The State Bank of India (SBI) has launched a collateral-free loan called the ‘Kavach Personal Loan’ scheme for COVID-19 patients.
As per the scheme, the state-run lender is offering collateral-free personal loans up to Rs 5 lakh at an annual interest rate of 8.5 percent.
The collateral-free personal loans are aimed at enabling customers to meet medical expenses of self and family members for COVID-19 treatment, the SBI said.
The scheme, launched by SBI Chairman Dinesh Khara, will allow customers 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”, said a statement issued by the bank.
Loans under the kavach scheme are being offered “under the collateral-free personal loan category and come at the cheapest rate of interest under this segment”, SBI said.
Dinesh Khara, Chairman, SBI said, “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.”
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