Mumbai: On the occasion of India’s 79th Independence Day, the State Bank of India (SBI) has launched a special personal loan scheme dedicated to Agniveers - the youth recruited under the Government of India's Agnipath military programme. This new initiative is aimed at supporting Agniveers financially during their short-term service and helping them plan for the future.
Loan Up to Rs 4 Lakh with Zero Collateral
Under the scheme, Agniveers who have their salary account with SBI can take a personal loan of up to Rs 4 lakh. What makes it more attractive is that no collateral or security is required to get the loan. Even better, SBI has completely waived the processing fee for this scheme, meaning applicants won’t have to pay any extra charges to apply.
Flexible Repayment Matching Agnipath Term
The loan repayment will be aligned with the Agnipath service period, making it easier for Agniveers to manage their EMIs. This flexibility is especially helpful for those who are looking to invest in education, training, or setting up a small venture during or after their service.
Lowest Interest Rate for Defence Personnel
SBI is also offering a flat interest rate of just 10.50 percent on this loan, which is one of the lowest in the market for defence personnel. This special interest rate will be available to all defence forces till September 30, 2025, making it a limited-period benefit for many service members.
SBI’s Commitment to India’s Brave Hearts
While launching the product, SBI Chairman C S Setty said the bank is committed to standing by India’s armed forces. He added that the zero-processing fee is just the first step in supporting Agniveers and other defence personnel with financial tools to secure their future. SBI already offers various benefits under its Defence Salary Package, and this new scheme builds upon that tradition.
