 for all term loans including corporate, Micro, Small and Medium Enterprises (MSME), Agriculture, Retail such as Housing, Auto, Education and Personal. 

Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period. These measures are to help mitigate debt servicing on account of disruption brought about by COVID 19 and ensure continuity of business. For all the customers whose Standing Instructions for deduction of monthly instalments have been implemented, the Bank has texted the customers in case they want a refund of the instalments of March and April as well as deferment for the instalment till up to May.

Baroda Personal Loan COVID 19

Further, the Bank launched the “Baroda Personal Loan COVID 19” for its existing Retail Loan customers (Home Loan, Auto Loan & Loan against property). The objective was to tide over the liquidity mismatch to existing customers. The customer could approach their existing branches to avail this personal loan up to a maximum limit INR 5 lakhs in a hassle-free manner. 

This being a special personal loan, the Bank has kept a much lower interest rate linked to the Baroda Repo Linked Lending Rate (BRLLR) than its regular personal loan schemes and the customers may avail the benefits under the scheme till 30th September 2020.

Bank of Baroda announced zero charges on digital transactions for retail customers for three monthsto ensure the safety of its customers and to provide enhanced and uninterrupted banking experience. 

The ‘Stay Safe.Bank Safe’ along with the ‘Khushiyon Ka Remote Control’initiative aimed at encouraging customers to bank digitally and equipping them to avail the Bank’s services from a remote location, without visiting the branch.

Baroda Personal Loan COVID 19

For MSME and corporate borrowers, the banking giant has rolled out the‘ Baroda COVID Emergency Credit Line (BCECL)’ to provide Emergency Credit Line like Short- Term Loan/Demand Loans. 

This means that the Bank has decided to make a maximum of 10% of the existing Fund Based Working Capital Limits (FBWC) subject to a maximum of INR 200 crore. 

This is in addition to existing Adhoc/excess/SLC/Gold Card Limit. The interest rate for corporate borrowers would be one-year MCLR of 8.00% without the standard premium and for MSMEs, the rate of interest would be at BRLLR of 7.25%.

Women Self Help Groups

For the agriculture segment, Bank of Baroda floated various schemes to ensure immediate financial assistance to Women Self Help Groups (SHG), to meet their domestic and agriculture needs and an Emergency Credit Line for Farmer Producer Organization (FPO/ FPC) to meet the temporary liquidity mismatch of FPO / FPCs arising out of COVID-19. Under the Additional Assurance to SHGs-COVID19 scheme, the Bank will provide support to existing SHG facilities in the form of Cash Credit/Overdraft/Term Loan/Demand Loan. 

The minimum loan amount is INR 30000 per SHG and maximum loan amount granted under the scheme is INR 1 lakh per SHG, repayable in 24 months. 

The repayment for this scheme would be on a monthly / quarterly basis and the moratorium will be for a period six months from the date of disbursement.

Bank of Baroda has also cut deposit interest rates, on Domestic Term Deposits including NRO, NRE & Non-Callable deposits of below INR 2.00 Crore w.e.f. 9" April 2020. A sum of INR 20 crore has been handed to the government on behalf of the Bank’s employees for the PM-CARES Fund for the fight against coronavirus.

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