Many banks in India have come up with special loan schemes for the army and defence personnel of the nation. These loan schemes offer finances to defence personnel’s to suit their loan requirements. There are different kinds of loans especially for the defence personnel including personal and home loans. Let us look into loans for defence personnel in India.
Oriental Bank of Commerce is well known for its wide range of unique and efficient financial products. The bank offers a special loan scheme for defence personnel in India. The loan to Defence Personnel by OBC is a personal loan scheme that offers finance to meet personal expenses incurred from weddings, family function, education and more. Working Defence Personnel with minimum of one year of service, personnel of paramilitary forces like BSF, ITBP, CRPF, Coastal Guards, CISF, Assam/ J&K Rifles are eligible for the loan. Listed below are the main features and fees/charges of the loan:
SBI Shaurya Home loan is a home loan scheme designed specifically for the army and defence personnel of the nation. Only defence and army employees are eligible for this home loan scheme. The defence personnel’s can avail benefits such as low rate of interest and various other benefits from this home loan that they probably wouldn’t get in regular home loans. Long tenure and easy repayment option is another added advantage of the home loan scheme. Listed below are the main features and fees/charges of the loan:
These are some of the famous loans for defence personnel in India. Though there aren’t many loan options that cater only to the defence personnel, many banks offer special rates and additional benefits in their regular loan schemes for the defence personnel.
Various banks in India offer loans for defence personnel. Some of the banks who offer this type of loans are HDFC Bank, Bank of India, Saraswat Bank, Axis Bank, Andhra Bank, etc.
You can apply for a loan for defence personnel by visiting the official website of the bank from whom you wish to avail the loan. You will have to fill out the form and provide relevant documents. If you meet the eligibility criteria, your loan application will be sanctioned and the loan amount will be disbursed to your bank account.
You can also apply for this type of loan on the BankBazaar official website.
You can also apply for this type of loan offline by visiting the nearest branch of the bank from you wish to avail this loan.
Yes, most of the banks do allow retired defense personnel to apply for a loan for defence personnel. However, before applying do check the other eligibility criteria.
Yes, this type of loan can be availed by anyone working in the defence sector including Navy.
The rate of interest will vary from bank to bank. Generally, the rate of interest may vary between 11.75% to 15.10%. You will have to thoroughly compare the loan for defence personnel offered by various banks and then apply for the one which you feel will be suitable for you and as well as easy for you to repay your EMI in a timely manner.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.