Under the SBI Kavach Personal Loan scheme, Kovid patients will be able to get collateral free cheap loans.
SBI Kavach Personal Loan: State Bank of India (SBI) has launched a unique scheme ‘Kavach Personal Loan’ for Kovid patients. In this scheme, Kovid patients will get a cheap loan up to Rs 5 lakh without collateral. SBI says that bank customers will be able to take this personal loan for five years. This means that if bank customers take a loan in this scheme for corona treatment, then they will get five years for repayment.
According to the statement issued by the bank, SBI Corona Kavach Loan (SBI Kavach Personal Loan) customers will get Kovid treatment for themselves or their family members. In this loan, reimbursement of medical expenses related to Kovid can also be done.
Interest is to be paid only 8.5%
Under this scheme of SBI, customers will be able to get a loan of up to Rs 5 lakh at 8.5 percent annual interest for 60 months. It also includes a three-month moratorium. This collateral will be given to the customers by the bank in the free personal loan category. SBI is giving the cheapest loan in this category. Generally, the interest rates for unsecured personal loans range from 10 to 16 per cent. The scheme was launched by the bank’s chairman Dinesh Khaira on June 11. Khaira said that in this scheme, it will be easy for customers to get treatment at the time of corona crisis.
How can apply?
If a loan is needed for corona treatment, then you will have to apply for it by visiting a government bank branch. At present, there is no facility to apply online loan in this category online. According to bankers, one can apply for this loan in two ways. First, after hospitalization, you will have to go to the bank branch with the bill for hospital expenses.
The bank will decide the loan amount based on your repayment capacity. Secondly, the hospital gives an estimated amount of the treatment cost of the corona patient, which will have to be taken to the bank and apply for the loan. In this, banks can give loans ranging from 25 thousand to 5 lakh rupees. However, the bank will have the right to approve and reject the loan.
