New Delhi: To celebrate India’s 79th Independence Day, the State Bank of India (SBI) has introduced a special personal loan scheme just for Agniveers — the young individuals recruited under the Government’s Agnipath military programme. This new loan option is designed to provide financial support during their short-term service and help them secure a strong financial future.
Loans Up to Rs 4 Lakh — No Collateral Needed
Agniveers with an SBI salary account can now get personal loans up to Rs 4 lakh without any collateral or processing fees, the bank announced. The repayment period is designed to match the length of their Agnipath service, making it easier for them to manage payments. This flexible repayment plan is ideal for those planning to invest in education, skill development, or even start a small business during or after their service.
Special Low Interest Rate for Defence Personnel
SBI is offering a low flat interest rate of just 10.50 per cent on this loan, one of the most affordable rates available for defence personnel. This special rate is available to all defence forces members until September 30, 2025, giving service members a great chance to borrow at a lower cost for a limited time.
Extra Benefits: Insurance Cover and Free Small Transfers
Along with the loan, SBI is also offering complimentary insurance benefits — including personal accident coverage of Rs 50 lakh, air accident insurance of Rs 1 crore, and up to Rs 50 lakh for permanent disability (both partial and total). These added perks provide extra peace of mind for Agniveers and defence personnel.
Separately, SBI will revise its Immediate Payment Service (IMPS) charges for retail customers starting August 15. While nominal fees will apply to some high-value online transactions, transfers up to Rs 25,000 will remain completely free for all customers.
