State Bank of India offers SBI Xpress Credit loans to the Army person, Navy person and Airforce person with various benefits. As you know SBI is the top lender in the field of personal loan which offers the cheapest rate of interest. SBI offers easy and quick loan for defence personnel with best rate of interest. SBI Personal Loan for Army person is the top choice among the army personal for personal loan services.
SBI is the largest bank account holder of the army personnel in India. It also has specialised account also called DSP (Defence Salary Package) which offers various benefits to them.
The Army personnel get quick and easy loans if they have a bank account with SBI Bank. The SBI Bank offers various customized offers to army personnel if they salary account with SBI. The army person who accounts with SBI and has a good credit score gets frequent customized offers on personal loan with the lowest rate of interest.
Benefits of SBI Personal Loan for Army Person
- The lowest rate of interest
- Quick loan disbursal
- Easy loan disbursal
- Documentation charges are nil for the army person
- Processing Fees are waived off for the army person for the personal loan or can be 1% as per the latest scheme
- There is no collateral required for personal loans given to army personnel
- As most of the army units have SBI Branch so it is much easier to get the process done
- SBI even have offer for SBI defence salary account holder or SBI DSP account holder for personal loan
- The army person can avail maximum personal loan amount
- The SBI also have flexible EMI Scheme on personal loan for army person
- SBI also offers personal loan for retired army person or defence pensioners
Latest Interest Rate table for SBI Personal Loan for Army Person
| Scheme | Rate of Interest (Maximum) |
|---|---|
| SBI Pension Loan | 11.15% |
| Jai Jawan Pension Loan | 11.15% |
| Pension Loan Scheme For Treasury & PSU Pensioners | 11.15%-11.65% |
| Pre-Approved Pension Loans(PAPNL) | 11.15% |
| Pre-approved Insta Pension Top-Up | 11.15% |
The following are the features of SBI Personal Loan for Army Person:-
Repayment tenure: The SBI offers repayment tenure from 06 months to 06 years as per the easy of army person.
Rate of Interest: The rate of interest ranges from 10.60% to 12.60% p.a as per the credit score of the army person
Loan Amount: The amount of personal loan ranges from 25K to 20 Lacs as per the salary and requirement of the army person
Eligibility:
- The minimum age is 21 years old.
- A minimum monthly income of Rs. 15,000 is required.
- The EMI/NMI Ratio must be below 50%.
- Must have an SBI or other bank salary account.
SBI Personal Loan for Army Person can be availed through the following scheme:-
XPRESS CREDIT
XPRESS CREDIT LITE
SBI Personal Loan for Army Person can also be availed as follows:-
How much loan can an army person get?
It depends on his salary and the maximum he can take is 25 lacs
Can the Army give me a loan?
Yes, an Army person can get a loan from AGIF and also he gets loan in an emergency through Army Emergency Fund
Do Army officers get loans?
Yes, He can avail of the loan from Army (AGIF) or through various government banks’ specialised loans schemes or through various private banks like HDFC, ICICI Banks etc
Recommended for further Information
HDFC Home Loan Interest Rate for Defence Personnel