The programme is a key part of the EU's push to boost weapons purchases as Europe rushes to rearm in the face of the threat from Russia.
The SAFE plan -- worth up to 150 billion euros -- was launched in May to enable member states to get cheaper loans backed by the EU's central budget.
"The strong interest in SAFE, with at least EUR127 billion in potential defence procurements, demonstrates the EU's unity and ambition in security and defence," EU defence commissioner Andrius Kubilius said.
Among the countries that have expressed interest in the programme are EU heavy hitters France, Spain, Italy, and Poland.
The programme remains open for final applications until the end of November and Brussels hopes the final amount requested will rise further.
The rush for loans comes as NATO's European members under pressure from US president Donald Trump have signed up to ambitious new spending targets.
The commitment made at NATO's June summit in The Hague was to devote 3.5 percent of GDP to core military spending, and a further 1.5 percent to broader security by 2035.
Beyond the SAFE loan scheme, the EU has also eased its budget rules to allow countries to spend more freely on defence.
The programme has strict requirements to ensure the bulk of the money must be spent on weapons made in the EU in a bid to bolster the continent's defence industry.
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