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Home / Industry / Banking /  SBI launches special loan scheme for covid patients

State Bank of India (SBI) today has launched a collateral-free unique loan offering – ‘Kavach Personal Loan’. The loan covers expenses of COVID treatment of self and family members of the customer.

Benefits of Kavach Personal Loan by SBI:

Under this scheme, customers can avail loans up to 5 lakh at an effective interest rate of 8.5% per annum for 60 months which is inclusive of three months moratorium. The 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.

Dinesh Khara, Chairman, SBI said, “We are happy to introduce SBI Kavach Personal Loan scheme to help people affected in the wake of COVID-19 crisis. We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses without any hassle. 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 endeavor at SBI to work towards creating financial solutions for customers suiting their requirements"

"SBI is committed towards taking care of customers’ financial emergency for covid treatment and other personal expenses in order to effectively overcome the Covid battle," the lender said.

This loan product will also be part of the COVID loan book being created by banks as per RBI's COVID relief measures, SBI said.

Canara Bank also launched corona specific schemes

Earlier, the state-run Canara Bank unveiled three loan programmes , including healthcare credit, business loans, and personal loans to individuals.

Registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology labs, and any other units engaged in servicing healthcare infrastructure would be eligible for loansranging from over 10 lakh to 50 crore through the Canara Chikitsa healthcare credit facility. Canara Bank claimed in advertising that the loan, which would be issued at a low interest rate, will have a tenor of 10 years and a moratorium of up to 18 months.

The Canara Jeevanrekha healthcare business loan will provide a loan of up to 2 crore with a low-interest rate for the manufacture and supply of healthcare products such as medical oxygen, oxygen cylinders, and oxygen concentrators to registered hospitals and nursing homes, as well as other manufacturers and suppliers.

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