State Bank of India has issued a scheme named Kavach Personal Loan keeping in view the financial constraints faced by the general public during the Covidepidemic. In which interest rates have been kept low. This loan will be up to five lakh rupees.
State Bank of India has launched a collateral-free loan scheme, which has been named as Kavach Personal Loan, in view of the shortage of money coming in front of the general public for treatment during the Covid epidemic. In this, a loan of up to Rs 5 lakh will be given to the customer. In this the loan costs have additionally been kept low. SBI Chairman Dinesh Khari said that “SBI is very happy to launch this scheme as it will enable common Indian to get Covid treatment for himself and his family by taking convenience”.
Numerous kinds of offices have been kept by the bank.
The bank has ensured that no asset deposit is required to avail Kavach Personal Loan. Under the scheme, a loan of Rs 5 lakh will be given for a period of five years. In this, a loan of at least 25 thousand can be taken, whose interest rate will be 8.5%. Apart from the low interest rate and flexible tenor, there will also be a provision of loan moratorium time of three months after taking the loan. The bank says that this facility is very good as this personal loan has been kept in the collateral-free category with a very low interest rate.
Who will be eligible, how to apply
Salary or non-salaried and pensioners will be eligible to take advantage of this scheme. An application can be made on SBI’s online portal to take Kavach Personal Loan. The bank says that its only goal is to help the people suffering from the epidemic in their financial troubles.
cost of covid treatment came as a burden
This infection can happen to anybody, incorporating individuals with low pay gatherings. In such a circumstance, it was getting hard to orchestrate cash before him. SBI has arranged this plan following the Covid advance book of Reserve Bank of India. Banks have made three sets to plan three sorts of Covid books under the RBI Liquidity Loan Book Scheme. In which medical care business credit for setting up oxygen plant, advance for medical care offices and unstable individual advance for Coronavirus therapy. The loan cost on setting up an oxygen plant has been kept at 7.5%.
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