Kavach personal loan: SBI launches unsecured loan program for Covid-19 patients
The State Bank of India (SBI) has launched a unique unsecured loan offer – “the Kavach personal loan”. The loan covers the cost of treating the Covid-19.
Under this program, the bank will grant loans up to Rs 5 lakh at an effective interest rate of 8.5% per annum for 5 years. The bank is also proposing a three month moratorium which is included in the 60 months.
In addition, the bank reimburses expenses already incurred for medical expenses related to Covid under the scheme.
SBI Chairman Dinesh Khara said the product is offered under the category of unsecured personal loans.
“We are pleased to present the SBI Kavach personal loan program to help those affected as a result of the Covid crisis. We believe this new program will provide much needed financial assistance to people to manage treatment expenses without any problems, ”he said.
He said the lender’s goal is to provide access to monetary assistance with this strategic lending program to all who have been affected by the virus.
Khara added that the bank is committed to taking on the financial emergency of customers for the treatment of Covid and other personal expenses in order to beat the pandemic.
The Kavach personal loan will also be part of the Covid loan portfolio being created by the banks in accordance with the Covid relief measures of the Reserve Bank of India.
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