SBI Launches Special Loan Scheme For Agniveers; What is It? All You Need To Know

The State Bank of India (SBI) has announced a special personal loan scheme for Agniveers who have a salary account at SBI. The credit loan scheme will provide certain relaxations to Agniveers, serving under the Government of India's short-term Agnipath recruitment programme.

The scheme launch coincided with the 79th Independence Day celebration and will help Agniveers to attain a smooth transition into the civilian life. Here are all the details about SBI Agniveer Scheme account.

SBI Loan Scheme For Agniveers: What Is It?

The new scheme by SBI is available only for SBI salary account holders. As per the bank, only salary account olders can avail personal loans of up to Rs 4 lakh without any collateral. The bank is also offering a flat 10.5% interest rate, its lowest to all defence personnel until September 30, 2025.

SBI Loan Scheme For Agniveers: What Are The Key Features?

The personal loan amount is up to Rs 4 lakh without any collateral. Additionally, they can enjoy a complete waiver of processing fees.

The payment tenure for the loan can also be synchronised for the borrower in accordance with their Agniopath tenure.

Other Benefits To Defence Personnel Under SBI Defence Salary Package

The SBI's defence salary package is available for defence personnel of the Indian Army, Indian Navy, Indian Air Force, Assam Rifles, Rashtriya Rifles (RR) and GREF, ie Border Road Organisation (BRO). Retired personnel can also open or convert their accounts in DSP Pension.

The salaried account is available in three variants, ie Gold, Diamond and Platinum based on rank of personnel of the Indian Army, Indian Navy, Indian Air Force, Assam Rifles, RR and GREF (Border Road Organisation). Personnel Below Officer Rank (PBOR) are categorised under Gold Variant; Officers are categorised under Diamond and Platinum variants.

Other than the previously mentioned benefits, SBI's Defence Salary Package also offers additional benefits like 100% waiver on processing fee on SBI personel loan and home loan. There will be up to 25% off on annual locker rental, auto sweep facility to create e-MODs, demat and online trading account facility, fresh issuance of drafts, multi city cheques, SMS alerts, NEFT/RTGS, etc. There will be additional Rs 10 lakh insurance in action against terrorist, naxalites and foreign enemy.

According to SBI, the initiative builds on its defence salary package, which offers benefits like zero-balance accounts, free international gold debit cards, waiver of annual maintenance charges on debit cards, personal accident insurance of Rs 50 lakh, air accident insurance, and permanent disability coverage of Rs 50 lakh.

SBI's Chairman, C.S. Setty, highlighted the bank's dedication to supporting those who protect India's freedom. "At SBI, we believe that those who are protecting our freedom deserve our unwavering support as they build their futures," he stated. He also mentioned that the zero-processing fee is just the beginning of SBI's efforts to empower India's brave hearts in the future.