Q.
What are the reasons for which Education loan can be availed?
A. This loan is provided to meet expenses on Education for wards of
AF Personnel for professional and vocational courses. An attested
copy of letter from institution indicating admission fee and other
charges required to be deposited at the time of admission is to be
attached with the application.
Q.
What are the documents which are to be attached with the application Form?
A. The following documents are to be attached with the application
and same to be filled in all respects. Each page of agreement is to
be signed by the applicants at the bottom of the page.
1. (a) Declaration
(b) Letter of Authorisation to AOC,
AFCAO/PDAFGI
(c) Promissory Note
(d) Agreement Form
2. Latest pay slip (F 1517 for Officers / F 1523 for Airmen) in original.
3. Relevant documents in proof of the financial commitments for which
loan is sought.
4. Application should be forwarded to IAFBA under a covering letter
from the applicant's unit.
Q.
What are the things to understand before the Application Form is submitted?
A. 1. Latest pay slip (F) 1517 / (F) 1523 in original is
to be attached.
2. Total deduction including anticipated EMI of the loan
applied can not exceed 80% of the Gross pay.
3. Purpose for the loan applied with brief details with
supporting documents/estimated expenditure duly signed by the borrower
is to be attached.
4. Application is pre-receipted by the applicant on Re.1
revenue stamp each in page no.11 and 12.
5. The processing fees of Rs.100/- would be deducted from the sanctioned loan itself.
6. Cheque / DD for processing fee is not required.
7. Fresh loan will be sanctioned only after 03 months after
liquidation of outstanding loan if any, as reflected in (F) 1517 /
1523.
8. Concurrent loan is admissible up to the specified limit
of loan.
9. EMI commences from the month in which the cheque is
issued.
10. Income of spouse or other private income are not included
for determination of repaying capacity.
Q.
What do I do if I no longer want the loan I applied for ?
A. If you decide not to avail the loan before the cheque has been
dispatched to you, You can inform us through an application that the
loan is not required.
But, if the Cheque has already been dispatched
from this office, you will be required to pay interest for the months
you keep the cheque. For example, if you pay back in the same month,
you will still pay the interest for one month. You are requested not
to send back the loan cheque.
Q.
What should I do if the loan cheque is lost?
A. Please send us an indemnity bond and a fresh cheque will be sent
to you. You are requested not to produce the earlier cheque to the
bank if you find it later.
* Confirmation from the concerned bank stating "The cheque has not been deposited in bank/lost in transit and will not be encashed if presented in future".
Q.
How can I pay back my balance loan in one lumpsum ?
A. First you confirm your outstanding balance from this office telephonically
or in person. You can pay through a local cheque or a DD in the name
of IAFBA payable at New Delhi. Please send an application which bears
your name and service no and the type of payment you are making (Final
payment or Partial Payment). It is to be noted that no penalty amount
is charged by this office for early cessation of loan.
Q.
Can I make partial payment and How?
A. A partial payment is made in the same way as a final payment. You
have to specify in your letter that amount pertains to partial refund.
Your EMI will be re-fixed which will be effective from the following
month.
