Reimbursement of expenses already incurred for COVID-19 related medical expenses shall also be provided under the scheme, SBI said.
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The State Bank of India (SBI) on June 11 launched 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 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.
Also Read | PSU banks offering personal loans up to Rs 5 lakh; check interest rates and other details
Loans under the kavach scheme are being offered "under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment", SBI said.
Reimbursement of expenses already incurred for COVID-19 related medical expenses shall also be provided under the scheme, the bank clarified.
"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," Khara said.
This loan product will also be part of the COVID-19 loan book being created by banks as per RBI's COVID relief measures, the statement issued by SBI further added.SBI launches kavach personal loan for Covid patients. Check interest rate and other details - Moneycontrol
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