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IB Pension Loan
Purpose / ObjectiveTo 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
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
Processing feeNil up to Rs.25000/- and Rs.254/- for above Rs.25000/-
Interest RatesPlease see the Lending Rates link on Bank website home page
RepaymentRegular 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

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