COVID 19 Personal Loan (CPL) Product salient features

Eligible customers

  • Customers Drawing salary through our Bank (he/she should be drawing salary through our bank for more than one year)
  • All existing standard housing loan customers
  • All existing standard personal loan customers

Loan amount

  • For salaried: 3 times of last drawn gross salary; Max: Rs. 5.00 Lakhs.
  • For existing housing loan/Personal customers:
    • 3 times of last drawn gross salary in case of salaried persons, max: Rs. 5.00 Lakhs
    • 3 times of monthly income based on the latest ITR in case of self-employed borrowers; Max: Rs. 5.00 Lakhs.


  • Minimum 25% irrespective of income category of the borrower.



Rate of interest

  • RBLR floating with monthly rests (refer to the website for latest rate of interest).

Processing fees



  • For Demand loan: 36 months including moratorium period of 6 months

Instruction for applying loan


FAQs on COVID-19 Personal Loan Scheme (CPL)

Who are eligible under the COVID-19 Personal Loan Scheme?

Ans : • Existing Star Home Loan borrowers whose Home loan account is in Standard category.

• Existing Personal Loan Borrowers whose Personal loan account is in standard category with or without salary tie up with the employer

• All Salary Account Holders drawing salary

Whether ITR is compulsory for existing Home Loan & Personal Loan Customers under CPL Scheme?

Ans : Yes.

I have already availed a personal loan from your Bank and the account is regular. Can I apply for a loan under COVID 19 Personal Loan scheme?

Ans : Yes, subject to net take home pay of 25%.

Can I apply for personal loan online on Bank’s Website?

Ans: Yes, You can apply for the loan on line on our Bank Website.

Can I apply loan on PSB59?

Ans : No.

I am a retired staff your Bank. Can I apply for personal loan under the scheme?

Ans : Staff/Ex-Staff are not eligible under CPL Scheme.

I have availed home loan from your Bank and one of my colleagues stood as guarantor. Is it compulsory to provide personal guarantee for the personal loan also

Ans : The sanctioning authority has the discretion whether to insist for guarantee or not.

I have availed housing loan from your Bank along with my wife who is a working woman. Can I apply for personal loan in my name only?

Ans : Yes. You can apply for the loan in your name only provided the property in the existing home loan is registered in your name alone.

I am a self-employed person and have availed a personal loan from your Bank. I am paying the instalments regularly. Can I again apply for a personal loan under COVID personal loan scheme?

Ans : Yes. You can apply for the loan.

I have availed Housing loan/personal loan from one of your Branches. Should I apply for the loan with the same Branch or any other Branch which is nearest to my residence?

Ans :Yes. You can approach any Branch nearest to your residence.

SOP for COVID Personal Loan scheme

  • The applicant can visit https://www.bankofindia.co.in/COVID19PersonalLoan for Scheme details.
  • The application for the loan can be applied on Bank’s Website* or submit the application physically in the Branch nearest to your residence.
  • The following documents are required to be submitted along with the application
    • KYC documents and latest proof of address.
    • Two passport size photographs
    • Latest salary slip/ITR.
  • You can track the stage of your application on our Bank’s website if you have reference number or CAPS application number.
  • No processing charges.
  • The TAT under the scheme is 3 days.
  • The documents to be executed as stipulated in the scheme.
  • The sanctioned loan amount will be credited to your salary account with the Branch or operative account with the Branch.

Ready-reckoner for borrower-wise credit outreach post lifting of lockdown under COVID-19.



For further details, just give a missed call on 8010968305 or SMS <PL> to 7669300024 or visit our nearest branch for details.