IIFL Pension Loan

IIFL Pension Loan Features

IIFL Pension Loan Interest Rate  8%-8.90% p.a.
IIFL Pension Loan Processing Fee 1.75% of the loan amount
IIFL Pension Loan Tenure 36 months
IIFL Pension Loan Amount Minimum Rs 25,000
IIFL Pension Loan Amount Max Rs.20lakhs
IIFL Family Pension Loan Amount Minimum Rs 2lakhs
IIFL Family Pension Loan Amount Max. Rs. 10lakhs
IIFL prepayment 3% of the loan amount
IIFL foreclosure 3% of the loan amount

IIFL Pension Loan Eligibility

A person should have his beneficiary in PSU, Central & State Governments while withdrawing his monthly pension from the bank. the pensioner must also save 60% of the pension after paying loan installments.  

IIFL Pension Loan Eligibility for Central and State Government Pensioners

Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
Over 70 years 5 months gross pension being routed through our Bank 2.00

IIFL Pension Loan Eligibility For Defence Pensioners

Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
Over 70 years 5 months gross pension being routed through our Bank 2.00

IIFL Pension Loan Eligibility For Family Pensioners

Age range The basis for arriving at quantum Maximum permissible loan (Amount in lakhs)
Up to 65 years 18 times gross monthly pension routed through our Bank 10.00
65 – 70 years  18 times gross monthly pension routed through our Bank 5.00
Over 70 years 5 months gross pension being routed through our Bank 2.00

Maximum Eligible IIFL Pension Loan Amount and repayments

For Central and State Government Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Defense Pensioners:

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 56 years ₹ 14.00 Lakh 84 months Up to 63 years
56 – 72 years ₹ 14.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

For Family Pensioners (including Defense Pensioners) :

Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
Below 72 years ₹ 5.00 Lakh 60 months Up to 77 years
72 – 74 years ₹ 4.50 Lakh 48 months Up to 78 years
74 – 76 years ₹ 2.50 Lakh 24 months Up to 78 years

Interest Rate On IIFL Personal Loan For Pensioners

At IIFL Pensioners can avail of personal loans at an interest of MCLR+ 3.60% p.a. The current rate of interest is 8.9%. 

Document Required For IIFL Personal Loans For Pensioners

The list of documents varies as banks do not prescribe a set of documents and it may also vary from repayment tenure to loan amount. The generic documents required to be submitted are: 

  • Completed & Signed loan application form with passport size photographs
  • Copy of your driving license, passport, or Voter’s ID(identity proof)
  • Address Proof (photocopy of recent Telephone Bills/ Electricity Bill).
  • Bank statement for the past six months
  • The latest salary slip
  • The latest Form 16 or Income Tax Returns

Loan Amount On IIFL Personal Loan For Pensioners

For State and Central Government Pensioners

Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
Below 65 years
Between 65 – 70 years
Above 70 years
Rs 25,000 RS 10 lakhs
RS 5 lakhs
RS 2 lakhs
18 months 60
48
24

Defense Pensioners

Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
Below 65 years
Between 65 – 70 years
Above 70 years
Rs 25,000 RS 10 lakhs
RS 5 lakhs
RS 2 lakhs
18 months 60
48
24

Family Pensioners

Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
Below 65 years
Between 65 – 70 years
Above 70 years
Rs 25,000 RS 10 lakhs
RS 5 lakhs
RS 2 lakhs
18 months 60
48
24

About IIFLIIFL Pension Loan

IIFL Holdings Limited is an Indian diversified financial service company with its headquarters in Mumbai. Nirmal Jain had founded this company in 1995. It has its customer base as corporates, institutional investors, and individuals. 

FAQs IIFL Pension Loan

✅ How can you get IIFL Pension Loan?

You can apply online via Dialabank or call at 9878981166

✅Is there an age limit to apply for a pension loan?

If you are a pensioner having an account with the bank and are not above 78 years, you are eligible to avail of the City Union Bank Pension Loan.

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