INDIAN AIR FORCE BENEVOLENT ASSOCIATION

Air HQ NPFs

Ans. The scheme has been devised to provide loan to AF Personnel to meet financial commitments. The loan is provided to air warriors within present term of engagement only

Ans. The scheme has been devised to provide loan to AF Personnel to meet financial commitments. The loan is provided to air warriors within present term of engagement only

• 1. Minimum qualifying service is 2 years in case of Airmen/ NC(E). No minimum service is required for Officers.
• 2. Loan will be sanctioned within present term of engagement only(Maximum 240 instalments).
• 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.

Ans. The purposes for which welfare loan can be availed are as follows:-

• 1. House and allied activities for which IT benefits under section 88 and 24(i) (vi) of IT Act are not availed viz.
  → Repair / Renovation / Addition / Alteration of ancestral
  → Purchase of house site
  → Cost of registration of dwelling unit
  → Purchase of farm land / farm house
• 2. Education for dependants for professional and vocational courses.
• 3. Meeting expenses on illness of self and dependents.
• 4. Domestic and religious obligation.
• 5. Any other purpose that contributes towards enhancement of quality of life.
• 6. Purchase of computer and accessories.

Ans.

Ans. The loan carries interest @ 7.75% pa on monthly reducing balance (Rate of interest is floating and is subject to change).

Ans. Welfare loan extends the top up facility wef 01 Oct 20 wherein one can apply for top up loan within the existing quantum of loan.
For example:
For an Air warrior admissible Loan Rs. 25 lakh…… (A)
Loan already taken Rs.12 lakh …..(B)
Outstanding Balance Rs. 7 lakh …… (C)
Eligible for Loan amount Rs. 18 lakh ……..{(A-B)+(B-C)}

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. Welfare loan is sanctioned within present term of engagement only. It is mandatory for an air warrior to repay full due amount before proceeding on discharge.

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. 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 NO 25 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.