The country’s largest government bank SBI has started a collateral free loan scheme for patients suffering from corona virus. SBI has launched this Kavach personal loan to provide relief to the people suffering from Covid and to meet their financial needs for treatment.
This loan can also be taken by pensioners with salaried and non-salaried classes. No document is needed for this. If you or any member of your family is suffering from Covid then you can take this loan. This loan is completely collateral free. That is, in lieu of this loan, the bank will not ask you to mortgage anything.
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You can apply for SBI Kavach Personal Loan by visiting your nearest SBI branch. Or else this loan can be pre-approved through SBI’s YONO app. There will be no processing charge on this loan. The bank has also waived off four-closure charges and pre-payment penalty.
Who can take advantage
Only corona patients can take advantage of this loan for the treatment of themselves and their families. Under the Kavach Personal Loan Scheme, corona patients can take a loan of up to Rs 5 lakh. While launching the Kavach Personal Loan, SBI Chairman Dinesh Khara said that in this scheme, Covid Patient Loans can take loans ranging from Rs 25 thousand to Rs 5 lakh.
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This loan can be taken for a tenure of up to 5 years and will attract only 8.5% per annum interest. It also includes a 3-month moratorium. Dinesh Khara said that SBI will not take any action against the borrowers for not depositing the EMI during the moratorium period.
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