SBI Kavach Personal Loan: Eligibility, Interest Rate & Apply Now

SBI has launched Kavach Personal Loan for COVID patients and under this scheme you can get loan up to Rs.5 lakh. This loan is available for tenure of up to 60 months at an interest rate starting from 8.50% p.a.

SBI Kavach Personal Loan Schemes

Minimum loan amount Rs 25,000
Maximum loan amount 5 lakh rupees
Rate of interest 8.50% p.a.
Tenure 60 months
Processing fee Zero
Part-prepayment and foreclosure charges Zero
Guarantor no guarantor needed

Key Features of SBI Kavach Personal Loan

  • Salaried, non-salaried and pensioner customers of SBI can apply for SBI Kavach Personal Loan Scheme for the treatment of COVID for his or her family members, who are found to be Covid positive on or after 01.04.2022 Huh.
  • You can take a personal loan as low as Rs 25,000 and up to a maximum of Rs 5 lakh as per your eligibility.
  • SBI Corona Kavach Personal Loan interest rate currently stands at 8.50%, which is a minimum of 100 bps lower than the bank’s unsecured product.
  • You can also pay the loan by visiting your bank branch.
  • It is like a term loan.
  • The amount will be disbursed through credit to the salary/pension/current or savings account of the customer.
  • The repayment period is up to 60 months, including the moratorium period of 3 months.
  • The loan has to be repaid in 57 EMIs, which includes the interest charged during the moratorium period.
  • No processing, part-prepayment and foreclosure charges are levied on SBI Online Kavach Personal Loan.
  • No guarantor is required to avail this loan.
  • Payment can be made through Standing Instruction (SI) on the Salary/Pension/SB/CA Account of the subscriber.

What is the interest rate of SBI Kavach Personal Loan?

The SBI Kavach Personal Loan interest rate is at least 100 bps lower than the unsecured products offered by the bank. Presently this loan is available 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, then the following criteria have to be fulfilled to avail this loan:-

  • This loan is available only to existing SBI customers such as salaried, non-salaried, and pensioners and their family members who have tested COVID-19 positive on or after 01.04.2022.
  • The sanctioned loan amount is credited to the customer’s salary, pension, current or savings account. So make sure you have one of these accounts.
  • To avail this loan, you must have a COVID positive report, which should not be more than 30 days old.
  • If you have an existing loan, the new loan will be in addition to that loan.
  • The loan has to be repaid in 57 EMIs, which includes the interest charged during the moratorium period.
  • The loan amount has to be repaid through Standing Instruction (SI) on Salary/Pension/SB/CA Account.

What are the documents required for SBI Kavach Personal Loan?

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

How to start the process for availing SBI Kavach Personal Loan

If you want to get SBI Kavach Personal Loan Scheme then you can apply online or offline. Following are the ways to apply for the loan:-

  • You can apply online through the website of State Bank of India.
  • By applying online and getting it pre-approved through YONO mobile app. Click here for YONO Mobile App .
  • Offline application can also be done by visiting the nearest branch of SBI.

How to get SBI Kavach Personal Loan Statement

You can get your SBI Kavach personal loan details in any of the following ways:

Online Mode : You can view and also download your personal loan details for SBI Kavach by logging into the bank’s net banking portal using your login credentials.

Offline Mode: You can get a physical copy of your personal loan details. This can also be done by visiting the nearest SBI branch or by calling the customer care of the bank.

SBI Kavach Personal Loan FAQs and Answers ( FAQs )

Question: How to check SBI Kavach personal loan application status?

Answer: When you have applied for SBI Kavach Personal Loan, you can check the status of your application by using your application reference number and following the steps given below:

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

Question: How to avail SBI Kavach Personal Loan?

Answer: If you want SBI Kavach Personal Loan then apply online through YONO mobile app or SBI website. You can also visit the nearest SBI branch to apply for the loan offline.

Question: How to get SBI Kavach Personal Loan?

Answer: If you are looking for SBI Kavach Personal Loan, you can apply in any of the following ways:

  • You can apply from the SBI website.
  • You can also apply through YONO mobile app.
  • You can also apply by visiting the nearest SBI branch.

Question: Is moratorium available on SBI Kavach personal loan?

Answer: Yes, SBI Kavach Personal Loan comes with a moratorium of 3 months, which makes the loan repayment easier. Moreover, you can also use the SBI Kavach personal loan calculator to check the total EMI for the proposed loan before applying for the loan.

Question: How much loan amount can we get under SBI Kavach scheme?

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

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

Ans: You can also use the SBI Kavach Personal Loan EMI calculator or our EMI calculator available on the SBI website to calculate the loan EMI.

Question: What is the last date to apply for SBI Kavach Personal Loan?

Answer: The last date to apply for SBI Kavach Personal Loan is not fixed.

Complete details of SBI Kavach personal loan have been told in this post. What is the interest rate of SBI Kavach personal loan? What are the documents required for SBI Kavach personal loan? What is the eligibility for SBI Kavach personal loan? How to apply for SBI Kavach personal loan? What is the customer number of SBI Kavach personal loan? Everything is explained in detail.

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