This unique product is being offered under the collateral free personal loan category and is available at the lowest interest rate in this category. Reimbursement of expenses already incurred for medical expenses related to COVID will also be provided under this scheme.
State Bank of India (SBI) has provided significant relief to its customers facing financial stress due to Covid19 treatment related expenses. The bank has launched a unique collateral free loan scheme ‘Kavach Personal Loan’. Under this personal loan will be provided to the customers. The loan covers the cost of COVID treatment of the customer himself and family members.
SBI Chairman Dinesh Khara launched this product. Under this scheme, customers can avail a personal loan of up to Rs 5 lakh for 60 months at an effective interest rate of 8.5 per cent per annum. It also includes a moratorium period of three months. This unique product is being offered under the collateral free personal loan category and is available at the lowest interest rate in this category. Reimbursement of expenses already incurred for medical expenses related to COVID will also be provided under this scheme.
What is the purpose of
deactivating it in this way, SBI Chairman Dinesh Khara said, “We are confident that this new scheme will provide people with no hassle for covid treatment related expenses. To provide necessary financial assistance. With this Strategic Loan Scheme, we aim to provide access to monetary support, especially in this difficult situation, to all those who have been unfortunately affected by COVID. At SBI, it is our constant endeavor to work towards creating financial solutions tailored to the needs of the customers.
