SBI Kavach Personal Loan

SBI launches kavach personal loan for covid-19 patients. Under this scheme, you can get a loan up to Rs. 5 Lakhs for tenure up to 60 months at an interest rate starting from as low as 8.50% p.a. 

SBI Kavach Personal Loan scheme

Minimum Loan AmountRs. 25,000 
Maximum Loan AmountRs. 5 Lakhs
Rate of Interest8.50% p.a.
Tenure60 months (including 3 months moratorium)
Processing FeeNil
Part-prepayment & Foreclosure ChargesNil
SecurityNot required

Features of SBI Kavach Personal Loan

  • Salaried, non-salaried and pensioner customers of SBI can apply for SBI kavach personal loan scheme for Covid treatment of theirself or their family members who are found Covid Positive on or after 01.04.2021.
  • You can get a minimum of Rs. 25,000 and a maximum of Rs. 5 Lakhs loan amount as per your eligibility. The loan will be over and above your existing loans, if you have availed of any.
  • The interest rate for SBI corona kavach personal loan is 8.50% at present, which is a minimum 100 bps lower than the similar unsecured product of the Bank.
  • Reimbursement facility is also available through the branch channel.
  • It is a term loan facility.
  • The amount will be disbursed through the way of credit to the Salary/ Pension/ Current/ Savings account of the customer.
  • The repayment tenure is up to 60 months, including the moratorium period of 3 months. 
  • The loan has to be repaid in 57 EMIs, including the interest charged during the moratorium period.
  • No processing, part-prepayment and foreclosure charges are levied on SBI online kavach personal loan.
  • No security is required to avail of this loan.
  • Repayment can be done through Standing Instruction (SI) on the Salary/ Pension/ SB/ CA account of the customer.

SBI Kavach Personal Loan Interest Rates

Interest rate for SBI suraksha kavach personal loan is at least 100 bps lower than similar unsecured products offered by the bank. At present this loan comes at an attractive interest rate of 8.50% p.a.

Who can avail SBI Kavach Personal Loan?

If you are wondering how to get SBI kavach personal loan, following are the criteria that have to be met to avail of this loan:

  • The loan is available only for the existing customers of SBI, such as salaried, non-salaried, and pensioners and their family members who have been found Covid-19 positive on or after 01.04.2021.
  • The approved loan amount is credited to the salary/ pension/ current/ savings account of the customer. So, make sure you have any of these accounts.
  • To avail of this loan, you must have a COVID positive report, which should not be more than 30 days old.
  • If you have any existing loan, the new loan will be over and above that loan.
  • The loan has to be repaid in 57 EMIs, including the interest charged during the moratorium period.
  • The borrowed amount has to be repaid through Standing Instruction (SI) on the Salary/ Pension/ SB/ CA account.

SBI kavach Personal Loan Documents Required

As this loan is available only to the existing customers of the bank, you just have to submit a COVID positive report, which should not be more than 30 days old. No collateral and other documents are required as the bank would already have the documents of existing customers.

Apply procedure for SBI Kavach Personal Loan

If you want to get SBI kavach personal loan scheme apply online or offline. Following are the ways to apply for the loan: 

  • Apply online through the State Bank of India’s website.
  • Apply online and get it pre-approved through YONO mobile app.
  • Apply offline by visiting the nearest SBI branch.

SBI Kavach Personal Loan Statement

You can get your SBI Kavach personal loan statement through any of the following ways:.

  • Online: You can view as well as download your personal loan statement for SBI Kavach by logging into the bank’s net banking portal using your login credentials. 
  • Offline: You can get a physical copy of your personal loan statement either by visiting the nearby SBI branch or by calling the bank’s customer care. 

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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SBI Kavach Personal Loan FAQs

How to check SBI Kavach Personal Loan Application Status?

After you know how to avail SBI Kavach personal loan and have applied for the loan, you can check the status of your application by using your application reference number and following the below-mentioned steps:

  • Visit the SBI’s personal loan application status check page.
  • Enter your loan application reference number and registered mobile number. 
  • Click on the ‘track’ button.

How to get SBI kavach personal loan?

If you want SBI kavach personal loan apply online through YONO mobile app or SBI’s website. You can also visit the nearest SBI branch to apply for the loan offline.

How to avail SBI kavach personal loan?

If you are wondering how to apply sbi kavach personal loan scheme, you can apply through any of the following ways:

  • Website of SBI.
  • YONO mobile app.
  • Visiting the nearest SBI branch.

Is moratorium available on the SBI Kavach personal loan?

Yes, the SBI Kavach personal loan comes with a moratorium period of 3 months, making it easier to repay the loan. Also, you can use SBI kavach personal loan calculator to check the total EMI outgo for the proposed loan before applying for the loan. 

How much loan amount can we get under SBI Kavach Scheme?

You can get a loan amount of Rs. 25,000 to Rs. 5 Lakhs, depending on your eligibility.

How can I calculate the EMI for SBI Kavach personal loan?

You can use the SBI Kavach Personal Loan EMI Calculator available on SBI’s website or our EMI Calculator to calculate the loan EMI.

What is the last date to apply for SBI kavach personal loan?

As of now, there is no SBI Kavach personal loan last date to apply for the loan.