SBI Launches Collateral-Free ₹4 Lakh Loan for Agniveers at 10.5% Interest.
Banking & Finance
The State Bank of India (SBI), on the occasion of India’s 79th Independence Day celebrated on August 15, 2025, launched a special personal loan scheme for Agniveers. This scheme aims to provide financial support to soldiers recruited under the Agnipath Recruitment Programme with a collateral-free loan of up to ₹4 lakh.
- The scheme has been designed to align with SBI’s existing Defence Salary Package (DSP), which provides tailored banking services to armed forces personnel. By including Agniveers under this initiative, SBI has extended preferential banking benefits to the newest category of recruits serving the Indian Armed Forces.
- The collateral-free loan scheme offers a maximum loan amount of ₹4 lakh with no requirement of security or processing charges. This step is expected to provide Agniveers with financial independence during their service tenure and ease their transition after the completion of their four-year engagement period.
- The interest rate under this special loan scheme has been fixed at 10.5% per annum, significantly lower than conventional personal loan rates. The concessional interest has been offered exclusively for Agniveers and will remain applicable until September 30, 2025, ensuring timely access to affordable credit.
Main Point :- (i) The repayment tenure of the loan is structured in line with the four-year service term of Agniveers, ensuring flexibility and affordability. This arrangement allows Agniveers to manage their financial commitments efficiently while they are in service and prepare for their future after service completion.
(ii) The scheme is closely linked to the Agnipath Recruitment Programme, which was launched in 2022 as a central government initiative to recruit youth into the Armed Forces for four years. Selected individuals are designated as Agniveers, and the programme is aimed at providing India’s youth with military exposure, skill development, and future career opportunities.
(iii) The launch of this scheme reflects SBI’s role in supporting national programmes while catering to the financial needs of defence personnel. By introducing this scheme, SBI has reaffirmed its position as the leading public sector bank committed to empowering both traditional soldiers and Agniveers through innovative and accessible financial solutions.
About SBI
Chairman : Challa Sreenivasulu Setty
Headquarter : Mumbai
____________________________
