SBI Kavach Loan
SBI Kavach Loan: Leading state-run bank State Bank of India has come up with a new loan product to help its customers battling Covid-19. SBI has brought SBI KAVACH Personal Loan Scheme for its customers. Under this loan, customers will get a loan for the treatment of Covid-19,
which they can use for the treatment of themselves or their family members. This scheme can be availed by such customers who have turned out to be Covid-19 positive on or after April 1, 2021.
- Under this scheme, any customer of SBI can take loan, whether it is salaried or non-salaried or pensioner.
- Customers will not even need any collateral to take the loan.
- The most important thing is that under this scheme, the borrower will also be able to reimburse the money already spent in the treatment of Covid-19.
- Customers will not have to worry about processing fee, security deposit, pre-payment penalty or any foreclosure charges while availing the loan.
This personal loan will be available at an interest rate of 8.5 percent per annum on an amount of up to five lakhs. The loan tenure is five years. It has a loan moratorium on three months.
If you take a loan with a tenure of up to 60 months, then you will have to repay the loan in 57 installments, in which interest will also have to be paid during the loan moratorium. Customers can take a loan from a minimum loan of Rs 25,000 to a maximum of Rs 5 lakh.
How Can Apply:
Customers can visit the branch of the bank to apply for the loan. You have to submit the documents in the bank after completing all the necessary formalities, completing KYC etc. Apart from this, loan can also be taken digitally.
The pre-approved loan is available on the bank’s smartphone app YONO. Here in a few minutes and a few steps, customers can get their Kavach personal loan sanctioned.