Q 1. When will the recovery start for the loan availed?
Ans. The EMI deduction will begin the following month of loan disbursement. Recovery will be affected along with the EMI for the previous month also.
Q 2. How is the recovery made in case of Air warriors on Deputation/Secondment ?
Ans. It is the individual’s responsibility to remit EMI/IAFBA subscription/contribution towards FAS /BA while on Deputation/Secondment directly to
IAFBA and details of the transaction is to be intimated to IAFBA e-mail at iafba[at]yahoo[dot]com
Q 3. Can the loan be refunded post discharge of air warrior?
Ans. Education Loan repayment period can be extended upto 60 months beyond present RE/Superannuation subject to a maximum of 180 installments. However, this provision doesnot exist for welfare loan repayment.
Q 4. Am I allowed to repay my loan during loan tenure?
Ans. Yes, both final settlement of outstanding loan and partial refund are permissible. No surcharge / penalty is levied for such refunds. The details of outstanding loan are available in individual login.
Q 5. How many times can I make partial payment? How will it be adjusted from the outstanding Loan?
Ans. Partial settlements can be made only twice during loan tenure. The minimum amount accepted for partial payment is ¿5000/-. 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.
Q 6. How to make Final / Partial settlement of loan to IAFBA?
Ans.
Q 7. What is the last date of Final / Partial settlement of loan?
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.
Q 8. When will the Final / Partial Settlement of loan be actioned in the IRLA?
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.
Q 9. How to change existing EMI in respect of IAFBA loan?
Ans. The loan EMI can be changed after partial payment till present term of engagement only. You need to deposit Rs. 5000 (minimum) and the same will be adjusted towards principle outstanding. The details of number of insatallment which you intend to opt are to be annotated in Form 25, at the time of making partial payment. Revision of EMI will be effective from the next month of receipt of amount at IAFBA.
Q 10. EMI deduction after Final settlement of loan amount?
Ans. The outstanding balance remitted in any month is the balance outstanding after deduction of EMI by AFCAO for that month and loan will be settled in the following month.
Q 11. How is excess amount with IAFBA refunded?
Ans. Any excess amount/EMI received by IAFBA will be refunded to you through IRLA or it will be refunded directly in your CDS bank account within two months of loan settlement.
Q 12. How is additional subscription amount with IAFBA refunded?
Ans. Additional subscription deducted at the time of loan disbursement will be refunded proportionately in your CDS bank account next month of final settlement of outstanding loan.