SBI Kavach personal loan program: check loan term, interest rate, how to apply online

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New Delhi

oi-Deepika S

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Posted: Saturday Jun 12, 2021 06:19 PM [IST]

Google One News India

New Delhi, June 12: With the aim of helping thousands of people affected by the second wave of the coronavirus pandemic, The State Bank of India has introduced an unsecured loan called “Kavach Personal Loan” for its customers to take care of your expenses related to COVID treatment. “

Representation image

The SBI Kavach personal loan will help clients “get loans up to Rs 5 lakh at an effective interest rate of 8.5% per annum for 60 months, which includes a three month moratorium.”

The loan is granted “in the category of unsecured personal loans and at the cheapest interest rate in this segment. In addition, all expenses incurred for the treatment of Covid 19 will also be reimbursed by the bank according to the details of the program. .

Features of the SBI Kavach personal loan

Objective of the SBI Kavach personal loan

For the Covid treatment of oneself or of a family member who are found positive for Covid on 01.04.2021 or after

SBI Kavach personal loan channel:

Branch channel
Digital channel (pre-approved via YONO)
Target group: Bank customers such as employees, non-employees and retirees
Loan facility: Term loan
Disbursement: Credit to the client’s Salary / Pension / SB account
CIC (CIBIL CV Score): In accordance with the Bank’s internal policy
Processing fee: NIL
Security: NIL
Prepayment penalty: NIL
Seizure fees: NIL

SBI Kavach personal loan amount

Minimum: Rs. 25,000 & Maximum: Rs. 5 Lakhs depending on eligibility
Easy repayment also available through the branch channel
The loan will be in addition to existing loans, if applicable

Duration of the SBI Kavach personal loan

60 months (including 3 months of moratorium)
Loan to repay in 57 IME including interest charged during moratorium

SBI Kavach personal loan interest rate (fixed)

8.50% currently (minimum 100 basis points lower than the similar unsecured product of the Bank)

SBI Kavach personal loan repayment method

Permanent instruction (SI) on the Salary / Pension / SB / CA account

SBI Kavach Personal Loan: How to apply online

The Kavach Personal Loan is available at SBI branches as well as via the Digital channel (Pre-approved via YONO). One can benefit from pre-approved personal loans instantly at their convenience on a 24 × 7 basis through the YONO application with just a few clicks.

Article first published: Saturday, June 12, 2021, 6:19 p.m. [IST]


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