National Toll Free No1800 425 00 000
 
National Toll Free No1800 425 00 000

IB Pension Loan

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
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
Age Group
Type of Pensioner Max Entry level age Max Exit level age
Regular Pensioner 75 78
Family Pensioner 70 73
Margin Nil
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
  • Authorisation to recover monthly loan instalment from SB Account where pension is credited
  • 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.
  • Pensioner’s portion of PPO
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 )