Under the Kavach Personal Loan Scheme, corona patients can take a loan of up to Rs 5 lakh.
In this scheme, Kovid patients can take a loan ranging from Rs 25 thousand to Rs 5 lakh. This loan can be taken for a tenure of up to 5 years and will attract only 8.5% per annum interest.
New Delhi. The second wave of Corona has once again increased the difficulties of the people. After a member of the house has corona, the biggest problem comes in the cost of treatment. At the same time, the economy of the house also deteriorates. Keeping this in mind, the country’s largest public sector bank State Bank of India (SBI) has started a Collateral Free Loan scheme for patients suffering from corona virus. SBI has named this facility started for the financial help of people suffering from Kovid, Kavach Personal Loan.
What is collateral free loan
Kavach Personal Loan is completely collateral free. That is, in lieu of this loan, the bank will not ask you to mortgage anything. Only corona patients can take advantage of this loan for the treatment of themselves and their families. Under the Kavach Personal Loan Scheme of State Bank of India, corona patients can take a loan of up to Rs 5 lakh.
Loan will be available for five yearsWhile launching the Kavach Personal Loan, SBI Chairman Dinesh Khara said that in this scheme, Kovid Patient Loans can take loans ranging from Rs 25 thousand to Rs 5 lakh. This loan can be taken for a tenure of up to 5 years and will attract only 8.5% per annum interest.
3 months moratorium also included
It also includes a 3-month moratorium. Dinesh Khara said that SBI will not take any action against the borrowers for not depositing the EMI during the moratorium period. He said that this Kavach personal loan of SBI is being given under the Kovid Relief Measures of RBI, in which banks are creating Kovid loan book.