For many, the job of a police officer is a dream job. It’s dangerous, interesting, and the cop is always with people. Unfortunately, this dangerous profession is not rewarded enough, so the income is not as high as many think. After training, the gross income is between 2,290 and 3,400 USD.
After all the deductions, a policeman cannot really make big jumps. Thus, it also happens in this professional group that a loan for a police officer is taken out. Even if police officers are civil servants, it does not mean that their income is high.
Which loan is suitable for police officers!
Since a policeman is civil servant, he will receive an official loan from the bank. This special loan for police officers has very good conditions that many banks grant. Unfortunately, banks still don’t offer this loan on their own. It has happened many times that a police officer applied for a loan but only received a normal installment loan. For example, the applicant must inform the bank that he can and would like to use this loan. Only then will he receive the conditions that an official receives.
What conditions does the police officer receive?
With a loan for police officers, the bank is very generous in terms of the term and the loan amount. Thus, extremely long terms, maximum 20 years, are granted and the loan amount is a maximum of 100,000 USD. So a house can be financed, a luxury trip or bills paid without any problems. The interest rates are quite low, so that the loan for police officers is not very expensive. The only condition of the bank is that the policeman takes out capital life insurance. This secures the loan, the bank and the borrower. The applicant’s family is also covered.
If the police officer is seriously injured in the mission, so that he can no longer pursue his profession, the insurance will take over the monthly installments of the loan. The borrower does not have to pay the installments, but the insurance contributions. These are collected so that the loan is repaid at the end of the term. The borrower must have no other loans. If there are any, they must be repaid with the new loan. Only then is the borrower free to use the loan amount.