SBI launches ₹4L collateral-free loan scheme for Agniveers
What's the story
The State Bank of India (SBI) has launched a special personal loan scheme for Agniveers, the young men and women recruited under the government's short-term Agnipath program. The new initiative was announced on the occasion of India's 79th Independence Day. Under this scheme, eligible Agniveers with an SBI salary account can avail loans up to ₹4 lakh without any collateral or processing fees.
Flexible terms
Loan repayment period in line with Agnipath scheme duration
The repayment period for these loans will be in line with the duration of the Agnipath scheme. This is aimed at providing maximum flexibility and convenience to those transitioning from military service back to civilian life. In addition to this special loan scheme, SBI is also offering a flat interest rate of 10.5% on personal loans for all defense personnel until September 30, 2025.
Commitment to service
More initiatives to empower defense personnel expected in future
C S Setty, Chairman of SBI, emphasized the bank's commitment to supporting those who protect India's freedom. He said, "At SBI, we believe that those who are protecting our freedom deserve our unwavering support as they build their futures." Setty also hinted at more initiatives in the pipeline to empower India's defense personnel in the future.