Indian Overseas Bank Personal Loan

 

About Indian Overseas Bank Personal Loan

A major public sector bank based out of Chennai, India, Indian Overseas Bank has around 3400 domestic branches, of which 1150 are situated in Tamil Nadu alone. Its network of ATMs spans over 3300 outlets all across India.
Indian overseas Bank offers different variants of personal loans to help interested borrowers meet different types of financial/social commitments, for instance, IOB Clean Loan, IOB Consumption Loan (Sahayika) and IOB Royal Loan. All these personal loan types are targeted at different borrower groups depending upon their disposable income and specific needs. The bank promises quick approvals and simplified documentation, to make the task easier even for people who may not have availed any type of loan before. Following are more details on the eligibility criteria, features and charges associated with Indian Overseas Bank personal loan.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

Indian Overseas Bank ensures that the prospective borrower is creditworthy and eligible enough before approving and disbursing any type of personal loan. IOB Clean Loan is issued to employees of public sector undertakings, government undertakings, reputed private companies, firms, enterprises etc.; IOB Consumption Loan or Sahayika Loan is issued to people who are businesspersons, self-employed professionals or are confirmed employees of reputed organisations having at least three years of experience under their belt; and IOB Royal Loan is issued to people who fall in high net worth individuals category or are self-employed professionals like architects, engineers, doctors, CAs or salaried employees of well-known private sector/public interest companies. You can find more details on Indian overseas Bank personal loan eligibility criteria for salaried / self-employed individuals below.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Indian Overseas Bank Personal Loan Features / Details

While the IOB Clean Loan and IOB Consumption Loan can be repaid in a maximum of 60 months, IOB Royal Loan comes with a bit more relaxation and can be repaid in a maximum of 84 months. The rate of interest might change from time to time depending upon the prevailing lending rates and the bank’s policies. If you’re an employee seeking IOB Clean Loan for instance, you should have an IOB account with the branch where the loan has been applied for. Your salary should also be routed regularly through that account. The minimum and maximum age requirements are 21 years and 58 years respectively in case of such personal loan types, except in case of IOB Royal Loan wherein you should be at least 25 years old at the time of loan application. You can learn more about Indian Overseas Bank personal loan features/details below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Indian Overseas Bank Personal Loan Fees / Charges

Indian overseas Bank personal loan comes with processing fee varying from 0% to 1.2% depending upon the type and extent of personal loan you are seeking. Other pertinent charges like prepayment charges, part payment charges etc. might come into application depending upon the situation. You can get details on all such fees and/or charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees