SBI Launches Special Personal Loan Scheme for Agniveers: Up to ₹4 Lakh Loan Without Collateral

On the occasion of India’s 79th Independence Day, the State Bank of India (SBI) has announced a special personal loan scheme designed exclusively for Agniveers—the young recruits serving under the Agnipath scheme. This initiative is available to those Agniveers who maintain their salary accounts with SBI, offering them quick access to funds during or after their service period.

Key Highlights of the Loan Scheme

Under this new initiative, Agniveers can avail of personal loans up to ₹4 lakh without any collateral. In addition to this, SBI has completely waived off the processing fee, making the loan more affordable and accessible.

The scheme aims to address the financial needs of Agniveers who may require immediate funds during their tenure or soon after their service. By removing the requirement for security or collateral, the bank has ensured that young defense recruits can access credit without unnecessary hurdles.

Repayment Terms and Interest Rate

The repayment schedule for these loans will align with the Agnipath recruitment program, ensuring that repayment terms remain practical for Agniveers.

SBI has also announced a flat interest rate of 10.50% for all defense personnel applying under this scheme. This rate will remain valid until September 30, 2025. Compared to traditional personal loans, which often carry higher interest rates, this scheme offers relatively affordable borrowing terms.

Benefits Beyond Loans: SBI’s Defense Salary Package

The new personal loan scheme is an extension of SBI’s existing Defense Salary Package, which already provides a wide range of benefits to defense personnel, including:

• Zero balance salary accounts

• Free international gold debit card

• Unlimited free transactions at SBI ATMs across India

• Waiver of annual maintenance charges on debit cards

• Personal accident insurance cover up to ₹50 lakh

• Air accident insurance up to ₹1 crore

• Permanent disability cover up to ₹50 lakh

By combining these benefits with the new loan scheme, SBI is positioning itself as a strong financial partner for Agniveers and defense employees.

SBI’s Strong Network and Reach

As the largest bank in India, SBI has both the capacity and reach to effectively deliver these benefits. As of June 2025, the bank held deposits worth ₹54.73 lakh crore and advances totaling ₹42.54 lakh crore.

Its wide presence, with 22,980 branches, 62,200 ATMs, and over 76,800 Business Correspondent (BC) outlets across the country, ensures that Agniveers in both urban and rural regions can easily access these financial services.

Why This Matters for Agniveers

The Agnipath scheme, launched in 2022, introduced a new short-term recruitment model for the Indian Armed Forces. While the program provides valuable training and national service opportunities, Agniveers often require financial flexibility to meet personal or family needs during or after their service.

By launching this personal loan scheme, SBI has not only recognized this requirement but also created a financial safety net. The no-collateral policy, low interest rate, and fee waiver ensure that Agniveers can meet urgent financial needs without falling into high-cost borrowing traps.

Conclusion

SBI’s new personal loan scheme for Agniveers is more than just a financial product—it is a recognition of their service and contribution. With affordable interest rates, collateral-free loans, and easy repayment options, the scheme promises to empower Agniveers with financial stability and peace of mind.

As India’s largest bank continues to expand its defense-oriented financial services, this initiative stands out as a timely support system for the country’s young recruits.