For the treatment of COVID, you can get an SBI personal loan. And yes, it won’t harm your savings. As the bank provides loans at an affordable EMI. Plus, especially for COVID patients, the SBI KAVACH Personal Loan Scheme is introduced wherein the rate of interest is 8.50% per annum. So, read this page further and know how in the times of COVID, you can assure yourself about medical expenses with SBI personal loan.
Maximum Loan Amount Offered by SBI
If you apply for an SBI personal loan for the treatment or recovery from COVID, the bank will offer you a maximum of INR 5 Lakh. and the loan amount will be based on your eligibility. How does the SBI personal loan eligibility work?
Your income and credit history ensure how much you’re capable of borrowing. The minimum income required to get an SBI personal loan is INR 25,000. So, if your income meets the limit or gets above the required income, you will be considered for the loan. Else you may have to apply with an earning co-borrower.
Who Can Borrow this SBI Personal Loan for COVID?
There is no limit on this type of loan, whether you’re salaried, self-employed or pensioner. As long as you meet the SBI requirements, you can borrow money. The bank also provides a reimbursement facility to the customer at the branch office.
Advantages of Getting SBI Personal Loan for COVID
When you apply for an SBI personal loan for the COVID treatment, you will get the following benefits –
No Processing Fee – SBI won’t charge any processing fee for this type of personal loan.In that case, the applied and disbursal amount will remain the same, unlike when the bank debits the processing fee from the applied amount and disburses the resultant sum to you.
No Asset – You don’t have to pledge any prized possession to borrow money from SBI.
No Prepayment charge – If you want to repay the loan early before the end of the tenure, you can do so without worrying about the extra charge as SBI doesn’t levy any prepayment fee.
Do I Need a Positive COVID Report to Get SBI Personal Loan?
Yes, you do, and the COVID test must have been done at a government-authorized centre. Your COVID test result should be older than 30 days. So, before applying for a loan, do check where you have got your test done. Because if you don’t have any proof of COVID, your loan application will get rejected. You can use the loan amount only for the sole purpose of COVID treatment.
How to Get SBI Personal Loan for COVID?
For the loan application, you can follow the below steps –
Online process – Visit the official website of SBI and log in to your account. After that, fill in the online application form. Click on the ‘submit’ button and wait for the bank’s response. If you’re not an existing bank customer, visit the ‘SBI personal loan’ section and select SBI KAVACH Personal Loan Scheme. Click on the ‘Apply Now’ button to provide your basic details and wait for the bank’s response. Also you can check SBI personal loan interest rate. If your loan application is approved, you’ll get a notification on your registered email or mobile.
Offline process – Go to the nearest branch office of SBI and ask for a personal loan from the bank representative. Provide the documents and submit the duly filled loan application. After that, go to your home and wait for the bank’s response. If you’re eligible for the loan, you’ll get a notification from SBI.
What Documents Do I Need for SBI Personal Loan Application?
You’ll be needing the following documents –
- KYC proof like Aadhar Card, voter ID card, passport, etc. for the identity proof
- Income proof such as latest salary slips and bank statements
- Proofs like an RTPCR test report or medical practitioner diagnosis report mentioning the presence of COVID
