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: l0 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 @ 9.15% 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.
Other Conditions:
- Net take home pension must be 40% of the total pension after deduction of all EMIs including proposed loan.
- if premium is already paid for insurance period 2020-21 by the retired employees, then loan may be provided on declaration basis.
- The Scheme will remain effective till 31.12.2020 and no loan will be sanctioned on or after 01 .01.2021.
- Those who have outstanding balance in the loan availed by them earlier should clear off the outstanding dues to avail the proposed loan.