Covid-19 treatment: Banks to lend up to Rs 5 lakh, check details here

State Bank of India and Indian Banks' Association announced that the Public Sector Banks (PSBs) will provide unsecured personal loans of up to Rs 5 lakh to individuals for meeting their expenses of Covid treatment.

New Delhi:Public Sector Banks (PSBs) will provide unsecured personal loans of up to Rs 5 lakh to individuals for meeting their expenses of Covid treatment.

The decision, which comes in the wake of the severe second wave of Covid-19, was announced jointly at a press conference by the State Bank of India and the Indian Banks' Association (IBA).

PSBs will provide "unsecured personal loans to individuals from Rs 25,000 to Rs 5 lakhs for salaried, non-salaried and pensioners for meeting Covid treatment", said a joint statement.

These loans are being offered at concessional interest rates and will form part of the Covid loan book, said the bankers.

Canara Suraksha personal loan scheme

Canara Bank on Friday announced Canara Suraksha personal loan scheme as part of the fight against the pandemic.

Under this scheme, the bank offers loan from Rs 25,000 - Rs 5 lakh as immediate financial assistance to customers for COVID-19 treatment.

While the scheme will offer moratorium of six months, the loan window will be valid till September 30, 2021.

Notably, the scheme is applicable for COVID-19 treatment during admission or post discharge.

Also, the bank has waived off processing fee for the customers availing personal loans under this scheme.

(With Agency Inputs)