SBI to offer Kavach personal loans at 8.5% for Covid-stressed customers

It is a collateral-free offering under which a maximum of Rs 5 lakh can be extended for 5 years

The country’s largest lender, State Bank of India (SBI), on Friday came up with a new loan offering ‘Kavach Personal Loan’ to provide relief to its customers who are facing financial challenges due to covid related treatment costs.

Kavach Personal Loan is a collateral-free offering by SBI, under which a maximum of Rs 5 lakh loan can be availed at 8.5 per cent per annum for a period of 5 years.

“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