However, most are extending
it to their existing customers only.
With the Reserve
Bank of India cutting benchmark rates sharply and also allowing banks to
defer EMIs, banks are slowing gearing up to lend to various sectors, including
the salaried and entrepreneurs. And with the loss/fall in income, and even jobs
coming under threat, there would be many who would be seeking such loans to
navigate through these tough times. Adhil Shetty, CEO, Bankbazaar.com, says:
“With pandemic-related job losses and the possibility of a recession looming,
banks are worried the default rate on unsecured loans could skyrocket. Despite
this, many have indicated their willingness to help with special emergency
loans.”
For the salaried: Padmaja
Chunduru, managing director, Indian
Bank, says: “We have launched products across categories, not just for
corporate, or MSME, but even emergency salary loans, loans for pensioners and
self-help groups.” The bank’s retail salary loan is called IND-COV Emergency
Salary Loan. Under this scheme, you can avail of a loan up to an amount
equivalent to 20 times your latest monthly gross salary up to Rs 2 lakh. To be
eligible for the loan, you need to have a salary account with the bank. In case
you are a home loan borrower of the bank, you can avail of this loan, even if
you do not a salary account.
Adds Chunduru: “Even if you
don’t have an existing banking relationship, you can avail the emergency salary
loan, if you have a guarantor for the same.” A guarantor could either be your
spouse or an employee belonging to your existing organisation. There is no processing
fee. The interest being charged is 9.50 per cent for 36 months, including a
holiday period of six months. Even Bank of India is extending loans to retail
customers but in the form of a personal loan. The eligibility: Three times of
last drawn salary up to Rs 5 lakh.
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