Mumbai, Aug 14
The State Bank of India on Thursday launched a special personal loan scheme for Agniveers in the Indian Army on the occasion of the 79th Independence Day.
Under this loan scheme, Agniveers with a salary account at SBI can avail loans up to Rs 4 lakh without any collateral or processing fee, the bank said in a statement.
The repayment tenure will match the Agnipath scheme's term, providing flexibility and convenience for service members transitioning to civilian life.
Further, the bank is also offering a flat interest rate of 10.50 per cent to all defence personnel until September 30, 2025.
C.S. Setty, Chairman, SBI, said that "we believe that those who are protecting our freedom deserve our unwavering support as they build their futures. This zero-processing fee is just the beginning as we continue to create solutions that will empower India’s brave hearts in the years to come.â€
These initiatives build on the bank’s long-standing commitment to the welfare of India’s armed forces through its Defence Salary Package, which has long been available to Agniveers.
"The package provides a host of benefits such as zero-balance accounts, free international gold debit cards, unlimited free ATM transactions at SBI ATMs nationwide, waiver of annual maintenance charges on debit cards," according to the bank.
Additionally, it includes complimentary personal accident insurance of Rs 50 lakh and air accident insurance of Rs 1 crore, and coverage for permanent disability (partial and total) up to Rs 50 lakh, among other privileges.
The SBI had earlier announced that it would revise Immediate Payment Service (IMPS) charges for retail customers from August 15, introducing nominal fees for certain online high-value transactions while keeping small-value transfers free. All customers will continue to receive free online IMPS transfers up to Rs 25,000 under the new arrangement.
— IANS
Reader Comments
While the scheme is good, 10.5% interest seems a bit high for our soldiers. Can't SBI offer subsidized rates like they do for farmers? After all, both serve the nation in different ways.
Great move! But I hope there's proper financial literacy training too. Many young Agniveers might take loans without understanding repayment terms. SBI should conduct mandatory workshops.
The insurance benefits are impressive! Rs 50 lakh coverage is substantial. My cousin is an Agniveer and this will give his family much-needed financial security. Well done SBI!
Other banks should follow SBI's lead. Our soldiers deserve the best facilities. Maybe HDFC and ICICI can announce similar schemes? Healthy competition will benefit our jawans.
The timing is perfect with Independence Day! 🇮🇳 But I hope the application process is simple. Government schemes often get stuck in paperwork. SBI should make it digital and hassle-free.
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