SBI Launches Special Independence Day Loan Scheme for Agniveers

Mumbai, August 16: The State Bank of India (SBI), the country’s largest lender, has marked the nation’s 79th Independence Day by unveiling a special personal loan scheme for Agniveers, the young recruits serving under the Government of India’s Agnipath programme.

Under the scheme, Agniveers with a salary account at SBI can avail personal loans up to ₹4 lakh without the need for collateral and with a complete waiver of processing fees. The repayment tenure will be aligned with the term of the Agnipath scheme, ensuring flexibility for those transitioning into civilian life after service.

Additionally, SBI is offering a flat interest rate of 10.50% to all Defence personnel until September 30, 2025, making it the lowest on offer.

Launching the product, CS Setty, Chairman, SBI, said: “On the auspicious day of Independence, we are honored to launch this exclusive financial product for Agniveers — the young warriors who are serving our nation with dedication and courage. 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 initiative builds on SBI’s Defence Salary Package, already available to Agniveers and Defence personnel. The package offers a range of privileges, including zero-balance accounts, free international gold debit cards, unlimited free ATM transactions at SBI ATMs nationwide, waivers on debit card maintenance charges, and comprehensive insurance coverage. Benefits include ₹50 lakh personal accident cover, ₹1 crore air accident insurance, and disability coverage up to ₹50 lakh.

Through these measures, SBI said it is reaffirming its long-standing commitment to supporting India’s armed forces community.