State Bank of India (SBI) has launched a collateral-free “Kavach Personal Loan” to enable its customers to meet medical expenses of self and family members for Covid treatment. Under this scheme, customers can avail of loans up to ₹5 lakhs at an effective interest rate of 8.5 per cent per annum for 60 months, which is inclusive of three months moratorium.
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This loan product will also be part of the Covid loan book being created by banks as per the Reserve Bank of India’s Covid relief measures. The loan will also cover reimbursement of Covid related medical expenses already incurred.
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