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SBI’s ‘Kavach Personal Loan’ Scheme Launched For Covid Patients. All You Need to Know

New Delhi: The biggest public sector bank in country, State Bank of India (SBI) has launched a unique loan offering called ‘Kavach Personal Loan’ for Covid patients. The special loan covers expenses of Covid treatment of the customer and his/her family members. Under this scheme, customers can avail loans up to Rs 5 lakh at an effective interest rate of 8.5 per cent per annum for 60 months which is inclusive of three months moratorium, said an SBI statement. Also Read – SBI Clerk Recruitment 2021: Only 2 Days Left For Last Date, Apply Today For 5237 Posts

This unique product is being offered under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Reimbursement of expenses already incurred for Covid-related medical expenses shall also be provided under the scheme, it said. Also Read – SBI Customer Alert: Now You Can Transfer Account Without Visiting Bank Branch | Step-by-step Guide Here

SBI Chairman Dinesh Khara said: “With this strategic loan scheme, our aim is to provide access to monetary assistance – especially in this difficult situation for all those who unfortunately got affected by Covid. It’s our constant endeavour at SBI to work towards creating financial solutions for customers suiting their requirements.” Also Read – SBI Customer Alert: SBI Internet Banking, YONO Services to be Affected Today. Details Here

In these trying times, the SBI is committed towards taking care of customers’ financial emergency for Covid treatment and other personal expenses in order to effectively overcome the Covid battle, said the statement. This loan product will also be part of the Covid loan book being created by banks as per the RBI’s Covid relief measures.

(With inputs from IANS)

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