SBI scheme: Agniveers to get collateral-free ₹4 lakh loan at 10.5% interest

SBI launches special collateral-free personal loan scheme for Agniveers, offers lowest defence interest rate till Sept 30

State Bank of India (SBI) on Thursday unveiled a dedicated personal loan scheme for Agniveers serving under the Government of India’s short-term Agnipath recruitment programme.

 

Under the new scheme, Agniveers with an SBI salary account can avail personal loans of up to ₹4 lakh without any collateral and enjoy a complete waiver of processing fees. The repayment tenure will be synchronised with the term of the Agnipath engagement, providing maximum flexibility for soldiers as they transition to civilian life.

 

As part of the Independence Day initiative, SBI is also offering a flat 10.50% interest rate — its lowest — to all defence personnel until September 30, 2025.

 

Launching the product, SBI Chairman C.S. Setty said:

 

“At SBI, 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.”

 

The bank emphasised that this scheme builds on its existing Defence Salary Package, which has long extended preferential banking services to armed forces personnel, including Agniveers.

 

With this announcement, SBI aims to further cement its relationship with India’s defence community, aligning financial products with the unique service terms and post-duty needs of Agniveers.