State Bank of India announced the launch of a special personal loan scheme for Agniveers under the Government of India’s short-term Agnipath recruitment programme on the occasion of the 79th Independence Day, reported PTI.
Under this loan scheme, Agniveers with a salary account at SBI can avail loans up to ₹4 lakh without any collateral and with a complete waiver of processing fee, the bank said in a statement.
The repayment tenure will align with the term of the Agnipath scheme, offering maximum flexibility and convenience to our nation’s brave hearts transitioning from civilian life, it said.
In addition to this, the bank is offering the lowest interest rate of flat 10.50 per cent to all defence personnel till September 30, 2025, it said.
While launching the product, the bank’s 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.”
These initiatives build on the bank’s long-standing commitment to the welfare of India’s armed forces through its Defence Salary Package that has long been available to Agniveers.
Fund transfers
In another news, SBI has revised charges on fund transfers through the IMPS (Immediate Payment Service) effective today.
Although there is no change in charges for fund transfer through IMPS done via branch, fund transfer above ₹25,000 would attract charges through the online channel from August 15, as per the information posted on the SBI website.
Transactions above ₹25,000 done through online channels will now attract nominal charges ranging from ₹2-10 plus Goods and Services Tax (GST).
Transfer of funds above ₹25,000 but less than ₹1 lakh would attract a service charge of ₹2; for amounts of ₹1-2 lakh, ₹6, and for amounts of ₹2-5 lakh, ₹10.
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