SBI KAVACH Personal Loan Scheme

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