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.
|Amount of Loan||
|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
|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.
|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