Benefits
Customer can avail facility for any purpose including temporary liquidity mismatch due to COVID-19 except speculation purpose.
Features
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.
Guarantor
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