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New SBI Personal Loan: Under this scheme, an individual can take loans as low as Rs 25,000 up to Rs 5 lakh for Covid-19 treatment
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To ease financial hardship during the second wave of the coronavirus pandemic, the State Bank of India (SBI) recently unveiled a new personal loan scheme – Kavach Personal Loan. Under this scheme, an individual can take out loans as low as Rs 25,000 up to Rs 5 lakh to “meet the costs of COVID-19 treatment of himself and family members,” the lender said. The loan will be unsecured.
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“With this strategic loan programme, we aim to provide access to financial support, especially in this difficult situation for all those sadly affected by COVID. Our ongoing commitment at SBI is to work towards creating financial solutions for clients that meet their needs,” said Dinesh Khara, president of SBI.
India’s largest lender offers collateral loans at the lowest interest rates for coronavirus treatments. The loan amount will range from Rs 25, 000 to Rs 5 lakh depending on your eligibility.
The loan under the Kavach personal loan will have an interest rate of 8.5% per annum. There will be no processing fee for available loans. The bank also waived foreclosure fees and the prepayment penalty for customers.
In addition to the lowest interest rate in the market, SBI Kavach Personal Loan will offer a flexible 5 year tenure. The borrower will also have a three-month loan moratorium. “This unique product is offered in the unsecured personal loan category and is provided at the lowest interest rate in this segment,” the bank said.
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This scheme is aimed at both employed and non-employee clients together with retirees and their families. Those who test positive for Covid-19 as of April 1, 2021 can apply for the SBI Kavach personal loan.
Documents required to avail the loan: The Covid-19 test report of customers applying for a loan is essential. The individual does not have to submit any collateral to avail this personal loan from the bank, says SBI.
Customers can visit the nearest SBI branch to check eligibility and loan amount. SBI users can also order it through the YONO mobile banking application.
Clients can also apply for this loan to cover their previous medical expenses. “Expenses already incurred for medical expenses related to COVID-19 must also be reimbursed under the scheme,” SBI said in a statement.
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This loan product will be part of the COVID loan portfolio created by the banks as a result of the Reserve Bank of India (RBI) COVID relief measures. “In these challenging times, SBI is committed to taking care of customers’ financial crisis for covid treatment and other personal expenses in order to effectively overcome the fight against COVID,” said SBI.
Anulekha Ray, Senior Sub Editor, leads the vertical business of . She has been paying for her personal finances for four years…. Read MoreHere’s How You Can Get A Pre-Approved Loan On SBI’s YONO App 1 min read. Updated: December 9, 2021, 1:49 pm IST Premium
State Bank of India offers pre-approved personal loans on its SBI YONO mobile application. The facility promises 24-hour service and instant loan approval. As the process is completely digital, a loan applicant does not need to provide any physical documents and does not need to visit a bank branch.
As part of the holiday offerings, SBI has waived processing fees on pre-approved personal loans through January 31, 2022.
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Verify your eligibility by sending an SMS to 567676 in the format “PAPL Last 4 digits of SBI Savings Bank current account number>”
Last month, SBI had launched the pre-approved two-wheeler loan “SBI Easy Ride” on YONO. This loan can also be availed through an end-to-end paperless process via the YONO app without having to visit the bank branch.
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Sbi Personal Loan Is Just A Missed Call Or An Sms Away
You are now subscribed to our newsletters. In case you cannot find any email from us, please check your spam folder. From time to time, a large number of Indians take out personal loans. A number of banks in India provide personal loans to eligible individuals. The State Bank of India is one of them. It is one of the largest banks under the control of the Government of India. It allows them to cover all emergency expenses without asking friends, relatives, neighbors or anyone else for financial help. In today’s article, we will look at SBI personal loans and consider their benefits for people.
SBI personal loans are a boon for anyone looking for instant cash injections to meet unavoidable expenses. Depending on your eligibility and requirements, you can get funds starting from Rs. 50,000 to Rs. 500,000 to comfortably meet a variety of needs. Interest rates on SBI personal loans start at 9.60% and go up to 15.65%, with a 1.00% processing fee. However, remember that the actual loan amount depends on your credit score, income, employment history, ability to repay the borrowed money, etc. Therefore, it is best to consult a financial expert, discuss your needs in detail, seek advice, and apply for SBI personal loans.
In the modern world, people value every minute. They want everything at once due to their increased household activity, busy work schedules, and other workloads. The lenders adjust accordingly to the wishes and needs of the borrowers. A simple sign-up process, hassle-free and simple paperwork, and instant verification process allow you to quickly apply for an SBI personal loan online.
It is one of the main reasons why people are crazy about SBI personal loans. Depending on your needs, SBI offers you the possibility to get personalized SBI personal loans that meet your needs in the best possible way.
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The SBI kavach personal loan is ideal for people who need extra money for Covid treatment. It is a no collateral cash deal that helps you climb up to Rs. 5 lakh for 60 months at a moderate interest rate of 8.5%
It is a perfect loan for people living in retirement. With its help, they can comfortably meet a wide variety of needs. Applicant must be under the age of 76 and must maintain a pension payment order with SBI.
If you maintain a bank account with SBI, have a good payment history and need quick cash, apply for this loan. Help get out of financial crises.
It is an ideal loan for people who do not have a bank account with SBI. However, you must have stable employment with a particular company or organization for at least one year to get this loan. Also, your age should be between 21 and 58 years old.
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Dependent employees who have a bank account with SBI can apply for this loan and get 20 lakh. Your monthly income should be at least Rs. 15,000 to be eligible for the loan.
Many people want to repay the loan before the repayment deadline arrives. SBI allows you to prepay borrowed money with nominal prepayment fees. It will allow you to quickly cancel the proposed loan and use the available cash for more important work.
The simple repayment options allow you to repay the borrowed money conveniently and feel relaxed. You have the following options for repaying a pre-approved SBI personal loan:
Employed people must meet the following terms and conditions to be eligible for the SBI online personal loan:
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These are essential documents that SBI officials require when you apply for SBI personal loans online. During the verification process and background check, officers may request additional documents if needed. Therefore, you need to organize other documents before applying for the loan. Consulting Buddy Loan can help you prepare well for loan application, complete various formalities, acquire approved funds, repayment and applicable interest. Plus, expert advice makes it easier to get more information about different SBI loan products and choose the one that best suits your needs.
Many people ask this question if they are eligible for SBI personal loans. To check your eligibility, follow these steps:
SBI is one of the most prestigious and popular banks in India. Therefore, he receives many requests for personal loans. That is why it is necessary to follow the procedure for applying for an SBI personal loan, present the correct information and the required documents and wait for the Bank’s decision. If you have sufficient knowledge of banking procedures, loans and formalities, you can apply for the loan yourself. But, if not, it would be better to ask Buddy Loan for help. Their experts will enrich your personal loan knowledge and help you get much needed money conveniently.
You can apply for the loan online or visit the nearest SBI branch for the same. The online application process has some obvious advantages such as saving time
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