Last Updated on June 11, 2021 by Dhruv Brahmbhatt
SBI, the country’s largest public sector bank, today launched a ‘kavach personal loan’ to help people financially in the Corona epidemic. Only Corona patients can take advantage of this to treat themselves and their families. These personal loans can be up to Rs 5 lakh and the interest rate will be only 8.5%.
Shield Personal Loan has been launched by SBI President Dinesh Khara. The loan will be from Rs 25,000 to Rs 5 lakh and the term of the loan can be up to 5 years. The interest rate will be only 8.5 percent. It also includes a three-month term. The bank will not take any action against you for not depositing EMI during the term.
The loan will be collateral free
The loan will be collateral free. This means that the bank will not ask for any loan instead of this loan, this is the cheapest product in the category of personal loan. The bank said the scheme would also cover the treatment of corona if you spend a fortune and reverse it. On the matter, Dinesh Khara said that people are being affected by Corona. This loan has been started for their financial help.
The loan will be available to both celery holders and non-celery riders
The loan will be available privately to both Salaried and Non-Salaried. Banking expert Ashwini Rana said applications for such loans are made offline. This feature is not currently available online. But if one wants to take this loan, one has to go to the bank branch and get in touch.
The decision was taken at a meeting held on May 30
Let me tell you that on May 30, an important meeting was held between SBI Chief Diner Khara and Indian Banks Association President Raj Kiran Rai. The meeting decided on the Covid Special Loan. At the same time, the SBI president said that the SBI would disburse the loan at 8.5 per cent.
Will have to take at least 25 thousand
Currently, the decision on how much interest the other bank will charge on this loan will be theirs. However, covid personal loans have already been approved by the boards of public sector banks. The minimum loan amount will be Rs 25,000 and the maximum amount will be Rs 5 lakh. SBI is the first bank to announce this loan scheme.