INDIAN AIR FORCE BENEVOLENT ASSOCIATION

Air HQ NPFs

Ans. The scheme has been devised to provide loan to AF Personnel to meet financial commitments towards higher education of their wards/spouse. The loan is provided to air warriors within present term of engagement as well as beyond retirement / superannuation.

Ans.The eligibility conditions for availing education loan is as follows:-

1. All regular air warriors with minimum of 03 years of service are eligible to apply for loan. SSC Officers are eligible for Education Loan only on grant of Permanent Commission.
2. Air warriors having service between 03 to 05 years will be entitled to half the total loan amount admissible in maximum 90 installments.
3. Re-employed Officers are not eligible.
4. Fresh applications will be sanctioned only after one month from cessation of previous loan (if any). Additional / Concurrent loan will be sanctioned only after two installments of previous loan have been recovered.
5. The loan can be availed for higher education of maximum 02 children and spouse only. In addition to this, wef 01 Oct 21, Joint Education Loan would be admissible for child if both the parents are serving in IAF by clubbing individual entitlements.
6. Loan may be availed within present term or may be extended beyond retirement/superannuation for upto 60 months subject to a maximum of 180 installments.

Ans. The loan is provided to meet expenses on Education for wards/spouse of AF Personnel for professional/ degree/ commercial/ diploma courses.

Ans. The maximum loan amount admissible for all Air warriors is as follows:-

Ans.

Ans. Payments are made by 'NEFT/RTGS'. The interest on the loan amount will be charged from the month of payment. Loan will be transferred only to salary A/c maintained at AFCAO. Therefore Keep your salary A/c details updated. Additional Subscription to IAFBA on Welfare Loan is mandatory wef 01 Oct 08 and premium as applicable will be deducted from the loan amount.

Ans. Principal amount of old loan and amount of new / second loan will be merged and new EMI will be created as per the number of installments mentioned in fresh / new application form.

Ans. The deduction for the EMI will commence from the following month of issue of loan cheque. First recovery will comprise of one EMI in arrears.

Ans. Air warriors on deputation are responsible for timely and correct payments of EMI to IAFBA. The EMI has to be paid directly to IAFBA by NEFT/RTGS and details of transaction made has to be intimated to IAFBA vide e-mail, FAX or letter addressed to JD (Fin & Sys), Air HQ NPFs.

Ans. Education loan can be availed beyond date of retirement / superannuation upto 60 months subject to a maximum of 180 installments

Ans. Lumpsum refund of outstanding loan is permissible. No surcharge / penalty is levied for such refunds.

Ans. Partial refund of outstanding loan is permissible. No surcharge / penalty is levied for such refunds. The minimum amount accepted for partial payment is ¿5000/-.

Ans. Partial settlements can be made only twice in one loan period. The partial amount paid by the air warrior is deducted from the outstanding balance and EMI is refixed on the remaining amount in remaining number of installments. Number of installments can be increased or decreased as per the request of the air warrior.

Ans. There are three methods to make Partial / Final Settlement of loan:-
1. Cheque payable at par.
2. Demand Draft in the name of 'IAFBA' payable at New Delhi.
3. NEFT or RTGS payment to IAFBA (Bank details are avilable at "UTILITIES->BANK & RTGS DETAILS").
Air warriors are requested to promptly fill an online form for Partial / Final Settlement of Loan which is available on IAFBA website (LOGIN ¿ ONLINE FORMS ¿ FORM FOR PARTIAL / FINAL SETTLEMENT). Please note that in absence of filling the form, the payment will not be actioned in your account.

Ans. Any payment towards settlement of loan should be made at least three working days prior to the last working day of the month, failing which, action at IAFBA will be postponed to the following month.

Ans. (a) In case of Partial settlement of loan, Revision of EMI will be effective from the following month of receipt of amount at IAFBA.
(b) In case of Final Settlement of loan, Cessation of EMI will be effective from the following month of receipt of full outstanding amount at IAFBA.

Ans. For availing fresh loan following documents are required:-
(a) Mark Sheet of last qualifying examination (XII / Graduation).
(b) Prospectus and proof of admission to the subject course.
(c) Schedule of expenses furnished by the Institute/College. Loan amount is admissible semester/ year wise as per the payment schedule attached by the individual.
(d) Proof of passport /VISA etc to be submitted in case of studied abroad.

For availing subsequent loan following documents are required:-
(a) Mark Sheet of last qualifying examination.
(b) Payment receipt.

Ans. In order to change existing EMI i/r/o IAFBA loan, you have to make a partial payment of ¿ 5,000/-. This amount will be deducted from the outstanding balance towards loan of the air warrior. There are three methods to make partial payment towards loan:-
1. Cheque payable at par.
2. Demand Draft in the name of 'IAFBA' payable at New Delhi.
3. NEFT or RTGS payment to IAFBA (Bank details are avilable at "UTILITIES→BANK & RTGS DETAILS").

Air warriors are requested to promptly fill an online form for Partial / Final Settlement of Loan which is available on IAFBA website (LOGIN → ONLINE FORMS → FORM FOR PARTIAL / FINAL SETTLEMENT) in which they are required to mention the number of installments in which they want the remaining amount to get liquidated. In case air warrior makes payment through cheque or DD, he is required to fill in the offline form for Partial/Final Settlement along with the said cheque or DD is to be forwarded. Please note that in absence of filling the form, the payment will not be actioned in your account.