State Bank of India (SBI) recently launched its new personal loan scheme 'KAVACH'. The new loan has been introduced by the bank to help its customers for the treatment of COVID-19.
According to SBI's website, KAVACH personal loan is "for COVID treatment of self or family member who are found COVID positive on or after 01.04.2021".
Who Can Apply?
SBI KAVACH loan can be availed by salaried, non-salaried, as well as pensioner customers of State Bank of India.
Loan amount ranges from a minimum of Rs 25,000 to a maximum of Rs 5,00,000, as per eligibility. SBI said that the loan provided will be over and above the existing loan, if any.
SBI KAVACH loan will be available for a period of 60 months, which includes three months of moratorium. It should be repaid in 57 EMIs, including interest charged during moratorium.
Rate of Interest
Currently, SBI KAVACH loan is available at an interest rate of 8.5 percent.
For more details about SBI KAVACH loan scheme, candidates can visit the bank's official websites: sbi.co.in, bank.sbi