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Baroda Personal Loan COVID 19

As the countries all over the globe including India are facing a severe pandemic disease i.e. COVID-19. It has expanded its wings in more than 180 countries within recent past and considerably damaged human kind. In India, it is also expanding and to stop its exponential growth state/ central government locking down cities/ states. This lock down status may create some temporary liquidity mismatch and to overcome the same Bank has launched a new Personal Loan scheme for it’s existing quality retail asset customers with relaxed assessment norms and lower rate of interest. This PL scheme will help to tackle present critical situation.


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.

Target Group

Following existing Retail Assets customers(Qualifying Loan accounts):-
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.

with minimum 6 months relationship where:
  • 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.

Loan Limit

Minimum: Rs.25,000/-
Maximum:Rs.5.00 Lakhs*
* 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)

Repayment Period

Co- terminus with the qualifying link loan / Maximum Door to Door maturity up to 60 months

Moratorium Period

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

  • This sanction is valid for 3 months from the date of sanction
  • Equated monthly installments are fixed for the convenience of the borrower, whereby interest payable towards the loan is spread over the entire term of repayment fixed. The repayment of all such equated monthly installments will not be construed as full repayment /settlement of loan account. On payment of all equated monthly installments, residual amount if any, in the account due to debiting of overdue / penal interest / additional interest as a consequence of revision in interest rates, other incidental charges shall be paid separately by the borrower.
  • The liability to the Bank will be extinguished only when the outstanding in the loan amount becomes nil, on payment of residual amount, if any.
  • The interest on the amount of the Loan will be applied at the prevailing rate per annum on daily reducing balance with monthly rests.
  • Rate of Interest is linked to BRLLR of the Bank. 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.
  • The Bank may at its discretion, either Increase /Decrease the EMI amount or period of loan (subject to maximum stipulated period mentioned under the scheme guidelines) to accommodate the increase /decrease in rate of interest.
  • Penal interest @ 2% p.a. will be charged for non-payment / delayed payment on overdue amount for overdue period/breach/violation/non-compliance of any terms and conditions of the sanction.
  • Bank reserves the right to collect any tax, if levied by the State / central Government and/ or any other authorities in respect of this transaction.
  • Mandate of Recovery of EMIs through ECS/NACH to be executed by the Borrower.
  • Insurance cover may be in the form of credit insurance, Term Insurance.
  • Negative lien on the existing security charged for existing link loan.

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