COVID-19 Loans for Salaried Employees, Pensioners, Corporate Borrowers and MSME Businesses.
Thinking of a Personal Loan to Consolidate your Debts? Take a look at Bank of India’s COVID -19 Loan Schemes.
Bank of India COVID-19 Loans
As of May 2020, Bank of India (BOI) is offering three loan schemes to help its retail and business customers deal with the financial aftermath of the COVID-19. They are:
- Bank of India COVID-19 Personal Loan (CPL) (for Retail Customers)
- Bank of India (BOI) COVID-19 Pensioner Loan (COPL) (for Retired Customers)
- Bank of India COVID Emergency Support Scheme 2020 (CESS 2020) (for Corporate and MSME Customers)
We give you important details of each of these COVID-19 loans below. If you need more details about a particular COVID-19 loan scheme, please get in touch with us at [email protected].
Bank of India (BOI) COVID-19 Personal Loan for Retail Customers
Bank of India offers a COVID-19 loan to its retail customers drawing salary through the bank for at least one year, home loan customers and personal loan customers. The loan amount sanctioned under this loan scheme depends on the monthly income of the borrower. This demand loan is valid up to 30th June 2020.
Features of Bank of India COVID-19 Personal Loan (CPL)
- Quantum of Loan: The maximum loan amount sanctioned under the Bank of India COVID-19 Personal Loan is three times the last drawn gross salary for salaried customers and three times the monthly income based on the latest ITR for self-employed borrowers subject to a maximum of Rs. 5 lakh
- Interest Rate: The interest rate applicable to this loan is Repo Based Lending Rate (RBLR) floating with monthly rests. As of May 2020, the RBLR of Bank of India is 7.25%
- Repayment Period: The loan must be repaid within 3 years including a moratorium period of 6-months
- Eligibility: BOI salary account holders with a minimum of a 1-year relationship with the bank are eligible for this loan. Existing home loan and personal loan borrowers are also eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category till 26th March 2020
- Security: Similar to other personal loans, this is an unsecured loan. However, the bank may ask for a third-party guarantee on a case-to-case basis
- Margin: The bank does not charge any margin on this loan
- Processing Charges: The bank does not charge a processing fee on this loan
Bank of India (BOI) COVID-19 Pensioner Loan (COPL) for Retired Customers
Bank of India offers a COVID-19 pensioner loan to regular pensioners, family pensioners, BOI retired employees other than dismissed staff and pensioners/family pensioners drawing pension through Treasury/Defence Pension Disbursing Office (DPDO) credited to Bank of India savings account. The loan amount sanctioned under this loan scheme depends on the last drawn pension of the borrower. This demand loan is valid up to 30th June 2020.
Features of Bank of India COVID-19 Personal Loan (CPL)
- Quantum of Loan: The maximum loan amount sanctioned under the Bank of India COVID-19 Pensioner Loan is ten times the last drawn pension of the borrower subject to a maximum of Rs. 2.5 lakh for regular pensioners and Rs. 75,000 for family pensioners and Rs. 1 lakh for pensioners getting a pension through Treasury/DPDO
- Interest Rate: The interest rate applicable to this loan is Repo Based Lending Rate (RBLR) floating with monthly rests. As of May 2020, the RBLR of Bank of India is 7.25%
- Repayment Period: The loan must be repaid within 3 years. No repayment holiday (moratorium) is granted under this loan
- Eligibility: BOI regular pensioners, family pensioners, retired staff and pensioners getting pension from treasury/DPDO to BOI savings account are eligible for this loan. The age of the pensioner at the end of the loan term must not exceed 75 years
- Security: The legal heir of the pensioner should be a co-borrower of the loan
- Margin: The bank does not charge any margin on this loan
- Processing Charges: The bank does not charge a processing fee on this loan
Bank of India COVID Emergency Support Scheme 2020 (CESS 2020) for Corporate and MSME Customers
This demand loan helps corporate and MSME customers of Bank in India get some relief from the financial impact of COVID-19. All standard borrowers in the corporate and MSME sectors are eligible to avail this loan. This demand loan is valid up to 30th June 2020.
Features of Bank of India COVID Emergency Support Scheme 2020 (CESS 2020)
- Quantum of Loan: The bank sanctions up to 20% of the existing Working Capital (WC) Limits last sanctioned subject to a maximum of Rs. 200 crore per borrower under the Bank of India COVID-19 Emergency Credit Line loan scheme
- Interest Rate: The interest rate applicable to this loan is floating Repo Based Lending Rate (RBLR). As of May 2020, the RBLR of Bank of India is 7.25%. For accounts not linked to RBLR, the interest rate is linked to the floating Marginal Cost of Funds based Lending Rate (MCLR). As of May 2020, the MCLR of Bank of India is 7.95%
- Repayment Period: The loan must be repaid within 2 years including a 6-month moratorium
- Eligibility: Existing BOI corporate and MSME borrowers enjoying working capital limits with the bank are eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category
- Margin: The bank does not charge any margin on this loan. However, the proposed limits must cover the market value of stocks and receivables as per the stock statement
- Security: Bank of India asks for extension of charge on assets pledged to the bank for the existing loans
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Bank of India Website: www.bankofindia.com and www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906