&w=3840&q=100)
SBI scheme: Agniveers to get collateral-free ₹4 lakh loan at 10.5% interest
Under the new scheme, Agniveers with an SBI salary account can avail personal loans of up to ₹4 lakh without any collateral and enjoy a complete waiver of processing fees. The repayment tenure will be synchronised with the term of the Agnipath engagement, providing maximum flexibility for soldiers as they transition to civilian life.
As part of the Independence Day initiative, SBI is also offering a flat 10.50% interest rate — its lowest — to all defence personnel until September 30, 2025.
Launching the product, SBI Chairman C.S. Setty said:
'At SBI, we believe that those who are protecting our freedom deserve our unwavering support as they build their futures. This zero-processing fee is just the beginning as we continue to create solutions that will empower India's brave hearts in the years to come.'
The bank emphasised that this scheme builds on its existing Defence Salary Package, which has long extended preferential banking services to armed forces personnel, including Agniveers.
With this announcement, SBI aims to further cement its relationship with India's defence community, aligning financial products with the unique service terms and post-duty needs of Agniveers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
24 minutes ago
- Mint
PM Modi's Viksit Bharat Rozgar Yojana for youth: ₹15,000 for 1st private job— eligibility, benefits and other details
Prime Minister Narendra Modi on Friday launched the PM Viksit Bharat Rozgar Yojana, which is expected to generate 3.5 crore jobs in the next two years. In July, the Union Cabinet had approved the scheme aimed at incentivising job creation in the country. "Today is August 15 and we are launching a ₹ 1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from today," Modi said in his Independence Day speech. He said that under this scheme, the youth getting their first job in the private sector will get ₹ 15,000 and the companies employing them will get incentives. * With an outlay of ₹ 99,446 crore, the PM Viksit Bharat Rozgar Yojana (PMVBRY) aims to incentivise the creation of more than 3.5 crore jobs over two years. Of these, 1.92 crore beneficiaries will be first timers, entering the workforce. * The benefits of the scheme would be applicable to jobs created between August 1, 2025, and July 31, 2027. * The scheme consists of two parts: Part A is focused on first-timers, and Part B is focused on employers. * Jobs created between August 1, 2025 and July 31, 2027 are eligible * Must be first-time private sector employees * Must be registered with the Employees' Provident Fund Organisation (EPFO) * Monthly earnings should be up to ₹ 1 lakh * Employees will receive one month's EPF wages up to ₹ 15,000 in two instalments. First instalment after 6 months of service and second instalment after 12 months and completion of a financial literacy programme. * Employees will get direct benefit transfer (DBT) via Aadhaar Bridge Payment System (ABPS) * Incentives for hiring employees earning up to ₹ 1 lakh * Up to ₹ 3,000 per month will be given for each new employee for two years * For manufacturing employers, incentives are extended to the third and fourth years * Employers must maintain new hires for at least six months * Employers must hire two extra staff if they have fewer than 50 employees, or five extra if they have more than or equal to 50 * Employers will get funds directly into PAN-linked bank accounts
The Hindu
26 minutes ago
- The Hindu
Centre proposes fewer GST rates: only 5% & 18% to remain, tax on common-use items slashed
The Centre has proposed to reduce the number of slabs under the Goods and Services Tax system, retaining the 5% and 18% slabs, while introducing a lower concessional rate below 1% and a high 'sin rate' of 40% on just five to seven items, according to official sources. This would entail entirely doing away with the 12% and 28% tax brackets. Of these, 99% of items currently in the 12% slab will be moved to the 5% rate and 90% of goods and services in the 28% bracket will move to 18%. There will be no cess of any kind over and above the GST rates. These reforms would be part of a 'Deepavali gift' from the Centre in the form of 'next-generation GST reforms', Prime Minister Narendra Modi announced during his Independence Day speech at Delhi's Red Fort on Friday. The reforms will bring down 'tax burden on the common man', he added. 'There will of course be a hit to revenue, but it will not be so huge as to materially affect the fiscal deficit,' an official said. 'The thinking is that the lower rates will increase consumption, reduce evasion, and widen the tax net, which will increase revenues by the end of the financial year.' Up to the States now The Ministry of Finance, in a press release issued soon after the speech, said that the Union government has sent its proposal on GST rate rationalisation and reforms to the Group of Ministers (GoM), which has been constituted by the GST Council to examine the issue. It added that the GST Council would deliberate in its next meeting — likely be held in September or October, according to sources — on the recommendations of the GoM and would strive to implement the bulk of the reforms within this financial year. The Centre would be engaging with the States over the next few weeks to achieve a consensus on these reforms. The reason the Centre had to put forth such a proposal in the first place, the source confirmed, was because the GoM tasked with simplifying the GST only comprises representatives of the States. 