A gold loan can be considered one of the best loans that can be availed in times of financial crisis. A borrower has to pledge his gold to the moneylender or to the bank and can get his gold back after the successful repayment of the loan.
EVERYTHING YOU NEED TO KNOW ABOUT THE SBI KAVACH SCHEME:-
The State Bank of India has launched a collateral-free loan which is known as the Kavach Personal Loan. This loan will cover the expenses of the treatment of COVID-19 of your own self and also of the family members of the customers of the SBI Bank. Everything that you need to know about the Kavach scheme or the Kavach Personal Loan as per the official website of the State Bank of India (SBI).
-
WHO CAN AVAIL OF THE LOAN?
The Kavach scheme is for salaried individuals, non-salaried individuals and also pensioners and their family members too. It will be for the people who have been found coronavirus positive on or after the date of 1st April 2021. The medical expenses involved in the treatment of COVID-19 will also be covered under this scheme. Also, this loan will be over all the existing loans.
-
WHAT IS THE LOAN AMOUNT?
The customers of the SBI bank can avail of the minimum amount of loan as Rs. 25,000 and the maximum amount of loan that a customer can avail under this scheme is Rs. 5 lakh.
-
WHAT IS THE INTEREST RATE?
The interest rate on the loan under this scheme is around 8.5%. This is one of the lowest interest rates that can be offered on a loan. The SBI Gold Loan interest rate is really affordable and reasonable when compared to the interest rates of other loans.
-
WHAT IS THE TENURE OF REPAYMENT FOR THE LOAN?
The tenure of repayment of the loan is 60 months which will include the three months of the moratorium.
-
WHAT ARE THE DOCUMENTS REQUIRED TO AVAIL OF THE LOAN?
The COVID positive report of the customers is required to avail a loan under this scheme. Also, there is no collateral needed to avail a loan from the bank.
-
WHERE TO APPLY FOR THE LOAN?
A person can apply for a loan under this Kavach scheme by visiting the nearest branch of the SBI bank.
-
WHAT IS THE PROCESSING FEES?
There is no processing fee charged for this loan. Also, to provide relief to the customers, there is no foreclosure fee or any pre-payment penalty for the customers of the SBI bank.
FEATURES OF SBI KAVACH SCHEME-
-
CHANNEL- OFFLINE CHANNEL VIA BANK BRANCH OR ONLINE CHANNEL THROUGH WEB PORTAL.
-
LOAN FACILITY- Term loan which can be availed for a specific tenure.
-
TARGET GROUP- Salaried individuals, non-salaried individuals, pensioners, etc.
-
DISBURSEMENT OF THE LOAN- Pension/ credit to salary/ savings account of the borrower/ current savings.
-
PROCESSING FEE- No processing charges for the loan.
-
SECURITY- No need to pledge any security to avail of the loan.
-
PREPAYMENT CHARGES- No charges for prepayment of the loan before its maturity.
-
COVID TEST- A negative report not older than 14 days is required at the time of availing of the loan.
THE FEATURES OF THE KAVACH SCHEME BY THE SBI BANK IS EXPLAINED IN DETAIL AS UNDER-
-
LOAN AMOUNT:- The minimum amount of loan that can be availed under this scheme is around Rs. 25,000 and the maximum amount of loan that can be availed under this scheme is around Rs. 5 lakh as per the eligibility. The facility of reimbursement is also available through the branch channel. This loan will be over and will be above all the existing loans.
-
LOAN TENURE:- The tenure of the repayment of the loan will be 60 months, which will include the three months moratorium. Also, this loan has to be paid in 57 equated monthly instalments, which will include the rate of interest during the moratorium.
-
RATE OF INTEREST:- The interest rate is fixed on this loan and it is around 8.50% at present.
-
REPAYMENT MODE:- The repayment can be done by paying the equated monthly instalments which will include the interest rate. It will be according to the Standing Instruction (SI) on the pension or salary or bank account.
This scheme can be considered as a step to provide some relief to the customers of the State Bank of India. The Gold Loan Rate depends on the amount of gold and the market value of the gold that is submitted by the borrower to the bank or to the moneylender.
