Saturday, August 8, 2020
Finance

« Pensioners Loan

Indian Bank- IB Pension Loan

Purpose / Objective: To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc

Target Group:

  • Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, Indian Bank Retirees (both under VRS & superannuation) whose Pension SB accounts are maintained at our Bankís Branch. 
  • CRS retirees and EPF Pensioners are not eligible for pension loan.

Amount of Loan: 

  • Regular Pensioner -15 months pension subject to a maximum of Rs.6.00 lakhs
  • Family Pensioner-12 months` pension subject to a maximum of Rs.2.00 lakhs

Age Group 

Type of Pensioner Max Entry level age Max Exit level age
Regular Pensioner  75  78
Family Pensioner  70 73

Margin: Nil

Processing fee: Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/-

Interest Rates:  Click Here 

Repayment:  

  • Regular Pensioner: Maximum 60 months subject to exit age at 78 yrs 
  • Family Pensioner: Maximum of 36 months subject to exit age at 73 yrs

Security:

  • Guarantee of spouse eligible for family pension.
  • If spouse is not available, suitable guarantee from legal heir or family member / third party guarantee Ė acceptable to Bank.

Other terms and conditions:

  • Where Branch is receiving credit of Pension only - Pensionerís portion of PPO should be retained with documents. The Pensioner should furnish an irrevocable undertaking that he / she will not shift pension credited account to other banks during the currency of our pension loan. 
  • Where Branch is disbursing & crediting pension - A Xerox copy of Pensionerís half to be kept with documents