HDFC Bank Ltd. on Friday announced the introduction of ‘Shaurya KGC Card’, a loan product for the armed forces personnel.
Targeted at 45 Indian armed and paramilitary forces, this product comes with unique features and eligibility criteria specially crafted for the people who are posted far away from their homes, HDFC Bank said.
The product is based on the Kisan Credit Card guidelines by the government, it added. Through this scheme, agriculture loans will be given to the personnel based on their land holdings and requirements.
The product comes with life cover of ₹ 10 lakh as against ₹ 2 lakh for an average card.
It has simple and easy documentation process that doesn’t require the personnel’s physical presence to accommodate nature of his job and his availability.
It was digitally unveiled by Aditya Puri, Managing Director, HDFC Bank, who himself comes from an Air Force family.
Mr. Puri said, “It’s an absolute honour to launch this product for the armed forces and their families. Coming from an Air Force family, I have seen from close quarters the sacrifices they make and hardships they go through - the personnel on duty and their families back home.”
“I feel like my career is complete now that we’re able to do something for them. With this, we have an equally good product for armed forces brethren as we have for farmers. This is our Independence Day gift to our protectors. Jai Jawan, Jai Kisan, Jai Hind,” he added.
Mr. Puri said the asset quality of such loans will be of highest standard as the members of the armed forces are honest and will repay the loans.
The Shaurya KGC Card will provide armed forces personnel with finance for agricultural requirements like production of crop, post-harvest maintenance and consumption needs.
They can also avail of this funding to purchase farm machinery, irrigation equipment or construct storage structures.
The loan facility has been designed keeping in mind the financial needs of the armed forces and can be availed by visiting HDFC Bank Branches, applying the loan through recently launched HDFC Bank e-Kisan Dhan app and by dialling an all India Interactive Voice Response (IVR) toll free number (1800 120 9655).
Once approached, HDFC Bank officials will do everything to complete the formalities even though the personal is posted at the border.
