SBI Introduces Special Personal Loan Scheme for Agniveers with Concessional Defence Rates

On the occasion of India’s 79th Independence Day, the State Bank of India (SBI), the country’s largest public sector lender, has rolled out a special personal loan scheme for Agniveers. This initiative is designed to provide financial assistance to soldiers recruited under the Agnipath scheme while also extending benefits to defence personnel. With loans of up to ₹4 lakh at concessional rates, the scheme reflects SBI’s commitment to supporting India’s armed forces.

Loan Scheme Tailored for Agniveers

SBI’s newly announced scheme is exclusively available for Agniveers maintaining their salary accounts with the bank. Under the scheme, Agniveers can access personal loans of up to ₹4 lakh without any collateral, ensuring quick financial support without the burden of pledging assets.

A key highlight is the waiver of processing fees, making the loan more affordable. The repayment tenure has been aligned with the duration of the Agnipath recruitment programme, which helps Agniveers plan their finances seamlessly throughout their service period.

Attractive Interest Rates for Defence Personnel

The scheme offers a flat interest rate of 10.50% for all defence personnel, including Agniveers. This concessional rate will remain available until September 30, 2025. By offering a lower interest rate, SBI is aiming to reduce the financial burden on serving defence staff and make credit more accessible for their personal needs.

Part of SBI’s Defence Salary Package

This loan scheme complements SBI’s long-standing Defence Salary Package (DSP), which already provides several exclusive benefits to defence personnel. Some of the key features of the DSP include:

• Zero-balance salary accounts

• Free international gold debit card

• Unlimited free ATM transactions at all SBI ATMs across India

• Waiver of annual maintenance charges on debit cards

• Personal accident insurance cover of ₹50 lakh

• Air accident insurance of ₹1 crore

• Permanent disability insurance cover of up to ₹50 lakh

These additional benefits highlight SBI’s efforts to provide comprehensive financial solutions that go beyond just banking transactions.

A Strategic Step on Independence Day

The launch of this scheme on the eve of India’s 79th Independence Day is symbolic, emphasizing SBI’s role in nation-building. By supporting Agniveers, who represent the new generation of India’s defence forces, the bank is strengthening its relationship with the armed forces community.

SBI’s Market Position and Reach

SBI remains the backbone of India’s banking system, holding a strong deposit and lending portfolio. As of June 2025, the bank reported:

• Deposit base: ₹54.73 lakh crore

• Advances: ₹42.54 lakh crore

• Branches: 22,980 across India

• ATMs/ADWMs: 62,200

• Banking Correspondent (BC) outlets: 76,800+

This vast network ensures that Agniveers and defence personnel, regardless of their location, can avail of the scheme with ease.

Conclusion

SBI’s special personal loan scheme for Agniveers is a timely initiative that blends financial inclusion, affordability, and respect for India’s armed forces. With collateral-free loans, concessional rates, and seamless repayment terms, the scheme is set to provide crucial financial assistance to young soldiers during their service. Coupled with the benefits of SBI’s Defence Salary Package, this move highlights the bank’s dedication to empowering the defence community and strengthening its bond with the nation’s protectors.