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Loans for Defence Personnel
Defence personnel sacrifice more than their life for their country. They sacrifice the prime years of their lives when they could have cared for their family and provided them with food, clothing, and shelter. When these people return home from the warfront, they often find themselves dependent on family for support. In these circumstances, purchasing a home becomes almost impossible.
Understanding this need to have a home to return to, many banks and financial institutions offer loans for defence personnel with specialized terms. One such loan is a personal loan for defence personnel.
A personal loan may be used for any purpose whatsoever, without the need to disclose it. The loan is granted – subject to certain terms – without asking about the purpose of the loan. The amount disbursed may be used to purchase a ready-to-move-in home, construct a new home, or purchase a house under construction. It may also be used for other purposes such as meeting unexpected expenses like the marriage of a child.
Personal loans are granted for periods ranging from 1 to 7 years. EMI under these loans are usually payable every quarter. Borrowers may prepay the loan if they with subject to certain terms.
Apart from personal loans from each bank, SBI offers an exclusive home loan to defence personnel.
About Loans for Defence Personnel & Widows
The SBI Shaurya Home loan is a loan product tailored to meet the needs of individuals in the Indian Army or Defence Forces. The loan scheme offers lower interest rates and other special benefits to defence personnel on the regular home loan product. The key features and concessions available under the scheme are as follows –
While all regular loan and other financial products are available to defence personnel and persons working in the Indian Army, Navy, Air force, or other paramilitary forces, these loan products offer special privileges to such individuals in an effort to ease the burden of repayment bearing in mind the fact that they put their lives at risk for the country.
Perhaps the worst experience of life is losing a beloved life partner. In India particularly, where you can still see glimpses of the patriarchal society, life can be difficult for widows – both financially as well as emotionally.
Keeping this fact in mind, banks and NBFCs have designed loan products specifically for women. The loans help widows set up a business or tide over difficult times until such time they can take up gainful employment and adapt to the new circumstances.
Here are some of the loans for widows offered by banks and other financial institutions.
Udyogini Scheme for Women Entrepreneurship
Udyogini is an initiative of the Government of India for the welfare of women. Managed by the Women Development Corporation, the scheme seeks to make women self-reliant and financially independent. Loans are offered - under the scheme - for women to set-up and manage a business independently. Currently the scheme is available in the State of Karnataka only and is run and managed by the Karnataka State Women Development Corporation (KSWDC). Key features of the scheme include –
SEMFEX (Self-Employment Schemes for Ex-Servicemen) and Widows
This scheme has been launched by the Directorate General Resettlement and supported by the National Bank for Agriculture and Rural Development (NABARD). Key features include –
Losing a loved one is devastating under any circumstances – but it is heart wrenching for women who are dependent on their husbands for their livelihood and sustenance. Loans for widows can help such women tide over the period of financial setback, establish themselves, and support their family by becoming financially independent after the death of the husband.
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