IB Pension Loan
|Eligibility||* 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.
|Purpose||To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc|
|Quantum of Loan||
|Processing fee||Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/-|
|Interest Rates||Please refer to the Lending Rates link on home page of our Bank website|
|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 / Documents||
|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
( Last modified on Apr 05, 2019 at 02:04:52 PM )