Objective / Purpose:
To provide demand loan facility to Ex-Staff for payment of group health insurance premium for insurance
Eligibility:
Staff Pensioners and Staff Family pensioners covered under IBA Medical insurance policy.
Quantum of Loan:
1.For Retired Officers:10 times of take home monthly pension subject to a Maximum of total premium payable including premium for Super Top-up Policy.
2. For Retired Award Staff Members: 10 times of take home monthly pension subject total premium payable including premium for Super Top-up Policy.
However, in both the above cases, it is to be ensured that total deduction including the instalment of the proposed loan should not exceed 60% of the gross monthly pension.
Rate of Interest:
UCO Float Rate i.e. presently @ 8.3% p.a
Repayment:
Maximum of 10 EMIs (to be recovered from monthly pension/family pension) – To commence from the next month following the month of disbursement.
Processing/Documentation Charges – NIL
Documentation:
A1 , A47, A21A supported by request letter for allowing such facilities and authorisation letter for recovering monthly instalments from pension/family pension.
Ref: CHO/PMG/31/2025-26 dated 10-10-2025