State Bank of India has launched the SBI KAVACH Personal Loan Scheme to offer immediate financial assistance to meet expenses relating to Covid treatment of self or family member(s) who have tested positive on or after 1 April, 2021. Existing customers of the bank can avail a loan amount ranging up to Rs. 5 lakh and can repay the loan in easy EMIs within a maximum period of 60 months. Read on to know about several key details relating to SBI Kavach Personal Loan scheme:
Features of SBI Kavach Personal Loan
- Loan Amount: SBI offers a loan amount ranging between Rs. 25,000 to Rs. 5 lakh under the scheme to meet Covid treatment expenses of self or family member(s), provided you meet the bank’s eligibility criteria.
- Fixed Interest Rate: The term loan is currently offered at a fixed rate of interest of 8.50% p.a.
- Repayment Tenure: The SBI Kavach Personal Loan can be repaid in easy installments within a maximum period of 60 months, including a moratorium period of 3 months.
- Nil Processing Fee: The SBI Kavach personal loan is offered without any processing charges.
- Minimal Documentation & Quick Disbursal: Since only existing customers of SBI can apply for the scheme, it requires minimal documentation and is disbursed quickly.
SBI Kavach Personal Loan Interest Rates
Currently, the SBI Kavach Personal Loan Scheme is offered at a fixed rate of interest of 8.50% per annum.
The following eligibility criteria needs to be taken into consideration when applying for the SBI Kavach personal loan scheme:
- You should be an existing customer of SBI
- You should be either salaried, self-employed or a pensioner
Documents Required for SBI Kavach Personal Loan
No specific documentation requirements have been mentioned yet by SBI. However, State Bank of India may specify documents at the time of loan application on a case by case basis.
How to Apply for SBI Kavach Personal Loan?
You can apply for the SBI Kavach Personal Loan via any of the following means given below:
- Online through the State Bank of India (SBI) website
- Through the YONO app
- By visiting the nearest SBI branch office
Check SBI Kavach Personal Loan Application Status
Once you have applied for the SBI Kavach Personal Loan, you can check the status of your application using the application reference number and following the steps given below:
- Visit the SBI personal loan application status check page
- Fill in your loan application reference number, mobile number and click on ‘track’
Fees and Other Charges
The following are some key fees and charges associated with SBI Kavach Personal Loan:
How to Login on SBI Portal?
You can login to State Bank of India net banking portal by following the steps given below:
- Visit the State Bank of India website and click on ‘Net Banking’.
- Next, under Personal Banking, click on ‘ login’.
- Enter your username, password, audio captcha or image captcha and click on ‘login’.
SBI Kavach Personal Loan Statement
You can avail your SBI Kavach personal loan statement both online and offline:
- Online: You can view and/or download your personal loan statement by simply logging into SBI’s net banking portal using your login credentials.
- Offline: You can avail a physical copy of your personal loan statement, by visiting the nearest SBI branch office or by calling up the bank’s customer careHowever, do note that there may be charges involved in case you wish to avail a physical copy of the statement.
SBI Kavach Personal Loan EMI Calculation
At present, SBI Kavach Personal Loan interest rate is fixed at 8.50% p.a. The following gives a sample of EMI calculations using varying loan amounts, interest rates and tenure:
|Loan Amount (Rs.) and Interest Rate||Monthly EMI Payout (Rs.)|
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|25,000 @ 8.50% p.a.||2,180||1,136||789||616||513|
|2 lakh @ 8.50% p.a.||17,444||9,091||6,314||4,930||4,103|
|5 lakh @ 8.50% p.a.||43,610||22,728||15,784||12,324||10,258|
Comparison of SBI Kavach Personal Loan vs Other Lenders of COVID Loans
The following table compares key features of the SBI Kavach personal loan to similar products offered by other leading lenders in India*:
|Particulars||State Bank of India||Union Bank of India||Punjab National Bank||Canara Bank||Bank of India|
|Interest Rate||Fixed at 8.50%||Fixed at 8.50%||Starting from 8.50%||As per applicant profile||Starting from 8.50%|
|Tenure||Up to 60 months||Up to 60 months||Up to 60 months||Up to 60 months||Up to 60 months|
|Loan Amount||Rs. 25,000 to Rs. 5 lakh||Up to Rs. 5 lakh||Up to Rs. 3 lakh||Rs. 25,000 to Rs. 5 lakh||Up to Rs. 5 lakh|
*Table data is for illustrative purposes only and subject to change at discretion of the lenders.
SBI Customer Care
- You can call on the toll-free numbers 1800-425-3800, 1800-11-2211 or 080- 26599990
- You can send an email detailing your query, grievance or request to email@example.com or firstname.lastname@example.org
- You can also visit the nearest SBI branch to get your queries resolved
Q1. Who can avail the SBI Kavach Personal Loan scheme?
Existing customers of SBI including salaried and self-employed (non-salaried) individuals as well as pensioners can avail the SBI Kavach Personal Loan.
Q2. How is the loan amount disbursed?
The loan amount is credited to the Salary/ Pension/ SB account of the borrower.
Q3. Is any collateral/ security required to avail the SBI Kavach personal loan?
No. No collateral/security is needed to avail the SBI Kavach personal loan scheme.
Q4. Is moratorium available on the SBI Kavach personal loan?
Yes, you can avail a moratorium of 3 months under the personal loan scheme, within the overall 60 months repayment period. However, interest needs to be serviced during the moratorium period.
Q5. What is the number of EMIs in which I need to repay the loan?
The loan needs to be repaid in 57 EMIs, including interest charged during moratorium.
Q6. How can I repay the loan?
You can pay your loan EMIs using Standing Instruction(s) to debit your Salary/ SB/ Pension/ CA account.