State Bank of India has launched a special personal loan – Kavach – for its customers and their family members who have got Covid.
Kavach Personal Loan offers a minimum Rs 25,000 to a maximum Rs 5 lakh as collateral-free loan at a fixed interest rate of 8.50% per annum for a period of 5 years. The product also comes with a 3-month initial moratorium after which the EMIs start.
The personal loan for Covid treatment must be repaid in 57 EMIs, including interest charged during moratorium.
For being eligible for the personal loan, the bank customer needs to show a Covid positive report either of self or of any family member, found positive on 1 April 2021 or later. The bank also requires its customers to show a minimum average monthly transaction value in their SBI account to be eligible for the loan.
Customers of the Bank such as salaried, non-salaried and pensioners can avail KAVACH Personal Loan. The loan will be credited to salary/ pension/ SB account of the customer.