The public sector lender on its twitter handle State Bank of India @The Official SBI said today "it gives us immense pride to announce the launch of KAVACH Personal Loan by SBI. Avail at 8.50% p.a. only and take guard of your expenses towards COVID treatment".
In a 12 seconds video that has been also attached in the tweet, the bank familiarizes on the product.
It gives us immense pride to announce the launch of KAVACH Personal Loan by SBI. Avail at 8.50% p.a. only and take guard of your expenses towards COVID treatment. Know more - https://t.co/uoc6MvpNIU #InThisTogether #SBIAapkeSaath #SBI #StateBankOfIndia #KavachPersonalLoan pic.twitter.com/TwcATFeuEX— State Bank of India (@TheOfficialSBI) June 11, 2021
Features of SBI Kavach Personal Loan for Covid 19 patients
1. Lowest interest rate at 8.5% per annum
2. Further in the video clipping, the bank mentions # In This Together
• Loan amount- Maximum 5 lakhs (collateral free)
• Repayment in 60 months including 3 months moratorium period
• Covid positive report a pre-requisite to avail the loan
Launched by the bank's chairman Dinesh Khara, Kavach Personal Loan by SBI will help 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.
Also the banker said the Kavach personal loan is being provided "under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment.
The bank also made a clarification that all the expenses incurred towards the treatment of Covid 19 shall also reimbursed by the bank as per the scheme details.