The State Bank of India (SBI) is offering unsecured loan (popularly known as Covid personal loan) at concessional rates to its customers. The largest Indian commercial bank announced about the decision and said that those SBI customers who need credit line for Covid treatment for themselves or for their family members, Covid persoanl loan will be made available to such loan seekers without any collateral. While announcing the loan for Covid treatment, SBI Chairman Dinesh Khara said that the credit line will be made available under the Emergency Credit Line Guarantee Scheme (ECLGS). Under this scheme, SBI is offering collateral-free loan up to ₹5 lakh.
SBI Covid personal loan interest rate
While announcing the collateral-free credit line for Covid treatment SBI chairman Dinesh Khara said that the public sector bank will offer Covid personal loan at around 8 per cent interest rate per annum. He said that the loan will be unsecured in nature that means the loan applicant won't require submitting any collateral to avail this SBI loan offer.
Covid personal loan amount offered by SBI
Covid personal loan offered by the SBI will disburse ₹25,000 to ₹5 lakh depending upon the requirement and capacity of the loan repayment of the loan applicants.
Loan repayment rules
As per the SBI statement, the loan applicant will have to repay the Covid personal loan in maximum five years.
SBI Covid personal loan eligibility
Individuals that includes salaried, non-salaried and pensioners are eligible for the SBI Covid personal loan.
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