Public Sector Banks To Offer Unsecured Personal Loans Up To Rs 5 Lakh For Covid Treatment


Public Sector Banks To Offer Unsecured Loans Up To Rs 5 Lakh For Covid Treatment

Earlier this month, RBI provided liquidity facility of Rs 50,000 crore for medical services.

Public sector banks will be offering unsecured personal loans between Rs 25,000 to Rs 5 lakh to salaried, non-salaried and pensioners for meeting Covid treatment, Indian Banks’ Association and State Bank of India said in a press release. As part of the newly created Covid loan book under the guidelines of the Reserve Bank of India, the banks will also offer healthcare business loans for setting up oxygen plants under Emergency Credit Line Guarantee Scheme (ECGLS).

Loan up to Rs 2 crore capped at 7.5 per cent will be provided to hospitals, nursing homes for setting up oxygen plant, IBA and SBI said.

Business loans for healthcare facilities up to Rs 100 crore will be provided to setup or expand healthcare infrastructure and to manufacturers of healthcare products and unsecured personal loans will be provided to individuals from Rs 25,000 to Rs 5 lakhs for salaried, non-salaried and pensioners for meeting Covid treatment.

Earlier this month, Reserve Bank of India said that it will provide a term-liquidity facility of Rs 50,000 crore to ease access of funds for emergency medical service. The liquidity support came at a time when India emerged as the coronavirus hotspot and surging cases overwhelmed the healthcare system.

“The initiatives taken by all the PSBs by coming together and announced today is a significant step in the right direction to mitigate the financial impact due to Covid resurgence on all affected segments of the borrowers,” State Bank of India and IBA said in a press release.

In regard to Resolution Framework 2.0, public sector banks have also formulated templated approach for restructuring of loans for small businesses and micro-small and medium enterprises (MSMEs).

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