SBI Personal Loan for COVID-19

SBI KAVACH Personal Loan protects you from the financial crunch of the COVID-19 pandemic. You should know that COVID hospitalization expenses can put a financial burden in this distressing period. The outbreak of the pandemic has put the focus on medical expenses. Do you know the cost of room rent for COVID treatment in private hospitals are:

  • An isolation bed – INR 8,000 to 10, 000 per day
  • ICU with a ventilator – INR 15,000 to 18,000 per day
  • ICU without a ventilator – INR 3,000 to 15,000 per day

These COVID treatment costs exclude PPE charges, which further increase your bill. So, if you want to avoid such payment burden, borrow SBI KAVACH Personal Loan that will help you pay for the treatment. Know more about this SBI personal loan on this page below.

Benefits of Borrowing SBI Personal loan for Covid Treatment

Upon diagnosis of Covid-19, you can borrow a personal loan from SBI. So, check out the list of benefits –

  • High Loan Amount – You can borrow a maximum of INR 5 Lakh from SBI to meet your medical expenses for the treatment of Covid-19. And the loan will be sanction based on your health condition and severance of Covid. 
  • Reimbursement Facility – SBI provides you the benefit of loan reimbursement, and for this, you need to visit the branch office. For any further queries related to the topic, contact customer service.
  • No Problem In Case of Existing Loans – Do you have ongoing loan EMIs? Don’t worry, it won’t impact your SBI Personal Loan. The amount you borrow from SBI will be over and above your existing loan amount. 
  • Moratorium Period – During this period, you won’t have to pay EMIs for your loan, and this is subject to a maximum of three months. Although the interest rate would apply during this period. So, a moratorium period delays your repayment and allows a grace period before you start repaying the loan via fixed monthly EMIs.
  • Zero Processing Fee – SBI won’t charge any kind of processing fee for SBI KAVACH Personal Loan. This is because the loan is offer to you to meet a medical emergency and the bank doesn’t want to deduct anything from your approved loan amount that could create problems while receiving treatment. 
  • Fixed Interest Rate – SBI Personal Loan Interest rate is 8.50% per annum and it won’t change during the repayment period. 
  • Flexible Repayment Options – You can repay the borrowed amount and the applicable interest in installment over 60 months including the moratorium period. The amount can be paid via standing instructions if you have a salary, pension, savings or current account.

How Am I Eligible for SBI Personal Loan for Covid Treatment?

You can borrow a personal loan from SBI if you or any of your family members are diagnosed with Covid-19. And the diagnosis must be done at a government-authorized center. The test report shouldn’t be older than 30 days. So, get tested before applying for the SBI personal loan to know if you are affect by Covid. Because if you tested negative, your loan application would get reject.

Are There Any Additional Charges on SBI Personal Loan for Covid?

No, the bank won’t charge any additional fee for the loan processing. Even if you decide to foreclose or prepay the loan amount, SBI won’t charge any fee for the same. You just need to pay the outstanding amount and your loan will be settled without any hassle.

How Do I Apply for SBI Personal Loan for Covid?

To apply for an SBI personal loan, you can visit the nearest branch office, visit its official website or download the YONO app if you’re an existing customer. 

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