Loans for Defence Personnel 2022

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Loans for Defence Personnel 2022 Highlights

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Many banks offer exclusive loans, including personal loans, home loans and education loans, for military personnel. Under these schemes, defence personnel can get finances for their personal financial requirements. Some of the top loans are as under. 

SBI Shaurya Home Loan

State Bank of India offers Shaurya Home Loan scheme exclusively for Army and Defence personnel of the country. SBI home loan for paramilitary personnel, armed forces and other defence personnel provides added benefits, like lower interest rates, flexible repayment options and longer loan tenure, only to the defence employees. 

Benefits of SBI Shaurya Home Loan

 Key benefits of getting SBI defence housing loan are as under:

  • Attractive interest rates
  • No processing charges
  • No prepayment charges
  • Flexible repayment for up to 30 years
  • Concession on the interest rate for women borrowers
  • Interest on daily reducing balance
  • 5 bps lower interest rate 

Eligibility for SBI Shaurya Home Loan

  • Citizenship: Resident Indian
  • Age limit: 18 years – 75 years
  • Loan tenure: Up to 30 years

IDBI Bank personal loan

Defence personnel including Army, Navy and Air Force, Paramilitary Forces (CRPF, BSF, ITBP, CISF) Rasht Riya Rifles, Assam Rifles, and Coast Guards with a minimum one year of continuous service can apply for a personal loan from IDBI Bank. Defence employees can get personal loans up to Rs. 10 lakh for their personal financial requirements for up to 60 months. 

Part pre-payment is allowed after 6 months without prepayment charges. IDBI Bank personal loan interest rates range from 12.99% to 13.49%. 

Oriental Bank of Commerce personal loan

Oriental Bank of Commerce an exclusive term loan scheme for defence employees in India. Working defence employees with a minimum of one year of service can apply for a personal loan from OBC for their various financial needs like medical emergency, home remolding, a child’s higher education, dream vacation and big-ticket purchase. Under this scheme, military personnel can get up to Rs. 10 lakh loan. 

Benefits of Oriental Bank of Commerce personal loan

  • Minimal documentation for defence employees
  • No documentation charges
  • Minimal processing fee 0.50%

Oriental Bank of Commerce personal loan key features

Age limit

21 to 60 years

Loan amount

Up to 15 times gross salary subject to the following conditions

  • For commissioned officers up to Rs. 3 lakh

  • For junior commissioned officers up to Rs. 2.50 lakh

  • For non-commissioned offers Rs. 1.50 lakh 

Interest rate

11.45% p.a. onwards

Loan tenure

36 months


One personal guarantor preferably co-employee

Prepayment charges


Processing fees

0.50% of the loan amount subject to a minimum of Rs. 500

AGIF Home Loan Kit from HDFC Bank

Army Group Insurance Fund (AGIF) in association with HDFC Bank offers home loan for the army personnel to help them purchase the home of their dream. 

Benefits of AGIF Home Loan Kit

  • Simple and hassle-free home loan application process
  • Customised multiple repayment options to suit borrowers’ convenience
  • Doorstep services for home loan customers 
  • Wide-spread bank network makes it easy for customers to approach the banks anywhere in India
  • Legal and technical assistance for defence personnel to help them choose the right home loan