« Pensioners Loan
IB Pension Loan
Purpose / Objective: To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc
- 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
|Type of Pensioner
|| Max Entry level age
|| Max Exit level age
Processing fee: Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/-
Interest Rates: Click Here
- 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
- 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