SBI Kavach: No collateral is required to be submitted to avail loan from the bankThe State Bank of India (SBI) launched acollateral-free loan scheme called theKAVACH Personal Loan'for the families affected byCOVID-19.
According to a statement shared by the country's top lender on Tuesday, June 15,the personalloan scheme has the lowest rate of interest and is especially aimed at families struggling financially due to the COVID-19 pandemic.
The bank stated that the reimbursement of the expenses already incurred for COVID-19 related medical expenses will also be provided under the scheme.
(Also Read:ICICI Prudential Launches Retirement Plan With Guaranteed Returns: Check Features)SBI Kavach Personal Loan: Who Can Avail?According to the bank, the schemeis for salaried andnon-salaried customers along with the pensioners and their family members who tested CVID-19 positive on or after April 1, 2021SBI Kavach Personal Loan: Documents required for availing the loan:The COVID-positive report of the customers who are looking to avail the personal loanAccording to SBI, no collateral is required to be submitted to avail loan from the bankSBI Kavach:Loan amountThe loan amount starts atRs.
25,000 upto Rs.
5 lacs as per theeligibilityThe loan will be over and above the existing loans, if any, according to SBISBI Kavach Personal Loan's Interest rate: The bank offersthis loanat 8.5 per cent.SBI Kavach Personal Loan's tenure: The tenure is60 months (including the moratorium of threemonths)Where to apply for SBI Kavach?State Bank of India's branchPre-approved through YONO mobile appProcessing fee Theloan can be availed with zero processing fee.
SBI has waived-off the foreclosure charges and the pre-payment penalty for customers.According to SBI, the processing fee, security, pre-payment penalty, as well as foreclosure charges for this loan are nil.