May 24, 2022

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Kavach loan scheme: SBI’s Kavach Personal Loan: Everything you need to know about interest rate, eligibility and more

Last week the (SBI) had announced the launch of a collateral-free loan called Kavach Personal Loan. The loan covers expenses of COVID treatment of self and family members of the customer.

Here is everything you need to know about the Kavach Personal Loan according to the SBI website.

  1. 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. Reimbursement of expenses already incurred for COVID-19 related medical expenses shall also be provided under the scheme. The loan will be over and above the existing loans, if any.
  2. What is the loan amount?
    Customers can avail this loan of amount starting at Rs 25,000 up to Rs 5 lakh, as per eligibility.
  3. What is the interest rate offered?
    SBI is offering this loan to customers at 8.5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}
  4. What is the loan tenure?
    60 months (including moratorium of 3 months)
  5. What documents are required avail 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
  6. Where to apply for the loan?
    SBI Branch; Pre-approved through YONO
  7. What is the 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.