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SBI KAVACH Personal Loan Scheme; All you need to know

This scheme is for salaried as well as non-salaried customers along with pensioners and their family members who have been found Covid-19 positive on or after April 1, 2021

What is SBI KAVACH Personal Loan Scheme:

  • State Bank of India has launched a unique collateral-free loan scheme titled ‘KAVACH Personal Loan’ on June 11, 2021 for are Covid-19 patients
  • Reimbursement of expenses already incurred for COVID-19 related medical expenses shall also be provided under the scheme

Who can avail the loan – This scheme is for salaried as well as non-salaried customers along with pensioners and their family members who have been found Covid-19 positive on or after April 1, 2021

Documents required for availing the loan:

  • Covid positive report of customers who are looking to avail this personal loan
  • No collateral is required to be submitted to avail the loan from the bank

Loan facility – Term loan

Loan amount:

  • Customers can avail this loan of amount starting at Rs. 25000 upto Rs. 5 lacs as per eligibility
  • The loan will be over and above the existing loans, if any

Interest rate – SBI is offering this loan to the customers at cheapest interest rate of 8.5%

Loan tenure – 60 months (including moratorium of 3 months)

Where to apply for this loan:

  • SBI Branch
  • Pre-approved through YONO

Processing fee – This loan can be availed with zero processing fee. The bank has also waived-off the foreclosure charges and pre-payment penalty for customers

Website link – https://bank.sbi/web/personal-banking/sbi-kavach-personal-loan-scheme

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