Personal Loans for Defence Personnel

Many lenders offer lower interest rates to defence personnel availing personal loans. Such interest rates are usually lower than the personal loan interest rates offered to civilians.

Bank & NBFCs, especially offering preferential interest rates or other features, may ask for employment proof from armed/paramilitary forces personnel making personal loan applications.

State Bank of India

SBI offers Xpress Credit Personal loans to army personnel having salary account with the bank. The defence personnel maintaining salary account with SBI can also make online personal loan applications with instant disbursal through YONO app. This facility is offered under the SBI Real Time Xpress Credit loans for loan amounts of up to Rs 35 lakh.

Bank of Baroda

Defence personnel maintaining their salary account with Bank of Baroda are offered lower personal loan interest rates starting from 10.40% p.a. onwards and for tenures of up to 5 years. The bank also offers a 0.10% concession in interest rate (both fixed and floating) to those borrowers who opt for group credit life insurance.

Punjab National Bank

PNB offers personal loans to defence personnel including CRPF, BSF, CISF, Military Station Headquarters and Indo-Tibetan Border Police at lower interest rates starting from 10.50% p.a. and for tenures of up to 5 years.

Union Bank of India

Union Bank of India offers personal loans to defence personnel under its Special Retail Lending Scheme for Government Employees. The interest rates of personal loans under this scheme starts from 10.35% p.a. and for tenures of up to 5 years.