हिंदी में पढ़े
Banks and NBFCs do not usually offer any special personal loan schemes for defence personnel. Hence, defence personnel can avail the regular personal loans offered by various lenders for financing their personal requirements. Some lenders also offer concessional interest rates to personal loan applicants employed with armed forces and paramilitary forces. Note, many lenders also allow defence personnel to avail special personal loan schemes meant for government employees.
Personal Loan for Defence Personnel Interest rates
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.
Lenders offering preferential interest rates to defence personnel
| Lenders | Interest Rates (p.a.) |
| Punjab National Bank | Floating rates-11.40%
Fixed rates- 12.40% |
| Bank of Baroda | Floating rates- 11.40%-11.90%
Fixed rates- 11.15%-11.65% |
| State Bank of India | 11.45%-12.95% |
| Union Bank of India | 11.35%-13.45% |
Note: Rates as of 19th November 2024
Interest rates of Regular Personal Loan offered by Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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Other Benefits of Personal Loans for Defence Personnel
- Such loans can be used for any personal purpose, except for speculation
- Some lenders also offer pension loans to defence pensioners
- Personal loans offered to defence personnel are collateral free, i.e., the applicants are not required to provide any collateral or security to the bank/NBFC
- Lenders do not usually charge any processing fees from defence personnel availing personal loans
- Documentation charges are also waived off by many lenders for defence personnel
Lenders offering special personal loan features to Defence Personnel
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 application 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 10.80% p.a. onwards and for tenures of up to 5 years.
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 11.40% 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 11.40% p.a. and for tenures of up to 5 years.
Documents Required for Loan Application
- ID proof- Aadhar card, PAN card, Driving license, Passport
- Signature proof
- Address proof
- ITR/Form 16
- Last 3 months’ salary slips
- Bank statements for past 6 months
Bank & NBFCs, especially offering preferential interest rates or other features, may ask for employment proof from armed/paramilitary forces personnel making personal loan applications.