SBI Kavach Personal Loan: The country’s largest public sector bank State Bank of India has launched a great scheme. This collateral-free loan is called Kavach Personal Loan. Actually, in this special loan, the bank covers the expenses of the treatment of corona for its customer and the family members of the customer. According to SBI, the purpose of Kavach Personal Loan is to provide relief to the customers from the expenses due to Corona. Under this loan, the bank will bear the entire cost of the treatment of the customer and his family members.
Know who will get the benefit?
In this special scheme of SBI, there is no need for the customers to deposit any kind of asset while taking the loan. Under this, a loan of five lakhs will be given for up to five years. At the same time, a minimum loan of up to 25 thousand can be taken, whose interest rate will be 8.5%.
Who can get a loan?
The bank said that this loan is very good and convenient for the customers as it has a provision of loan moratorium time for three months even after the tenure of three months and in this, the interest rate is also very low. SBI has started this loan facility on 1st April 2021. The biggest feature of this loan is that those people will also get the benefit of this scheme, they do not get any kind of salary.
Apply like this
Pensioners can also take advantage of this loan. The bank has also decided to include the medical expenses incurred before the loan in Covid-19 through the scheme. The bank will also give reimbursement of those expenses. An application can be made on SBI’s online portal to take Kavach Personal Loan.