COVID 19 Personal Loan Schemes by Government Banks – Apply Online

Banks and financial institutions are rolling out new personal loan schemes for their existing customers, at lower interest rates. Here are few such schemes. But exercise caution before you avail of such loans.

Bank Name

Name of Scheme

Eligible Customers

Interest Rates

IIFL Finance Covid 19 Emergency Loan Existing Loan Customers and 5paisa customers 14.00% p.a
Bank of Baroda Baroda Personal Loan Covid 19 Existing Retail loan customers of the bank 10.25% p.a.
Bank of Maharashtra Personal Loan Covid 19 Existing home loan customers of the bank 8.45% p.a.
PNB PNB Sahyog Covid 19 Existing Bank customers and housing loan customers. 8.05% p.a.
Bank of India Covid 19 Personal loan Existing Salary account holders and housing loan customers of the bank. 7.25% p.a.


  1. The loan amount varies across financial institutions, from Rs.25000 to Rs.5 Lakh
  2. No prepayment charges; processing fee varies from NIL to Rs.500 plus applicable GST
  3. Tenure of the loan varies from 6 months to 5 years across financial institutions
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