SBI customers ALERT! Kavach Personal Loan scheme LAUNCHED! Collateral-free! Check amount, interest rates, tenure and more

State bank of India (SBI) has launched a collateral-free unique loan offering called ‘Kavach Personal Loan’ on Friday. This scheme has been launched to provide much-needed relief to the customers of the bank who are facing financial stress on account of Covid treatment-related expenses.

The Kavach Personal Loan will cover expenses of Covid treatment of self and family members of the customers. Customers will be able to avail loans up to Rs 5 lakh at an effective interest rate of 8.5 percent per annum for 60 months which is inclusive of three months moratorium under the scheme.

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Customers can note that reimbursement of expenses already incurred for Covid related medical expenses shall also be provided under the scheme.

Dinesh Khara, Chairman, SBI said, “We are happy to introduce SBI Kavach Personal Loan scheme to help people affected in the wake of Covid -19 crisis. We believe this new scheme will offer much-needed financial assistance to the people to manage the Covid treatment-related expenses without any hassle."

"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,” he added.