BusinessCovid-19Health

Banks loan up to 5 lakh for Covid treatment, know what conditions applied

New Delhi: Unsecured personal bank loan up to Rs 5 lakh will be provided by Public Sector Banks (PSBs) to make people to Covid treatment well.

Decision was taken in the wake of second corona pandemic and was announced at a press conference jointly organized by State Bank of India and Indian Banks’ Association (IBA).

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A joint statement said that PSB would provide unsecured personal loans ranging from Rs 25,000 to Rs 5 lakh to salaried, non-salaried and pensioners for the treatment of Covid.

It further said that state-owned banks will provide healthcare business loans for setting up oxygen plants under the revised ECGLS norms.

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It was announced on the same day by the Finance Ministry that under ECLGS 4.0, 100 percent guarantee will be given for loans up to Rs 2 crore.

The rate of interest for these loans has been fixed at 7.5 percent. That is, banks can give loans below this limit.

They will offer business loans up to Rs 100 crore for healthcare facilities to set up healthcare infrastructure and manufacturing centres for healthcare products.

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