SBI Chairman Dinesh Khara said, 'We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses without any hassle'.
The State Bank of India (SBI) has recently announced a new personal loan plan — Kavach Personal Loan. The aim is to provide financial relief to thousands of people severely affected by the second wave of coronavirus pandemic. The collateral free loan will cover expenses of COVID-19 treatment of self and family members of the customer, the lender said.
“We are happy to introduce SBI Kavach Personal Loan scheme to help people affected in the wake of COVID -19 crisis. We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses without any hassle," said Dinesh Khara, chairman, SBI.
SBI Kavach Personal Loan
The loans under Kavach Personal Loan will be collateral-free. The borrowers do not need to pledge any asset as security while applying for the loans under SBI Kavach Personal Loan plan. Under this scheme, customers will get an option to avail loans of up to Rs 5 lakh for period of 5 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 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," the bank said.
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