New Delhi: State Bank of India is offering its customers a special SBI personal loan at low interest rate, zero fee, and moratorium amid Covid pandemic. SBI is offering Kavach Personal Loan for its customers. Under this SBI personal loan, State Bank of India customers can borrow from Rs 25,000 up to Rs 5 lakh for Covid-19 treatment for the individual and family members. Notably, SBI personal loan will be collateral-free.

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  1. SBI is offering the Covid-19 Kavach Personal Loan ranging between Rs 25,000 and Rs 5 lakh at 8.5 per cent interest rate per annum.
  2. State Bank of India has announced that this SBI personal loan will be collateral-fee loan.
  3. SBI has also said that Covid-19 Kavach Personal Loan would require no processing fee, pre-payment penalty, and foreclosure charges for State Bank of India customers.
  4. SBI Covid-19 Kavach Personal loan has a flexible tenure of 5 years.
  5. SBI customers can also avail three months of loan moratorium for State Bank Of India Covid-19 Kavach Personal Loan.
  6. SBI Covid-19 Kavach Personal Loan can be availed by Salaried class, Non-Salaried customers, and Pensioners and their family members.
  7. To avail the loan, borrowers need to submit report of Covid-19 test. The borrowers must be diagnosed with Covid positive after April 1, 2021.
  8. SBI customers can check eligibility at the nearest State Bank of India branch and on YONO mobile banking application.
  9. SBI in a statement has said,”Reimbursement of expenses already incurred for COVID-19 related medical expenses shall also be provided under the scheme.”
  10. SBI Chairman Dinesh Khara said, “With this strategic loan scheme, our aim is to provide access to monetary assistance – especially in this difficult situation for all those who unfortunately got affected by COVID. It’s our constant endeavor at SBI to work towards creating financial solutions for customers suiting their requirements.”