State Bank of India (SBI) has introduced a new personal loan programme called the Kavach Personal Loan in an effort to lessen financial strain amid the second wave of the coronavirus outbreak. In accordance with this programme, a person may borrow up to Rs. 5 lakh to “pay expenses of COVID-19 treatment of self and family members, “added the lender. The loan won’t require any security.
“With this strategic loan programme, we hope to give those who were unluckily impacted by COVID access to financial aid, especially at this trying time. At SBI, we continuously strive to provide consumers with financial solutions that meet their needs “SBI Chairman Dinesh Khara stated.
all relevant information on the SBI Kavach Personal Loan
The biggest lender in India is providing a loan without collateral at the lowest interest rates for coronavirus treatments. Depending on eligibility, the loan amount will range from Rs 25,000 to Rs 5 lakh.
Interest and other fees
An annual interest rate of 8.5% will be applied to the Kavach Personal Loan. There won’t be a processing charge to use loans. Additionally, the bank has exempted customers from foreclosure fees and prepayment penalties.
Moratorium on Loans and Tenure
In addition to having the lowest interest rate available, the SBI Kavach Personal Loan has a flexible term of 5 years. Additionally, the borrower will receive a three-month loan moratorium. According to the bank, this special loan is available in the category of collateral-free personal loans and has the lowest interest rate in this market.
Who may apply?
This programme is available to both salaried and non-salaried consumers, as well as retirees and their families. SBI Kavach Personal Loan applications are accepted from people who have been detected as Covid-19 positive on or after April 1, 2021.
Documents needed to apply for a loan: Customers who are applying for loans must submit their Covid-19 test results. According to SBI, no collateral is required from the borrower in order to obtain this personal loan from the bank.
Where to submit a loan application:
Customers can verify their eligibility and loan amount by going to the closest SBI branch. Through the YONO mobile banking app, SBI users can also make a reservation.
The customer’s salary, pension, or SB account will be credited with the loan.
Customers can use this loan to cover past medical bills by applying for it. According to a release from SBI, “Reimbursement of charges already incurred for COVID-19 associated medical expenses shall also be provided under the scheme.”
This credit product will be included in the COVID loan book built by banks in response to Reserve Bank of India COVID relief measures (RBI). “SBI is devoted to addressing clients’ financial emergencies for covid in these challenging times.
In order to successfully defeat the COVID struggle, treatment and other personal expenses must be covered, according to SBI.
SBI’s newest personal loans have no fees, low interest rates, and a moratorium.
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