Customer can avail facility for any purpose including temporary liquidity mismatch due to COVID-19 except speculation purpose.
For any purpose including temporary liquidity mismatch due to COVID-19 except speculation purpose.
Following existing Retail Assets customers(Qualifying Loan accounts):-
with minimum 6 months relationship where:
1. Home Loan (all variants) with minimum -6- months relationship.
2. Loan against Property with minimum -6- months relationship.
3. Auto Loan with minimum -12- months relationship.
- Loan is fully disbursed and moratorium period completed.
- Minimum three installments paid
- Account should not be in SMA-1 or 2 category as on 29.02.2020
Non-Individual's and borrower enjoying OD limits are not eligible.
Applicant / Co-Applicant
Same as in the qualifying linked Retail loan account.
All the guarantors in the existing qualifying linked retail loan to provide personal guarantee in the proposed personal loan.
* In case of Existing Car loan Customers Subject to
a) 20% of original sanctioned limit of linked auto loan; and
b) Total of Present outstanding in linked Auto loan account and proposed sanctioned limit under Baroda Personal Loan _COVID 19 scheme should not exceed the Current market Value of the underlying -asset i.e. vehicle. (Lower of a & b above)
Co- terminus with the qualifying link loan / Maximum Door to Door maturity up to 60 months
Maximum: Three months (within overall 60 months repayments period). Interest to be serviced during the moratorium period.
Repayment Capacity (FOIR- Fixed Obligation to Income Ratio)
At any point of time EMI of proposed Personal Loan will not exceed 15% of total cumulative EMIs paid by the borrower to the Bank (BOB) for any Retail Loans mentioned in eligibility criteria above.
Bureau Score Cut off
CIBIL Credit Vision Score 650
BRLLR + SP+ 2.75% per annum with monthly rest
(ROI is irrespective of Bureau score)
Penal interest: Penal interest @2% shall be levied on overdue amount/ non-compliance of terms and conditions
Prepayment Charges : --NIL—
Unified Processing Charges: Rs. 500/- plus applicable GST