The loan can be availed by bank customers who can be salaried, non-salaried or pensioner. There will be no collateral for taking loan from the bank.
India’s largest commercial lender State Bank of India has launched a loan called Kavach Personal Loan for which no guarantee is required. This loan covers the cost of COVID treatment of the customer himself and the family members. SBI said that the objective of the collateral free loan is to enable the customers to meet the medical expenses of themselves and family members for covid treatment.
A special initiative for Covid victims,
this scheme launched by SBI Chairman Dinesh Khara will allow customers to avail loans up to Rs 5 lakh at an effective interest rate of 8.5 per cent per annum for 60 months with a moratorium of three months. is included. The loans under the Kavach scheme are being offered under the unguaranteed personal loan category and at the cheapest interest rate under this section.
SBI KAVACH Personal Loan Scheme is for COVID-19 treatment of self or family members who have been found to be COVID-19 positive on or after April 1, 2021. The loan can be availed by bank customers who can be salaried or non-salaried or pensioner. There will be no collateral for taking loan from the bank. The bank clarified that under the scheme, the facility of reimbursement of expenses already done for medical expenses related to Kovid will also be available.
Special things
– Personal loan is available at 8.5 per cent p.a. for amounts up to Rs 5 lakh.
– The loan tenure is 5 years which includes a moratorium of three months. For a 60-month loan, the amount has to be repaid in 57 EMIs, which includes the interest charged during the moratorium.
– The minimum loan amount is Rs 25,000 as per the eligibility of the borrower, while the maximum is Rs 5 lakh.
– There are no processing fees, no security deposit, no prepayment penalty and no foreclosure fees when getting a loan.
– Reimbursement facility is also available through branch channel and the loan will be over and above the existing loans, if any.
You can also apply on SBI YONO App With
this strategic loan scheme, we aim to provide access to monetary support – especially in this difficult situation for all those who have been unfortunately affected by Corona. At SBI, it is our constant endeavor to work towards creating financial solutions tailored to the needs of the customers. The loan is available through SBI branches as well as through digital channel (pre-approved through YONO). You can get a pre-approved personal loan instantly at your convenience on 24×7 basis through SBI YONO app.
