State Bank of India has launched a loan scheme called SBI Kavach for immediate financial assistance to the people affected by Corona. Under this scheme, the bank will give a personal loan of up to Rs 5 lakh without mortgage.
SBI Kavach Personal Loan Scheme
State Bank of India DGM ‘Sanjeev Kumar‘ said that under SBI Kavach Personal Loan Scheme, needy customers will be provided personal loan up to Rs 5 lakh at only 8.50% annual interest rate without any mortgage.
The loan repayment period in this scheme is 60 months and monthly installments will have to be paid after three months. Also, no charges will be levied on premature loan repayment.
He said that under this scheme, for loan applications by June 30, any corona positive report after April 1 will have to be submitted, while applying after July 1, 2021, only 15 days earlier will be valid for Covid positive reports.
Some other documents including KYC will have to be submitted
- For this loan, customers will have to submit very minimum documents including KYC documents as per the rules of the bank.
- Apart from this, customers will have to comply with some other conditions, for which customers will have to come to the nearest bank branch.
State Bank of India DGM ‘Sanjeev Kumar‘ said that this loan is available to the customers receiving salary/pension in the bank and also to other customers having savings/current accounts in SBI branches. Provided that his account has been in operation for at least six months. The age of the account holder should be 25 to 65 years and the total deposit in the account for the last six months should be near Rs 15000 per month.