SBI Kavach Personal Loan Scheme Apply Online for Covid-19 Patients: State Bank of India (SBI) has announced a collateral-free loan offering the ‘Kavach Personal Loan Scheme’ to help individuals cover the costs of Covid-19 treatment.
The Bank will offer loans up to Rs 5 lakh for a 5-year period with an effective interest rate of 8.5% per annum. Further, the bank is also providing a moratorium of three months that is included in the 60 month period.
Who Can Avail SBI Kavach Personal Loan
SBI Kavach personal loan eligibility: Those who have been found positive for Covid-19 on or after April 1, 202, including salaried and non-salaried customers, as well as pensioners and their family members are eligible for this scheme.
SBI Kavach Personal Loan Documents Required
- Customers with a COVID-positive report can apply for a personal loan
- To apply for a loan from the bank, no collateral is required
SBI Kavach Loan’s Amount
- The loan amount is Rs. 25,000 up to ₹ 5 lacs based on the eligibility
- According to SBI, the loan is in addition to any existing loans.
SBI Kavach Personal Loan’s Tenure
The tenure is 60 months (including three months moratorium)
SBI Kavach Personal Loan’s Interest rate
There is an 8.5 percent interest rate on this loan.
Where to Apply for Kavach Personal Loan
Bank Customers, such as Salaried, non-Salaried as well as Pensioners can apply for the loan at the SBI Branch. The loan can also be pre-approved by using YONO.
Processing fee: There is no processing fee for the loan. SBI waived off foreclosure charges and pre-payment penalties for its customers.
You can also visit SBI official website for more details ‘SBI Kavach Personal Loan Apply Online’ Click Here