State Bank of India Launches ‘Kavach’ Personal Loan for Covid-19 Patients; Details inside

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SBIA

The State Bank of India (SBI) has introduced ‘kavach personal loan’ scheme for COVID-19 patients on June 11. The state-run institution is providing collateral free personal loans in the amount of Rs 5 lakh at an annual interest rate of 8.5 per cent as per the plan.

It should be noted that SBI offers agricultural loans to farmers for various purposes.

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According to the SBI, the unsecured personal loans are designed to help borrowers cover medical expenses for themselves and family members undergoing COVID-19 treatment.

Clients could “acquire loans of up to Rs 5 lakh at an effective interest rate of 8.5 percent per annum for 60 months, including a three-month moratorium,” said a statement from SBI chairman Dinesh Khara.

According to SBI, loans below the kavach scheme are issued “in the category of unsecured personal loans and have the lowest interest rates in this segment.”

The bank explained that the scheme will cover reimbursement of fees previously incurred for COVID-19-related medical bills.

โ€œOur goal with this strategic loan scheme is to provide financial support to all people affected by COVID, especially in this difficult situation. At SBI, we continuously strive to provide financial solutions that meet the needs of our customersโ€, Khara noted.

This loan product will also be included in the COVID-19 loan book developed by banks in response to the RBI’s COVID relief measures, according to SBI’s announcement.

For more information, visit your nearest SBI branch.

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