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IB Pension Loan
Target Group* Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, Indian Bank Retirees both under VRS and superannuation.
* Whose Pension SB accounts are maintained at Indian Bank.
Amount of Loan
Age Limit (at entry level) Eligible Amount
Pensioners aged upto 70years 10 times of monthly pension with a maximum of Rs.3 lakh
Pensioners aged above 70years and upto 80 years 10 times of monthly pension with a maximum of Rs.1,50,000/-
Family Pensioners aged upto 70years 10 times of monthly pension with a maximum of Rs.1,00,000/-

MarginNil
Processing feeNil up to Rs.25000/- and Rs.250/- for above Rs.25000/-
Interest RatesPlease see the Lending Rates link on Bank website home page
RepaymentMaximum 36 months
Security Guarantee of spouse eligible for family pension.
For pensioners aged above 70 years and family pensioners - 3rd party guarantee acceptable to the Bank.
Salient FeaturesTo meet expense towards medical, education, family function etc
Other terms and conditions Where Branch is receiving credit of pension only - Pensioners portion of PPO should be retained with documents
Where Branch is disbursing & crediting pension - A Xerox copy of Pensioner`s half to be kept with documents



 
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