· Personal loans @ 8.5% per annum upto Rs. 5 lacs will be provided to Bank customers for a period of 5 years
· Purpose of SBI Kavach Personal Loan is to enable our customers for meeting medical expenses of self and family members for COVID treatment
· Loan will also cover reimbursement of COVID related medical expenses already incurred
Mumbai – June , 2021: In its endeavor to provide much-needed relief to its customers who are facing financial stress on account of COVID treatment-related expenses, State Bank of India (SBI) 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. This product was launched by Shri Dinesh Khara, Chairman, SBI. Under this scheme, customers can avail loans up to Rs 5 lacs at an effective interest rate of 8.5% per annum for 60 months which is inclusive of three months moratorium. This unique 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.
Shri 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”
In these trying times, 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. This loan product will also be part of the COVID loan book being created by banks as per RBI’s COVID relief measures.
About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 crore Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on March 31, 2021, the bank has a deposit base of nearly Rs. 37 lakh crore with CASA ratio of over 46% and advances of more than Rs. 25 lakh crore. SBI commands a market share of 34.53% and about 32% in home loans and auto loans segment respectively. The bank has auto loan book of Rs. 76,322 crore. SBI has the largest network of 22,219 branches and 62,671 ATM / CDM in India with BC outlets close to 72,000. The number of customers using internet banking and mobile banking stand roughly at 89 million and 20 million respectively. The integrated digital and lifestyle platform by SBI – YONO has a download figure of 74 million. YONO which has over 37 million registered users, witnesses 9 million logins per day. Accelerating the digital agenda, SBI has opened approximately 2 million accounts through YONO in the quarter ended March 2021 with over 93% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, the bank disbursed pre-approved personal loan (PAPL) worth around Rs. 5300 crore via YONO in the same quarter. YONO is also a global name having tasted its success in international markets as well. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
