SBI Kavach Personal Loan

• Salaried, non-salaried and pensioner customers of SBI can apply for SBI kavach personal loan scheme for Covid treatment of theirself or their family members who are found Covid Positive on or after 01.04.2021.
• You can get a minimum of Rs. 25,000 and a maximum of Rs. 5 Lakhs loan amount as per your eligibility. The loan will be over and above your existing loans, if you have availed of any.
• The interest rate for SBI corona kavach personal loan is 8.50% at present, which is a minimum 100 bps lower than the similar unsecured product of the Bank.
• Reimbursement facility is also available through the branch channel.
• It is a term loan facility.
• The amount will be disbursed through the way of credit to the Salary/ Pension/ Current/ Savings account of the customer.
• The repayment tenure is up to 60 months, including the moratorium period of 3 months. 
• The loan has to be repaid in 57 EMIs, including the interest charged during the moratorium period.
• No processing, part-prepayment and foreclosure charges are levied on SBI online kavach personal loan.
• No security is required to avail of this loan.
• Repayment can be done through Standing Instruction (SI) on the Salary/ Pension/ SB/ CA account of the customer.

Also Check: SBI personal loan cibil score

Interest rate for SBI suraksha kavach personal loan is at least 100 bps lower than similar unsecured products offered by the bank. At present this loan comes at an attractive interest rate of 8.50% p.a.

Who can avail SBI Kavach Personal Loan?

If you are wondering how to get SBI kavach personal loan, following are the criteria that have to be met to avail of this loan:

• The loan is available only for the existing customers of SBI, such as salaried, non-salaried, and pensioners and their family members who have been found Covid-19 positive on or after 01.04.2021.
• The approved loan amount is credited to the salary/ pension/ current/ savings account of the customer. So, make sure you have any of these accounts.
• To avail of this loan, you must have a COVID positive report, which should not be more than 30 days old.
• If you have any existing loan, the new loan will be over and above that loan.
• The loan has to be repaid in 57 EMIs, including the interest charged during the moratorium period.
• The borrowed amount has to be repaid through Standing Instruction (SI) on the Salary/ Pension/ SB/ CA account.

You can also apply for SBI Debit Card know types of SBI Debit Card & their Eligibility.

As this loan is available only to the existing customers of the bank, you just have to submit a COVID positive report, which should not be more than 30 days old. No collateral and other documents are required as the bank would already have the documents of existing customers.

Apply procedure for SBI Kavach Personal Loan

If you want to get SBI kavach personal loan scheme apply online or offline. Following are the ways to apply for the loan: 

• Apply online through the State Bank of India’s website.
• Apply online and get it pre-approved through YONO mobile app.
• Apply offline by visiting the nearest SBI branch.

SBI Kavach Personal Loan Statement

You can get your SBI Kavach personal loan statement through any of the following ways:.

• Online: You can view as well as download your personal loan statement for SBI Kavach by logging into the bank’s net banking portal using your login credentials. 
• Offline: You can get a physical copy of your personal loan statement either by visiting the nearby SBI branch or by calling the bank’s customer care. 

Also Check: SBI Free Cibil Score