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SBI KAVACH Personal loan for COVID treatment- Everything You Need to Know

2021-06-24
2 Min Read
Author - Pawni Mishra
SBI KAVACH Personal loan for COVID treatment- Everything You Need to Know
518 views

The first coronavirus case in India was detected on January 30, 2020, and since then the country has been battling a coronavirus pandemic with cases surging every day and people losing their lives. This deadly virus has impacted the lives of almost every person in some or the other way that India has become the fourth most impacted country. To help people the impacted government is taking all the measures and various organisations are also doing their bit to better the whole situation. One such step is taken by the State Bank of India (SBI). In June, SBI launched a new personal loan scheme called SBI KAVACH Personal Loan Scheme. Let's discuss the scheme in detail:-

Recently, the largest public sector bank in the country has tweeted from its official Twitter handle, "Introducing KAVACH Personal Loan by SBI. As the nation battles this dreadful virus, we are providing financial aid to you and your family members for Covid treatment."

Who all can apply for SBI KAVACH personal loan?

This loan can be avail by the following people:-

  • Any person or family member who is or was covid positive on or after April 1, 2021
  • Salaried and non-salaried
  • People who are receiving a pension from the central or state government
  • No collateral is required

Loan Amount and Tenure

  • You can get a loan for up tp Rs 5 lakh depending on the eligibility (the loan amount is over and above the loan will be over and above the existing loans if any
  • KAVACH personal loan can be taken for up to 60 months (including a moratorium of 3 months)

Interest Rate, Processing Fees and Tenure for KAVACH Personal loan

Particulars

Rates

Interest rate

8.5% pa

Processing Fees

Zero

Prepayment charges

NIL

Foreclosure charges

NIL

Documents Required for KAVACH personal loan

The documents required for KAVACH personal loan are:-

  • Covid report of the applicant or their family member who has been positive
  • KYC documents- Aadhar card and PAN card

Where to apply this?

  • Visiting a nearest SBI branch
  • Pre-approved offer through YONO (SBI app)
  • Visiting website bank.sbi
  • Calling at 1800 11 2211

This is indeed a major step taken by the State Bank of India which will give a big relief to people and families suffering from covid.

Stay safe! Stay healthy!

About Author

Pawni Mishra
Writing was her hobby and few years later she made it her profession, so to enjoy work. She has been in this field for 3.5 years now and loving every bit of this content world. Currentlly, she is writing on financial topics and is loving every bits of it.

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