Article

Army Loans
November 29 , 2012

Many banks have signed MoUs with the Indian Army to extend enhanced banking services and products to members of defence services. They offer home loans, auto loans and personal loans to defence personnel at 25-50 basis points lower than the floor rate. In the list of banks providing special personal loan to defence employees are SBI, HDFC Bank, Kotak Mahindra Bank, Vijaya Bank, PNB and OCB.  Defence personnel can also avail cheap loans from defence self-help groups.

Indian Air Force Benevolent Association provides interest-free loans to Air Force personnel. These loans are available to members in service provided their DSOPF/AFPPF balance has been brought down to the minimum required under Deposit Link Insurance Scheme. Maximum of two loans can be availed. The second loan is sanctioned after 3 years of fully paying off the first loan. Loan can be repaid in a maximum of 30 monthly installments. Detail of maximum loan available for different personnel is listed below.

Applicable to

Officers

Airmen

NC(E)s

Max amount (in Rs)

50,000

30,000

20,000

Indian Naval Benefit Association provides loans for financial assistance to members of Indian Navy with at least three years in service. Up to five loans can be availed during entire service period. Loan is available for purposes such as education of children, marriage of daughter/sister and other purposes. In case of marriage of self the applicant should be 25 years of age or more. A maximum of two loans can be availed for marriage of daughter/sister. Interest on these loans is much lesser than the prevailing market rates.

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