Indian Bank PENSIONERS LOAN SCHEME :
Eligibility/Target Group
Central & State Pensioners, Family Pensioners, Re-employed Pensioners, IB Retirees under VRS
Purpose
Expenses towards Medical, Education, Family function, Domestic function
Quantum of Loan
10 months pension with a maximum of Rs.60,000/-
Rate of Interest w.e.f 10.11.2008
BPLR minus 0.50% i.e. 12.75 % floating
Repayment
24 months including interest (30 EMI on a case to case basis)
Margin - Nil
Security
* Authorisation to recover from pension
* Undertaking from legal heir/nominee
* Pensioners' PPO
* Intimation to PPA
Service Charges
Rs 250/- if loan amount is more than Rs 25,000/-
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