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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
MarginNil
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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