Loans

Financial Assistance Admissible

Serving Naval Personnel

To alleviate immediate financial hardship amongst the serving naval personnel, various types of financial assistance as detailed in the succeeding paragraphs are provided.

Financial Assistance as LOANS

(Application at appendix A)

Eligible serving naval personnel who have rendered at least two years of service are provided loans as detailed below:-

Financial Assistance as LOANS
S.No Purpose Officers Sailors Interest p.a
(a) Higher education of children(Degree) 15,00,000/- 15,00,000/- 8.5%
(b) Higher education of children(Diploma) 4,00,000/- 4,00,000/- 8.5%
(c) Higher Education of Self 2,00,000/- 2,00/000/- 8.5%
(d) Higher education of spouse 2,00,000/- 2,00,000/- 8.5%
(e) Higher education (Dependent Sister) 2,00,000/- 2,00,000/- 8.5%
(f) Self marriage 1,50,000/- 75,000/- 8.5%
(g) Sister`s marriage 1,00,000/- 1,00,000/- 8.5%
(h) Daughter`s marriage 1,50,000/- 1,50,000/- 8.5%
(i) House repairs (Normal) 1,00,000/- 75,000/- 8.5%
(j) House repairs (Natural Calamity) 1,00,000/- 75,000/- Interest Free

Concurrent loans are not permitted. Quantum of loan from INBA is restricted to the extent of accumulations in Survival Benefits account of Naval Group Insurance Fund. In general, sanction of loans is subjected to furnishing of undertaking as per appendix E and meeting the following criteria:

(a) Higher Education of Children- Degree Course

Higher education loan would be subject to the following:-

  • Admission is secured against payment/donation fee and furnishing the receipt for remittance of the charges together with proof of recognition of the courses by the Medical/ Dental Council of India/ University/All India Council of Technical Education as applicable.
  • The admissibility of quantum of loan amount would be based on repaying capacity of the applicant and the fee structure schedule subject to an upper ceiling of Rs 8 lacs each for two children.
  • Loan amount will be disbursed in maximum of three installments.

(b) Higher Education of Children-Diploma Course

Higher education loan would be subject to the following:-

  • Minimum duration to be one year.
  • Should be recognised by the appropriate authority.
  • The admissibility of quantum of loan amount would be based on repaying capacity of the applicant and the fee structure schedule.

(aa) Documents.

Forwarding of application in normal manner alongwith the following documents duly completed in all respects.

  • An affidavit of nominee of NGIF benefits on Non Judicial Stamp Paper of the appropriate value as per proforma enclosed at appendix D.
  • Undertaking to recover the outstanding amount of loan as per the proforma enclosed at appendix E.
  • A copy of the latest statement of entitlement.
  • Schedule of requirement of loan/ payment schedule of fee.
  • Schedule of fee from the Institution.

(ab) Recovery

Higher Education Loan would be recovered monthly through pay account as under:-

Higher Education Loan would be recovered monthly through pay account as under
Sl.No Loan Amount No. of Installments
(I) Up to Rs 2 lacs 48
(II) Up to Rs 3 lacs 60
(III) UP to Rs 4 Lacs 72
(IV) Up to Rs 8 Lacs 96
(V) Up to Rs 10 Lacs 120
(VI) Up to Rs 30 Lacs 180

(c) Higher Education (Self)

  • Admissible for post 10+2 higher studies.
  • Only once in entire naval service.
  • Details of course alongwith copy of admission certificate.
  • Fee Structure and payment schedule.
  • To be repaid in maximum of 36 installments.

(d) Higher Education of Spouse

  • Admissible for post 10+2 higher studies
  • Only once in entire naval service
  • Details of course alongwith copy of admission certificate.
  • Fee Structure and payment schedule.
  • To be repaid in maximum of 36 installments

(e) Higher Education of Dependent Sister

  • Admissible for post 10+2 higher studies.
  • Only once in entire naval service.
  • On production of dependency certificate from Commanding Officer/Other appropriate authority.
  • To be repaid in maximum of 36 installments.

(f) Self Marriage

  • Should have attained at least 25 years of age.
  • Certificate as at Appendix B' attached.
  • To be repaid in maximum of 60 installments.

(g) Sisters Marriage

  • Should have attained at least 18 years of age
  • Certificate as at Appendix B' attached.
  • To be repaid in maximum of 60 installments.

(h) Daughter`s Marriage

  • Should have attained at least 18 years of age
  • Certificate as at Appendix B' attached.
  • To be repaid in maximum of 60 installments.

(j) House Repairs (Normal)

  • House owned by self, spouse or dependent parents.
  • Certificate as at Appendix C.
  • To be repaid in maximum of 60 installments.

(k) House Repairs (Natural Calamity)

  • House owned by self, spouse or dependent parents.
  • Relief announced by the statutory Local/National Civic Body or any revenue official.
  • Copy of Gazette Notification in respect of the Claim.
  • Certificate as at Appendix C.
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