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On June 11, 2021 State Bank of India (SBI) has newly launched a scheme named ‘SBI Kavach Personal Loan Scheme’ for its customers. Under this scheme loans will be provided to the customers affected by covid for assisting them in times of financial emergency with respect to treatment expenses and other personal expenses during the tough phase. These loans will be collateral free. Loans will be provided to the customers for treatment of self or the family member who are covid positive on or after April 1, 2021. Loan amount made available to the customers under this scheme is Rs. 25,000-5,00,000/-. It aims at being at the support of the customers in these tough times.
Scheme Overview:
| Scheme: | SBI Kavach Personal Loan Scheme |
| Scheme by: | State Bank of India |
| Announced by: | Chairman SBI, Dinesh Khara |
| Announcement Date: | June 11, 2021 |
| Beneficiaries: | Customers of SBI (Salaried, Non-Salaried and Pensioners) |
| Benefit: | Collateral free loan amounting from Rs. 25,000-5,00,000 as per eligibility for treatment of self or family member who are covid positive on or after April 1, 2021 |
| Loan Tenure: | 60 months |
| Rate of Interest: | 8.5% |
| Major Objective: | To provide assistance to the customers in case of financial emergency in these tough times of the pandemic |
Scheme Objectives and Benefits:
- The main objective of the scheme is to provide assistance to the customers of the bank in these tough times
- Loans will be provided for covid treatment of self or family member of the customers found positive on or after April 1, 2021
- Under this scheme, loans amounting Rs. 25,000 to Rs. 5,00,000 will be provided to the customers
- These loans will be collateral free and will be provided over and above the existing loans (if any)
- No processing fee, pre-payment penalty and foreclosure charges will be levied under this scheme
- Reimbursement/ repayment will also be available through branch channels
It aims at helping the customer sin these difficult times of the pandemic - It will help in building customer trust and loyalty in the long term
Key Points:
- State bank of India has newly launched a scheme named SBI Kavach Personal Loan scheme for its customers in the view of Covid-19 pandemic on June 11, 2021
- The announcement of the scheme is made by SBI Chairman, Dinesh Khara
- This scheme is launched for the customers affected due to the covid pandemic
- It is a part of the covid loan book prepared by banks as per RBIs guidelines on covid relief measures
- Under the scheme, loans will be offered to the customers affected by covid for treatment of self or for family members found positive on or after April 1, 2021.
- All the customers of SBI including Salaried, Non-Salaried and Pensioners will be covered under this scheme
- Loan amount of Rs. 25,000 to Rs. 5,00,000 will be provided based on eligibility
- Loans will be provided for 60 months including 3 months of moratorium
- Loan amount can be used for treatment expense or personal expenses during these tough times
- These loans are collateral free and without any processing fee or prepayment penalty or foreclosure charges
- These loans will be provided over and above the existing loans taken by the customers (if any
- Loans are to be repaid in 57 easy monthly installments at the rate of 8.5% at present
- This scheme is launched by the bank for assisting the customers in these tough times of the pandemic
