TIL Desk/Business/Mumbai/ The biggest public sector bank in country, State Bank of India (SBI) has launched a unique loan offering called ‘Kavach Personal Loan’ for Covid patients. The special loan covers expenses of Covid treatment of the customer and his/her family members. Under this scheme, customers can avail loans up to Rs 5 lakh at an effective interest rate of 8.5 per cent per annum for 60 months which is inclusive of three months moratorium, said an SBI statement.
This unique product is being offered under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Reimbursement of expenses already incurred for Covid-related medical expenses shall also be provided under the scheme, it said.
SBI Chairman Dinesh Khara said: “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. It’s our constant endeavour at SBI to work towards creating financial solutions for customers suiting their requirements.”
