In the middle of the Covid crisis, the State Bank of India is offering customers a tailored SBI personal loan called the 'Kavach Personal Loan,' which has a low interest rate, no fees, and a short loan moratorium. With this SBI personal loan, customers can apply for a loan ranging from Rs 25,000 to Rs 5 lakh without putting up any security for Covid-19 treatments for themselves and their loved ones. But, before you decide on SBI's current offering, here are ten lesser-known facts regarding the SBI Kavach Personal Loan that you should be aware of:
SBI is offering a no-collateral, low-interest loan for coronavirus treatments. The loan amount will range between Rs 25,000 and Rs 5 lakh, depending on the borrower's eligibility.
The annual interest rate on the Kavach Personal Loan would be 8.5 percent. There will be no processing costs on the loans. SBI has also eliminated foreclosure fees and prepayment penalties for its customers.
The lowest interest rates in this segment are offered by SBI Kavach Personal Loan, which has a flexible 5-year duration. SBI will also provide qualifying clients with a three-month loan moratorium.
This new personal loan is available to both salaried and non-salaried consumers, as well as retirees and their family members.
A Covid-19 test report must be sent to the bank as part of the documentation for this loan. The borrower is not required to offer any collateral in order to acquire this personal loan from the bank.
SBI Kavach Personal Loans are available to anyone who test positive for Covid-19 on or after April 1, 2021.
Customers can check their eligibility and loan amount at any SBI branch, and they can also get it using the SBI YONO mobile banking app.
The loan amount will be credited to the customer's salary, pension, or savings account after successful verification.
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