New Delhi: State Bank of India has started the scheme of giving loans to those account holders who need money for the treatment of Covid-19. Under the SBI Kavach Personal Loan Scheme, loans are being given to the account holders or their family members for the treatment of corona. If the account holder or any member of his family is found to be corono positive on or after April 1, 2021, then he can take a loan under this scheme for treatment. The earlier expenses for treatment are also covered under the loan. This loan can be available to all account holders including salaried, non-salaried or non-pensioner.
For the treatment of corona, the interest rate of this personal loan has been kept at 8.5 percent at present. Under this, a loan of up to Rs 5 lakh can be availed. The loan tenure is up to five years. It also includes a moratorium period of three months. This loan given for 60 months includes EMI waiver of three months. That is, the customer will have to pay EMI for only 57 months. Under this scheme, a minimum loan of 25 thousand and a maximum of five lakh rupees can be taken. There will be no processing fee, security deposit and pre-payment penalty for this. There will be no foreclosure charge for the loan
One can apply for the loan on the YONO app along with any SBI branch. You can apply for a pre-approved personal loan on the YONO app. If you take it from SBI for the cost of treatment of corona, then try to pay it as soon as possible. Do not keep the loan for a full five-year period. This will increase the interest burden on you.