State Bank of India is offering a special personal loan to its customers. In this, customers will neither have to pay collateral nor will any processing fee be charged. Under this loan scheme, loans ranging from Rs 25,000 to Rs 5 lakh can be taken.
In the midst of this crisis amid the Corona virus epidemic, the country’s largest bank has come up with a special loan offer for the common people. State Bank of India has named it ‘Kavach Personal Loan’. Under this scheme, any person can take a loan Covid-19 treatment of themselves and the family. No collateral will be required for this loan. SBI Chairman Dinesh Khara said about this offer that we have prepared it in a special way to help you financially. At present, this will help the people affected by Covid-19.
There will be no penalty for making the payment before the loan tenure. Apart from giving personal loan at the lowest rate in the market, State Bank of India will also offer a tenure of up to 5 years on this Kavach Personal Loan. The creditors will also get a moratorium of 3 months.
Loan will be available at low interest without additional charge
This is the collateral-free loan with the lowest interest rate in the country for the treatment of corona virus. Under the cover personal loan, customers will have to pay interest at the rate of 8.5 percent per annum. No processing fee will be charged for the loan. The bank is also exempted from fore-closure and prepayment penalty. That is, you can take a personal loan at an annual rate of 8.5 percent without any additional charges.
Who can apply for this loan?
This scheme of SBI, pensioners, salaried and non-salaried individuals can also take this loan for themselves and family. If a person has been a Covid-19 from 1 April 2021 or after, then they will get a loan under this scheme. It is mandatory to submit the Covid-19 test report to apply for this loan.
How can apply?
You can approach your nearest bank branch for SBI Kavach Personal Loan. Full details of eligible and loan amount will be given in the branch. SBI users can also apply through YONO mobile banking app. The loan amount will be credited to the customer’s salary, pension or savings account.
Other benefits
Customers can also take advantage of this loan to pay off their past model bills. This loan scheme can also be availed for reimbursement of medical expenses related to Covid-19. This information has been given in the press release issued by SBI. This loan product is a part of the Covid loan book by the bank. SBI has prepared this loan book after the announcement of relief measures by RBI.
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