SBI launches ‘Kavach Personal Loan’ scheme for COVID patients
· Shri Dinesh Khara, Chairman, SBI launched this unique collateral-free loan offering
· Personal loans @ 8.5% per annum upto Rs. 5 lacs will be provided to Bank customers for a period of 5 years
· Purpose of SBI Kavach Personal Loan is to enable our customers for meeting medical expenses of self and family members for COVID treatment
· Loan will also cover reimbursement of COVID related medical expenses already incurred
In its endeavor to provide much-needed relief to its customers who are facing financial stress on account of COVID treatment-related expenses, State Bank of India (SBI) has launched a collateral-free unique loan offering – ‘Kavach Personal Loan’. The loan covers expenses of COVID treatment of self and family members of the customer. This product was launched by Shri Dinesh Khara, Chairman, SBI. Under this scheme, customers can avail loans up to Rs 5 lacs at an effective interest rate of 8.5% per annum for 60 months which is inclusive of three months moratorium. This unique product is being offered under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Reimbursement of expenses already incurred for COVID related medical expenses shall also be provided under the scheme.