Things You Need To Know About Army Military Loans
Being an army man is a matter of honor as they serve their country all their lives. Army loans are specially sanctioned for the army men on lower interest rates. To provide to the military officers, several military loan companies are there to assist in each state. However, it is not easy to obtain a loan even if you are military personnel.
Army military loans – types and top criteria
Some important and essential information in regard to Army Loans is given under:
- There are various types of loans available, depending upon the designation of the general. Some of the loans are. Moreover, there are also several varieties of the army military loans, including Leadership VIP, Premier and Bereavement Military, The Disaster Relief, Career Service, and senior leadership VIP Loans, etc.
- Other eligibility criteria are also taken into consideration like the general must have served the military for at least twenty years.
- The loan can be sanctioned only after proper verification and after giving the proof of the designation and other details.
- The amount for the military personnel is for about $5,000, and the interest rates are quite low.
- There is a loan named Bereavement Military Loan which is for the Army personnel who face sudden emergencies. This loan is sanctioned with the free interest duration of 90 days and is given to the general.
- Another type of loan is the Career Service Loan. It sanctions a loan amount for up to $6,500 to the military servicemen and it an alternative personal loan. It is the same as the personal loans which civilians receive.
- The Premier package offers any amount up to $7,500, and the Senior Leadership VIP Loan funding is up to $10,000 which is offered to more senior generals.
These are the types and top criteria considered while giving a loan to military officers as Army loans. The Army loans are only differed by the interest rates. Less or no rates that on the position of the personnel.
Although it appears extremely easy to attain army loans, it is not easy to get them sanctioned. The officer will be required to comply with various compliances before getting one.