'Even though the Centre is part of the GST Council, it has no voice when it comes to these changes, such as rate rationalisation or what happens with insurance,' a source explained. 'And so we had to submit our proposal to the GoM.' It is now up to the States to accept or reject the proposals, the source added. Revenue impact According to sources, the 28% tax slab currently accounts for 11% of the revenue from the GST, the 12% slab accounts for 5%, and the 5% slab accounts for 7% of the revenue. The bulk of the revenue — around 67% — comes from the 18% slab. The Centre has also proposed that the rates on aspirational items, such as white goods, would be reduced. Air conditioners are currently taxed at 28%, which will see a reduction, while other white goods currently taxed at 18% could potentially see their rates reduced as well. This includes daily-use items such as toothpaste, soap, and shampoo. 'A few years ago, the Reserve Bank of India calculated that the average GST rate in India had settled at 11.6%, which will now substantially come down,' the first source explained. 'The idea is that similar items will be taxed the same, so, for example, all namkeen (savouries) will be taxed at the same rate.' They added that there would be only five to seven 'sin goods', such as tobacco and gutka, in the 40% category, while the concessional rate of less than 1% would apply to the few items that are currently taxed below 5% and above 0%. These include precious metals like gold and silver (currently taxed at 3%) and semi-precious stones (currently taxed at 0.25%). 'Nothing has been added to this list of concessionary items,' the source asserted. Other reforms To promote 'ease of living', the Centre has proposed using technology to speed up and ease the GST registration process and implement pre-filled returns, thus reducing manual intervention and eliminating mismatches, while refunds could be processed in a faster and more automated manner. 'One of the more consequential proposals in terms of ease of living is to correct the inverted duty structure for most goods since this was leading to working capital issues,' a source explained. An inverted duty structure is when the tax rate of a product is lower than the tax rate of the inputs that go into its production. The government reimburses companies for this inversion, but delays for any reason lead to the companies' working capital being locked up, which affects their ability to invest in new business.
Mint
26 minutes ago
- Mint
Ola S1 Pro Sport debuts with 13 kW Motor, 320 km claimed range: Price, features and more
Ola Electric has introduced its new flagship electric scooter, the S1 Pro Sport, during the Sankalp event at its Tamil Nadu facility on the eve of Independence Day. The model is priced at an introductory ₹ 1,49,999 (ex-showroom), with reservations open for ₹ 999. Deliveries are scheduled to begin in January 2026. The S1 Pro Sport is positioned as a sport-focused variant within the S1 line-up and is equipped with a 13 kW ferrite motor developed and manufactured in-house. It features revised styling, a sport-tuned suspension, and advanced driver assistance systems (ADAS) — marking the first time the technology has been offered on an electric scooter in India. Design changes include sharper, aerodynamically optimised bodywork, a small windscreen, carbon fibre front fender and grab rail, and a redesigned seat with revised foam for added comfort. The lighting setup remains fully LED, with the addition of a new daytime running light for increased visibility. On the technology front, the ADAS package incorporates collision warnings, blind spot alerts, adaptive cruise control, traffic sign recognition, and speeding alerts. A front-mounted camera can operate as a dashcam, record rides, and capture theft-related incidents. The scooter's interface has also been updated to support a voice assistant, customisable display themes, personalised ride analytics, predictive maintenance alerts, and smart charging. The new ferrite magnet motor delivers a peak output of 16 kW and 71 Nm of torque, paired with a 5.2 kWh battery pack using 4680 cells. Ola claims a top speed of 152 km/h, a 0–40 km/h acceleration time of 2 seconds, and an IDC range of 320 km. The suspension setup consists of a telescopic front fork and a preload-adjustable rear monoshock, with disc brakes at both ends. The scooter runs on a 14-inch front alloy wheel with wide-profile tyres, offers 34 litres of under-seat storage, and has a seat height of 791 mm. Alongside the S1 Pro Sport launch, Ola has revised pricing for its existing models fitted with 4680 cells. The S1 Pro+ 5.2 kWh is now listed at ₹ 1,69,999, while the Roadster X+ 9.1 kWh is priced at ₹ 1,89,999 (ex-showroom). Both are available with an additional ₹ 10,000 discount until 17 August. Deliveries of these updated models will commence from Navratri.
