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The loans under Kavach Personal Loan will be collateral-free. (Photo: Commons)

Loan in need is loan indeed! What SBI offers in COVID time

To help customers who are facing financial stress on account of treatment expenses related to the novel coronavirus, the State Bank of India (SBI) has launched a collateral-free personal loan scheme to help COVID patients. SBI’s Kavach Personal Loan covers expenses of COVID treatment of self and family members of the customer. It also covers reimbursement of COVID-related medical expenses already incurred.

Individuals including salaried, non-salaried and pensioners will eligible for SBI Kavach Personal Loan scheme. The loan is available at the SBI branches, the borrowers can also apply through SBI online banking portal (Pre-approved through YONO).

Introducing KAVACH Personal Loan by SBI. As the nation battles this dreadful virus, we are providing financial aid to you and your family members for Covid treatment, the lender said in a tweet.

SBI Kavach Personal Loan

The loans under Kavach Personal Loan will be collateral-free. The borrowers do not need to pledge any asset as security while applying for the loans under the SBI Kavach Personal Loan plan. Under this scheme, customers will get an option to avail of loans of up to Rs 5 lakh for a period of 5 years. The minimum amount for loans has been fixed at Rs 25,000. The interest will be 8.5% per annum. Apart from the low-interest rate and flexible tenure, the borrower will also get three months of loan moratorium. For the 60-month loan, the amount has to be repaid in 57 EMIs, including interest charged during Moratorium.

India Covid-19 tally

Meanwhile, India recorded a single-day rise of 70,421 new COVID-19 cases, the lowest in 74 days. With this the overall tally now stands at 2,95,10,410, while the count of active cases fell below 10 lakh after over two months, according to the Union Health Ministry data updated on Monday.

The COVID-19 death toll in the country climbed to 3,74,305 with 3,921 fatalities recorded in a span of 24 hours, the data updated at 8 am showed. The count of active cases has further declined to 9,73,158.

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