Article by Addy Roy
People in large numbers are in the military services. They have been posted in different areas. Many of them have already retired from their services. Military loans have been introduced to help them. These men require financial support. They have sons and daughters and they are to spend for their education. Many of these people have homes. Sometimes, they need finance for renovation of their homes. They need fiscal support for medical treatment and even for repairing their vehicles. There are several lending agencies in the financial market which have been ready with different schemes of military loans. The military personnel, regular or retired, can secure military loans at lower rates of interest.
Military loans are available in different categories. Categorization of the military loans has been based on the ranks of the military personnel. Categorization of military loans depends also on the financial stability of the defense staff. When the lenders receive the application from the defense staff, they check the personal information submitted there. Then, they pay attention to their level of duty, financial necessity, credit history and many other things. Identification of the personnel and their personal details are considered during approval of the application. Military loans may come mainly under the following heads:a) Personal loansb) Payday loansc) Computer loansd) Auto loans
Usually, no guarantee is demanded for offering military loans. Military loans have similarity with unsecured loans. Of course, there exist some differences. The interest rates in military loans are lower and repayment duration is flexible. In most of the cases the borrowers get immunity in case of fines and penalties.
The lenders favor the application of the loan-seekers who hold good credit record. The applicants having better credit history are awarded offers and discounts. On the other hand, the defense staffs that have stained credit record are also qualified for military loans. The amount of loan comes in the range between