What is SBI's new Rs 4 lakh collateral-free loan scheme for Agniveers?
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Synopsis
Discover the recently launched personal loan scheme by SBI exclusively for Agniveers, providing up to Rs 4 lakh without collateral. With a flexible repayment period and attractive interest rates, this initiative is set to empower India’s brave service members. Learn about the benefits that come with this groundbreaking program.
Key Takeaways
- Collateral-free loans up to Rs 4 lakh for Agniveers.
- Flexible repayment tenure aligned with the Agnipath scheme.
- Attractive interest rate of 10.50% until September 2025.
- Comprehensive Defence Salary Package with numerous benefits.
- New IMPS charges to be implemented from August 15.
Mumbai, Aug 14 (NationPress) The State Bank of India has officially unveiled a unique personal loan initiative tailored for Agniveers serving in the Indian Army, coinciding with the celebration of the 79th Independence Day.
This innovative loan program allows Agniveers who maintain a salary account with SBI to secure loans of up to Rs 4 lakh without the need for any collateral or processing fees, as stated by the bank.
The loan's repayment period aligns with the duration of the Agnipath scheme, ensuring that service members have the necessary flexibility as they transition into civilian life.
Moreover, the bank is offering a consistent interest rate of 10.50% for all defense personnel until September 30, 2025.
C.S. Setty, the Chairman of SBI, expressed, "We are committed to supporting those who safeguard our freedom as they strive to build their futures. This zero-processing fee is merely the first step as we aim to develop solutions that empower India's courageous individuals in the future."
These efforts further reinforce the bank's enduring dedication to the welfare of India's armed forces through its Defence Salary Package, which has long been accessible to Agniveers.
The package offers numerous advantages, including zero-balance accounts, complimentary international gold debit cards, unlimited free ATM transactions at SBI ATMs across the country, and a waiver of annual maintenance fees on debit cards, according to the bank.
Additionally, it provides personal accident insurance coverage of Rs 50 lakh, air accident insurance of Rs 1 crore, and protection for permanent disabilities (both partial and total) up to Rs 50 lakh, among other benefits.
Previously, SBI announced adjustments to its Immediate Payment Service (IMPS) fees for retail clients starting August 15, introducing minimal charges for specific high-value online transactions while maintaining free small-value transfers. Under the new structure, all customers will continue to enjoy free online IMPS transfers for amounts up to Rs 25,000.
Point of View
Initiatives like SBI's loan scheme reflect a profound commitment to supporting our armed forces. It's crucial that our nation continually seeks to uplift and empower those who serve, ensuring they have the resources and opportunities necessary for their futures. We stand firm in our support for such meaningful measures.
NationPress
01/09/2025
Frequently Asked Questions
What is the maximum loan amount available for Agniveers?
Agniveers can avail loans up to Rs 4 lakh under the new scheme.
Is there any collateral required for the loan?
No, the loan is collateral-free, making it accessible for Agniveers.
What is the interest rate for the loan?
The loan comes with a flat interest rate of 10.50% until September 30, 2025.
What benefits are included in SBI's Defence Salary Package?
The package includes zero-balance accounts, free international gold debit cards, unlimited free ATM transactions, and insurance coverages.
When will SBI's new IMPS charges take effect?
The adjustments to IMPS charges for retail customers will start from August 15.
