Public sector banks to lend upto ₹5 lakh to individuals for COVID-19 treatment
The Hindu
The repayment tenure is 5 years and SBI would charge interest of 8.5% on annum. Other banks are free to decide their interest rate.
Public Sector Banks (PSBs) have announced to provide unsecured loans of upto ₹5 lakh to individuals to meet their and family members’ COVID-19 treatment cost. This comes in the wake of the ongoing second wave of the pandemic that has swept across the country unleashing untold miseries on families across income groups. This forms part of three new loan products announced by them on Sunday to provide fresh lending support to vaccine manufacturers, hospitals/dispensaries, pathology labs, manufacturers and suppliers of oxygen, ventilators, importers of vaccines & COVID related drugs logistics firms and individuals suffering from COVID-19.
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