Table of Contents
SBI Kavach Personal Loan Interest Rates
Currently, the SBI Kavach Personal Loan Scheme is offered at a fixed rate of interest of 8.50% per annum.
Comparison of SBI Kavach Personal Loan vs Other Lenders of COVID Loans
The following table compares key features of the SBI Kavach personal loan to similar products offered by other leading lenders in India*:
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | Up to 28% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.70% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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SBI Kavach Personal Loan Processing Fees and Other Charges
The following are some key fees and charges associated with SBI Kavach Personal Loan:
| Processing Fees | Nil |
| Prepayment Penalty | Nil |
| Foreclosure Charges | Nil |
Eligibility Criteria for SBI Kavach Personal Loan
The following eligibility criteria needs to be taken into consideration when applying for the SBI Kavach personal loan scheme:
- You should be an existing customer of SBI
- You should be either salaried, self-employed or a pensioner
Also Get: Top 5 Banks for Personal Loans for Pensioners in India
Documents Required for Loan Application
No specific documentation requirements have been mentioned yet by SBI. However, State Bank of India may specify documents at the time of loan application on a case by case basis.
How to Apply for SBI Kavach Personal Loan?
You can apply for the SBI Kavach Personal Loan via any of the following means given below:
- Online through the State Bank of India (SBI) website
- Through the YONO app
- By visiting the nearest SBI branch office
EMI Calculation
At present, SBI Kavach Personal Loan interest rate is fixed at 8.50% p.a. The following gives a sample of EMI calculations using varying loan amounts, interest rates and tenure:
| Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||||
| 1-year loan tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
| 25,000 @ 8.50% p.a. | 2,180 | 1,136 | 789 | 616 | 513 |
| 2 lakh @ 8.50% p.a. | 17,444 | 9,091 | 6,314 | 4,930 | 4,103 |
| 5 lakh @ 8.50% p.a. | 43,610 | 22,728 | 15,784 | 12,324 | 10,258 |
SBI Customer Care
- You can call on the toll-free numbers 1800-425-3800, 1800-11-2211 or 080- 26599990
- You can send an email detailing your query, grievance or request to contactcentre@sbi.co.in or customercare@sbi.co.in
- You can also visit the nearest SBI branch to get your queries resolved
FAQs
Q1. Who can avail the SBI Kavach Personal Loan scheme?
Existing customers of SBI including salaried and self-employed (non-salaried) individuals as well as pensioners can avail the SBI Kavach Personal Loan.
Q2. How is the loan amount disbursed?
The loan amount is credited to the Salary/ Pension/ SB account of the borrower.
Q3. Is any collateral/ security required to avail the SBI Kavach personal loan?
No. No collateral/security is needed to avail the SBI Kavach personal loan scheme.
Q4. Is moratorium available on the SBI Kavach personal loan?
Yes, you can avail a moratorium of 3 months under the personal loan scheme, within the overall 60 months repayment period. However, interest needs to be serviced during the moratorium period.
Q5. What is the number of EMIs in which I need to repay the loan?
The loan needs to be repaid in 57 EMIs, including interest charged during moratorium.
Q6. How can I repay the loan?
You can pay your loan EMIs using Standing Instruction(s) to debit your Salary/ SB/ Pension/ CA account.