SBI Kavach Personal Loan Scheme: Check loan term, interest rate, How to apply online
New Delhi, June 12: In a bid to help thousand of people hit by the second wave of coronavirus pandemic, the State Bank of India has introduced a collateral-free loan called 'Kavach Personal Loan' for its customers to take guard of your expenses towards COVID treatment".
SBI Kavach Personal Loan will help customers to "avail loans up to Rs 5 lakh at an effective interest rate of 8.5 percent per annum for 60 months which is inclusive of three months moratorium.
The loan is being provided "under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Also, all the expenses incurred towards the treatment of Covid 19 shall also reimbursed by the bank as per the scheme details.
SBI Kavach Personal Loan Features
SBI Kavach Personal Loan Purpose
For Covid treatment of self or family member who are found Covid Positive on or after 01.04.2021
SBI Kavach Personal Loan Channel:
Branch
channel
Digital
channel
(Pre-approved
through
YONO)
Target
Group
:
Customers
of
the
Bank
such
as
Salaried,
non-Salaried
as
well
as
Pensioners
Loan
facility
:
Term
Loan
Disbursement
:
Credit
to
Salary/
Pension/
SB
account
of
the
customer
CIC
(CIBIL
CV
Score)
:
As
per
Bank's
internal
policy
Processing
fee
:
NIL
Security
:
NIL
Pre-payment
Penalty
:
NIL
Foreclosure
Charges
:
NIL
SBI Kavach Personal Loan Amount
Minimum:
Rs.
25,000
&
Maximum:
Rs.
5
Lakhs
as
per
eligibility
Reimbursement
facility
also
available
through
branch
channel
The
loan
will
be
over
and
above
the
existing
loans,
if
any
SBI Kavach Personal Loan Tenure
60
months
(including
3
months
moratorium)
Loan
to
be
repaid
in
57
EMIs,
including
interest
charged
during
Moratorium
SBI Kavach Personal Loan Rate of interest (Fixed)
8.50% at present (minimum 100 bps lower than similar unsecured product of the Bank)
SBI Kavach Personal Loan Repayment Mode
Standing Instruction (SI) on the Salary/ Pension/ SB/CA account
SBI Kavach Personal Loan: How to apply online
The Kavach Personal Loan is available at the SBI branches as well as through the Digital channel (Pre-approved through YONO). One can avail Pre-approved Personal loans instantly at their convenience on 24×7 basis through YONO app in a few click.