Indian Overseas Bank Pension Loan

⋆ Interest Rate 9.99% ⋆

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      Table of Contents

      Indian Overseas Bank Pension Loan

      Indian Overseas Bank Pension Loan Features

      IOB Pension Loan Interest Rate 3.40%
      IOB Pension Loan Processing Fee 1%
      IOB Pension Loan Tenure 36 Months
      Pension Loan Amount Minimum 25,000
      Pension Loan Amount Max 14 Lakh
      Family Pension Loan Amount Minimum 2.5 Lakh
      Family Pension Loan Amount Max. 5 Lakh
      IOB prepayment 3%
      IOB foreclosure 3%

      Indian Overseas Bank Pension Loan Eligibility

      For the Indian Overseas Bank pension loan eligibility. One of the important require meant is that one of your ex-staff members should have a pension account. You must also have a pension account in Central Government, PSU, State Government. Also after paying your bank instalment you must be able to take 60% of your pension amount.

      Indian Overseas Bank Pension Loan Eligibility for Central and State Government Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Government
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Written consent from the treasurer not to accept any pension transfer requests
      Guarantee Terms By the spouse (eligible for a family pension) or any other third party

      Indian Overseas Bank Pension Loan Eligibility For Defence Pensioners

      Eligibility Criteria Key Features
      Employer Type Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Not applicable

      Indian Overseas Bank Pension Loan Eligibility For Family Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Governments including all Armed Forces
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Authorised members of the family under the family pension scheme

      Maximum Eligible loan Amount and Repayments

      For Central and State Government Pensioners:

      Age Max Loan Amount Repayment Period Age at the time of full repayment
      Below 72 Years 14 Lakh 60 Up to 77 Years
      72-74 Years 12 Lakh 48 Up to 78 Years
      74-76 Years 7.5 Lakh 24 Up to 78 Years

      (ii) For Defense Pensioners:

      Age Max Loan Amount Repayment Period Age at the time of full repayment
      below 56 Years 14 Lakh 84  Up to 63 Years 
      56-72 Years 14 Lakh 60 Up to 77 Years
      72-74 Years 12 Lakh 48 Up to 77 Years
      74-76 Years 7.5 Lakh 24 Up to 78 Years

      (ii) For Family Pensioners (including Defense Pensioners) :

      Age  Max Loan Amount Repayment Period Age at the time of full repayment
      Below 72 Years 14 Lakh 60 Up to 77 Years
      72-74 Years 12 Lakh 48 Up to 77 Years
      74-76 Years 7.5 Lakh 24 Up to 78 Years

      Interest Rate Personal Loan For Pensioners

      The interest provided by the Indian Overseas bank on the Pension Loan is 3.40%. You can use that loan for any type of expenses like medical, or also this loan can you become financially strong. You can use this loan for your children’s wedding. to apply for a loan you can get in contact with Dialabank.

      Document Required For Loans For Pensioners 

      Identity proof: For identity proof one of these would work like Aadhar Card, Pan Card, Passport, Voter Identity Card.

      Address Proof: As an address proof you can use Ration Card, Passport, Utility Bills, Aadhar Card, Property Purchased documents.

      Income Proof: Salary slips and Bank Account Statements are required for Income proof. You need to fulfil all the above 3 requirements to get a pension loan.

      Loan Amount on Bank Personal Loan For Pensioners

      The minimum loan amount which will be provided by Indian Overseas Bank to the pensioners is 25,000. The maximum amount will be 14 Lakhs for state and central government pensioners and for Defence pensioners, 5 Lakhs to Family Pensioners. The loan tenure will vary accordingly. For more information please refer to the below-given table:

      For State and Central Government Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Less Than 72 Years 25000 14 Lakh 18 Months Pension 60
      72 to 74 Years 25000 12 Lakh 18 Months Pension 48
      74 to 76 Years 25000 7.5 Lakh 18 Months Pension 24

      For Defence Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Up to 56 Years Rs 25000 14 Lakh 36 Months Pension 84
      Less Than 72 Years Rs 25000 14 Lakh 18 Months Pension 60
      72 to 74 Years Rs 25000 12 Lakh 18 Months Pension 48
      74 to 76 Years Rs 25000 7.5 Lakh 18 Months Pension 24

      For Family Pensioners:

      Age Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure
      Less Than 72 Years 25000 5 Lakh 18 Months Pension 60
      72 to 74 Years 25000 4.5 Lakh 18 Months Pension 48
      74 to 76 Years 25000 2.5 Lakh 18 Months Pension 24

      About Indian Overseas Bank

      Indian Overseas Bank Pension Loan

      It is one of the major Public Banks of India. The Indian Overseas Bank is based in Chennai. It has more than 6 foreign branches and more than 3,400 domestic branches. This bank has created achieved many milestones in the banking sector. It was founded in 1937 by M.T Chidambaran.

      FAQs

      ✅ What is the loan amount that a pensioner can avail?

      The minimum loan amount is 25,000 and the maximum amount will vary according to the categories.

      ✅ What is the Indian Overseas Bank Pension Loan scheme?

      The Indian Overseas Bank Pension Loan scheme provides a loan to all those retired people who were involved in Government jobs, defence services or are the spouse of those who are receiving pensions.

      ✅ From where can we apply for Pension Loan?

      You can apply for Indian Overseas Bank Pension Loan from Dialabank or you can call us at 9878981166.

      ✅ At what Interest can we get a Loan for Pension in Indian Overseas Bank?

      The interest rate provided by the Indian Overseas Bank for pensioners is 3.40%