SBI Kavach Personal Loan Scheme: How to Apply?

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oh-Roshni Agarwal

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The country’s leading lender, the State Bank of India (SBI), to help its clients in this dark hour, has developed a personal loan product specifically for patients with Covid 19 or to cover medical costs incurred while treating Covid.

The new loan product, called Kavach Personal Credit, can be used by bank customers who have contracted the Covid 19 infection, or can also borrow this loan to treat their family members’ Covid.

SBI Kavach Personal Loan Scheme: How to Apply?

SBI Kavach Personal Loan Scheme: How to Apply?

Eligibility: To treat Covid for himself or a family member who is diagnosed with Covid 19 on or after April 1, 2021.

Target group: The target group of the bank for the product includes bank customers, who can be either hired or unpaid, and even retirees.

Kavach personal loan interest rate: This is the lowest credit line for individuals with an interest rate of 8.5 percent per annum. The interest rate on an individual loan, as a rule, is not secured, that is, it is not secured by any collateral.

Loan term: 5 years, including a 3-month moratorium

Repayment schedule: The repayment of principal and interest must be made by 57 EMI, which also includes the amount of interest accrued during the period of the moratorium.

Minimum and maximum credit limit: Minimum loan amount that can be sanctioned under the scheme: Rs. 25,000 and up to Rs. 5 lakhs depending on the borrower’s profile. Also, there are no handling, closing or prepayment fees charged with this line of credit.

How to apply for SBI Kavach Personal Loan for Covid Treatment?

A new SBI Kavach personal loan can be applied for by visiting a bank branch and duly completing all formalities, documentation, KYC, etc.

Another route is through the digital channel, where Kavach’s personal loan is provided in the form of a pre-approved offer through Yono). A pre-approved loan offer can be easily secured and approved within minutes at a convenient time for the client by following a few simple steps in the Yono app.

It is important to note that the loan scheme also provides for the reimbursement of the amount already incurred by the borrower for coronavirus treatment.

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Story first published: Saturday 12 June 2021 20:10. [IST]



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