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SBI KAVACH Personal Loan for Covid-19 patients: Zero processing fee, 3 months moratorium - How to Apply

SBI Kavach Loan: State Bank of India is offering collateral-free Kavach Personal Loan that will cover the expenses of Covid-19 treatment.

India TV Business Desk Edited by: India TV Business Desk
New Delhi Published on: June 16, 2021 11:25 IST
SBI KAVACH Personal Loan
Image Source : PTI (FILE)

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.

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