SBI Kavach Personal Loan Scheme - How to Apply , Eligibility and Rate of Interest

SBI Kavach Personal Loan Scheme - How to Apply, Eligibility and Rate of Interest: The State Bank of India (SBI) has lately announced a new personal loan plan, i.e., SBI Kavach Personal Loan. The SBI Kavach personal loan aims to provide economical relief to thousands of severely affected by the second wave of coronavirus pandemic. The collateral-free loan will cover the cost of COVID-19 treatment of self and family members of the customer.

 
This article let us know details about this scheme, such as Eligibility Criteria, interest rate, Tenure of loan, SBI Health insurance, and how to apply for this scheme.

 

SBI Kavach Personal Loan Scheme - How to Apply, Eligibility and Rate of Interest

Eligibility For SBI Kavach Personal Loan Scheme:

SBI Kavach personal loan Scheme is eligible for Coronavirus people who are affected by Coronavirus and taking Covid treatment of self or family member diagnosed with Covid 19 on or after April 1, 2021. People, including salaried, non-salaried, and pensioners, will be eligible for the SBI Kavach Personal Loan scheme.

 

The interest rate on the Kavach personal loan

The loans which are under Kavach Personal Loan will be collateral-free. The borrowers do not need to promise any asset security while applying for the loans under the SBI Kavach Personal Loan plan. Under this scheme, customers will choose to avail of up to Rs 5 lakh for five years. The minimum amount for loans has been fixed at Rs 25,000. The interest will be 8.5% per annum. Apart from the low interest rate and flexible tenure, the borrower will also get three months of loan postponement. Individuals can also apply for this loan to pay their previous medical expenses. "Reimbursement of expenses already incurred for COVID-19 related medical expenses is also be provided under the scheme." The individuals can apply through SBI online banking portal for loans.

 

Tenure of the loan

The loan tenure for SBI Kavach, Personal loan Scheme for SBI COVID treatment, is five years, including a 3-month moratorium.

Rate of interest (Fixed)

SBI is offering this loan to customers at 8.5% interest per annum

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

The new SBI Kavach personal loan is applied by visiting the bank branch and completing all the formalities, documentation, KYC, etc. Another method for applying for SBI COVID treatment is via the digital channel, wherein Kavach Personal loan comes as a pre-approved offer via the Yono app. After following some simple steps over the Yono app, a Pre-approved loan offer can be easily secured and sanctioned within minutes at the customer's convenience. Importantly, the loan scheme also provides reimbursement for the amount that the individual has already incurred towards the treatment of COVID-19.

SBI Kavach Personal Loan Scheme - How to Apply, Eligibility and Rate of Interest

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