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:
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.