IB Pension Loan
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 Bank’s Branch. * CRS retirees and EPF Pensioners are not eligible for pension loan. |
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| Margin | Nil | |||||||||
| Processing fee | Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/- | |||||||||
| Interest Rates | Please see the Lending Rates link on Bank website home page | |||||||||
| 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 |
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| Security | • Guarantee of spouse eligible for family pension. • If spouse is not available, suitable guarantee from legal heir or family member / third party guarantee – acceptable to Bank. |
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| Other terms and conditions | • Where Branch is receiving credit of Pension only – Pensioner’s 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 Pensioner’s half to be kept with documents |