Public Sector Banks are providing personal loans up to 5 lakh for Covid-19 treatment. An individual can use the amount for Covid-19 treatment for self or family members. The State Bank of India offers Covid-19 treatment personal loans at 8.5% interest. The minimum loan amount is Rs. 25000/- with a maximum of 5years tenure, says Dinesh Khara (SBI Chairman).
The Union Bank of India’s website states that the personal loan for covid treatment is being offered at 8.5% with 5 years of tenure. Canara Bank provides Suraksha Personal Loan at the interest of 8.5%. This loan is quite similar to the Covid-19 treatment personal loan being offered by the Union Bank of India and State Bank of India. The Canara bank also provides a six-month moratorium against the loan.
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Public Sector Banks had launched Covid-19 personal loans due to the Covid-19 pandemic and cash crunch. If you are the one running out of money or facing a temporary cash-flow problem, then simply apply for a Covid-19 treatment loan.
Eligibility Criteria For The Loan By The Bank
The eligibility criteria to apply for the above said personal loan are as followed –
- Customers drawing salaries or pensions through the bank for the past 12 months.
- Those who have taken a retail loan (home, vehicle, mortgage, personal and cash loan) from the bank.
- A non-salaried person who has maintained his/her current or savings account with the bank and have been regularly filing income tax returns.
