Personal loan for defence personnels can be obtained from many banks, such as SBI, HDFC, PNB, and so on. You can get a loan amount of up to Rs. 40 Lakhs at concessional interest rates and processing charges. These loans come with longer tenure and require minimal documentation.
Realising the growing need for personal loans among defence personnel, many lenders in India started offering special personal loan for defence personnel and pensioners to help them cater to their financial needs. SBI (State Bank of India), Saraswat Bank, HDFC Bank, PNB (Punjab National Bank) and many other lenders offer personal loans to these individuals.
Below are some popular personal loan schemes for defence personnels from top banks:
SBI offers special personal loans for army persons under the SBI Xpress Credit loan and SBI Quick schemes. Following are the details of SBI personal loan for defence personnel:
HDFC offers personal loans for defence personnel up to Rs. 40 Lakhs and repayment tenure of 12 to 60 months. Generally, HDFC personal loan interest rate for defence personnel starts from 10.25% p.a. for other borrowers. However, interest rate for HDFC personal loan for army person can be different as the bank offers preferential pricing on loans for defence personnel.
HDFC personal loan for defence personnel are easy to obtain and require very few documents.
PNB offers personal loans for defence personnel up to Rs. 10 lakhs at attractive interest rates starting from 8.45% p.a. and processing fee up to 1% of loan amount + GST. Currently, the processing fee is waived off completely. The repayment tenure is 1 to 5 years and foreclosure facility can be availed of at zero additional charges.
Till verification of the documents and disbursal of funds, applicants have to be posted at the same location and they also require job confirmation proof from their department head. After receiving the funds, they can repay the loan amount in EMIs from anywhere through the auto debit option.
|Bank||Interest Rate||Tenure||EMI (Per lakhs)||Disbursed|
|HDFC Personal Loan||10.50%||5 Years||Rs. 2,149||Instant Disbursed only for HDFC Customer|
|ICICI Personal Loan||10.50%||6 Years||Rs. 1,878||3 to 4 days|
|SBI Personal Loan||9.60%||6 Years||Rs. 1,832||5 to 7 days|
|PNB Personal Loan||8.45%||5 Years||Rs. 2,049||5 to 7 days|
|Bajaj Finserv Personal Loan||13%||5 Years||Rs. 2,275||24 Hours|
|Tata Capital Personal Loan||10.99%||6 Years||Rs. 1,903||5 to 7 days|
|Indiabulls Personal Loan||13.99%||2 Years||Rs. 4,801||24 Hours|
|Citibank Personal Loan||9.99%||5 Years||Rs. 2,124||5 to 7 days|
|Yes Bank Personal Loan||10.99%||5 Years||Rs. 2,174||5 to 7 days|
Large private sector banks including HDFC Bank, ICICI Bank and Axis Bank seem to have finally recognized the important role such employees have in serving the nation and are open to offering various types of Personal Loan products to such individuals. For the men and women serving in these organizations of national importance, there is finally recourse to get funds through the Personal Loan route which is amongst the quicker ways to liquid funds without collateral. It is understood that Personal Loan Interest Rates are being offered at 8.45% p.a. onwards.
Demand for Personal Loans has been growing on the back of rationalization of interest rates, easy availability of such loans from banks and financial institutions, online credit scoring as well as emergence of intermediaries and third-party financial product distributors such as MyMoneyMantra who has reached out the customers from all walks of life.
The reluctance to provide such loans was understood to be based on multiple factors some of which include – frequent transfers, changing banking relationships, low salary (before seventh pay commission).
However, change is in the air, and over the last few months some leading private sector banks have proactively started offering Personal Loan products to employees (mentioned in the table below) serving in Defence, Paramilitary and Railway services.
If you fall under any of the categories mentioned above, you can apply online for personal loan for defence personnel with MyMoneyMantra to get access to quick funding.
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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Yes, many banks, such as SBI, HDFC, PNB, ICICI, and so on offer personal loans to government employees.
SBI, HDFC, and PNB are some of the most popular banks that offer personal loans for defence personnel.
The interest rates on these loans vary from lender to lender and start from as low as 8.45% p.a.
Yes, many banks, including SBI, PNB, etc. offer personal loans to retired defense personnel.
Additional Reading: Top Credit rating agencies in India