SBI KAVACH Personal Loan for Covid-19 patients: Zero processing fee, 3 months moratorium - How to Apply
State Bank of India (SBI), the country's largest lender, has launched a collateral-free unique loan offering – ‘Kavach Personal Loan’ that will cover the expenses of Covid-19 treatment of individuals. The bank will provide loans up to Rs 5 lakh at an effective interest rate of 8.5 per cent per annum for 5 years. Besides, the bank is also providing three months moratorium which is included in the 60 months.
The bank has said that it will also provide reimbursement of expenses already incurred for Covid related medical expenses under the scheme.
SBI Kavach Personal Loan: Who can apply
This scheme is for salaried as well as non-salaried customers along with pensioners and their family members who have been found Covid-19 positive on or after April 1, 2021
Kavach Personal Loan: Amount & Documents required
* Covid positive report of customers who are looking to avail this personal loan
* No collateral is required to be submitted to avail the loan from the bank
* Customers can avail this loan of amount starting at Rs. 25000 upto Rs. 5 lacs as per eligibility
* The loan will be over and above the existing loans, if any
Kavach Personal Loan: Interest rate & Tenure
* SBI is offering this loan to the customers at cheapest interest rate of 8.5 per cent
* Loan tenure – 60 months (including moratorium of 3 months)
Kavach Personal Loan: Where to apply
Salaried and non-salaried customers can apply for the loan at SBI Branch. The loan can also be pre-approved through YONO.
Kavach Personal Loan can be availed with zero processing fee. The bank has also waived-off the foreclosure charges and pre-payment penalty for customers.
