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IB Pension Loan

IB Pension Loan

Eligibility Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, IB Retirees (both under VRS & superannuation) whose pension accounts are maintained with our branches

CRS retirees and EPF Pensioners are not eligible for Pension Loan
Age
Regular Pensioner Maximum Entry Age: 75 years

Maximum Exit Age:   78 years
Family Pensioner Maximum Entry Age: 70 years

Maximum Exit Age:   73 years

No specific minimum entry age
Purpose To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc
Margin NIL
Quantum of loan
Regular Pensioner Maximum 15 times of monthly pension credit

No cap on minimum & maximum loan amount
Family Pensioner Maximum 12 times of monthly pension credit subject to maximum Loan amount of Rs.2 lakhs

No cap on minimum loan amount
Repayment Period Maximum repayment period up to 10 years subject to exit age criteria
Interest Rate Click here
Processing Fee Click here
Security/Documents required
  • Pensioner’s portion of PPO
  • Authorization to recover monthly loan installment from SB Account where pension is credited
  • Suitable Guarantor as acceptable to Bank
  • Intimation to PPA

Apply for loan (Click Here)

( Last modified on Sep 29, 2021 at 04:09:04 PM )

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