Temporary and professional soldiers have a very secure income and therefore have no problem getting a loan from the bank. If their credit bureau information is in order, they are extremely welcome customers who may even be given preferential treatment. For this reason, they can get a loan for soldiers on much more favorable terms than a normal installment loan for employees.
Professional and temporary soldiers
Professional soldiers have the status of civil servants and are treated accordingly by the banks. Unless anything unusual happens, your job is safe for life and cannot be terminated. Professional soldiers can not only apply for a soldier’s loan, but also an official loan, which is characterized by long terms, low interest rates and low monthly installments.
A civil servant loan requires the simultaneous conclusion of a life insurance policy, the premiums of which are used at the end of the term to pay off the outstanding credit balance. For this reason, it is not necessary for the borrower to make his own repayment contributions. He only has to pay the monthly contributions to life insurance.
Should the insurance company generate surpluses, the borrower will be involved.
Temporary soldiers cannot get a civil servant loan, but are given preferential treatment by the banks. This is reflected, among other things, in particularly favorable conditions for lending.
In contrast to the professional and regular soldiers, those serving in the armed forces generally cannot receive a loan for soldiers. As soon as their military service ends, they retire from the army, take up training or take other professional paths. For this reason, their future is very uncertain, which usually leads to banks refusing a soldier’s loan.
An exception would only exist if the military service applicants apply for an installment loan and can find a guarantor or co-applicant. A person who takes on this task must be able to pay the credit installments at any time if the military service provider is no longer able to do so.
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