If you have a salary account or an ongoing loan for which you have not missed a single equated monthly instalment (EMI) in a public sector bank (PSB), you may be able to avail a new personal loan product called the covid-19 loan.
Priced much lower than regular personal loans, this product aims to help existing bank customers to tide over a temporary crash crunch due to the effects of the covid-19 pandemic.
Some of the banks offering covid-19 personal loans are Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI), Bank of Maharashtra (BoM) and Bank of India (BoI). “Many of our customers are facing temporary cash flow problems as their employers are paying them lower salaries during the lockdown.