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Post retirement, government employees get a monthly cash flow in the form of pension. Though this amount is lesser than the salary that they used to earn, it is provided to take care of their monthly expenditure. Apart from this, it is quite likely that a sudden situation may compel a pensioner to organise a lump sum and he/she might have to resort to taking a loan. Indian Bank offers loans to pensioners to meet their financial needs arising out of situations like medical emergencies, marriage of children, educational expenses, family functions, etc.
Indian Bank offers loans to pensioners at affordable rates of interest. To attain further clarity on this, please contact the nearest Indian Bank branch.
Eligibility
Other fees and charges
If the loan amount is up to 25,000 then there are no processing charges, if the loan amount is above Rs. 25,000 then processing fee of Rs. 255 is levied.
The loan quantum for a regular pensioner is his 15 months’ pension. This can extend up to a maximum of Rs. 6 lakhs. If the borrower is a family pensioner, he can avail a loan of up to his 12 months’ pension. This can extend only up to a maximum of Rs. 2 lakhs.
No, this loan facility is not extended to retirees of CRS and EPF pensioners. However, the loan can be availed by ex-employees of Central and State Government, family Pensioners, re-employed pensioners. Ex-employees of Indian Bank who have their pension SB accounts at an Indian Bank branch can also avail the loan.
If the loan amount is up to 25,000 then there are no processing charges, if the loan amount is above Rs. 25,000 then processing fee of Rs. 255 is levied.
The loan margin provided is NIL for Indian Bank Pension loan.
Indian Bank offers loans to pensioners to meet their financial needs arising out of situations like medical emergencies, marriage of children, educational expenses, family functions, etc. You can avail the loan to fund one of the aforementioned purposes.
The spouse can act as a guarantor for a family pensioner. Any credible third party, legal heir or family member can also act as a guarantor.
Yes, every pensioner’s part of PPO should be substantiated with documents. He should also provide an agreement saying that he will not move the pension credited in his Indian Bank account to any other bank, during the tenure of the loan.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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