Now COVID-19 Loans can be taken from government banks for the treatment of COVID-19. Banks will now give unsecured loans ranging from 25,000 to 5 lakhs to people for the treatment of Kovid infection. Indian Bank Association (IBA) and State Bank of India (SBI) have announced this. Actually a few weeks ago central reserve bank under its Emergency Credit Line Guarantee Scheme (ECGLS) covid loan book scheme, under which banks were to provide unsecured personal loans for the treatment of Kovid as well as loans to healthcare businesses to prepare health facilities.
who will get loan
Banks will give unsecured loans for the treatment of Kovid to the salaried, non-salaried and pensioners. Any person falling in this category can apply for the loan. The minimum loan will be available from 25,000 to the maximum loan up to 5 lakhs. The loan tenure will be up to five years.
what will be the interest rate
State Bank of India has kept the interest rate for its Kovid unsecured loan at 8.5 percent per annum. The major public sector bank has said that the rest of the banks are free to fix their own rate.
business loan for health infra
IBA and SBI said that banks will give loans of up to 2 crores to hospitals and nursing homes to build oxygen plants, which will attract an interest of 7.5 percent. Healthcare facilities will get a business loan of up to 100 crores to build health infrastructure or to manufacture healthcare products.
Let us tell you that RBI had said that it will provide 50,000 crore of term-liquidity facility to ensure the availability of funds for emergency medical facilities. Public sector banks have also prepared a formula for loan restructuring for medium, small and micro industries under the Resolution Framework 2.0.