Indian Overseas Bank Pension Loan @ 3.40%

Indian Overseas Bank Pension Loan

⋆ Interest Rate 9.99% ⋆

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.