New Delhi: State Bank of India (SBI) has launched a collateral-free loan personal loan to let borrowers cover the expenses related to COVID-19 treatment of self or family memebers.
In a press statement, SBI said that the “Kavach Personal Loan covers expenses of COVID treatment of self and family members of the customer.”
The state-owned bank is offering a personal loan worth up to Rs 5 lakh at an impressive interest rate of just 8.5% per annum for 60 months. The best part about the loan is that the bank is offering a three months moratorium on EMI repayments.
“This unique product is being offered under the collateral-free personal loan category. Reimbursement of expenses already incurred for COVID related medical expenses shall also be provided under the scheme,” SBI’s press release noted.
Chairman of SBI Dinesh Khara noted that the scheme will help many customers who are facing troubles in paying hospital and other expenses related to COVID-19. Also Read: THIS bank outperforms ICICI, HDFC, AXIS, SBI to emerge as best bank in India, complete list here
“We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses without any hassle. 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.” Also Read: Alert! SBI, PNB issue THIS important warning for customers