Indian Overseas Bank Personal Loan: Indian Overseas Bank personal loan is a broad term that refers to various unsecured borrowings like IOB Royal and Clean Loan with loan amounts of up to Rs. 15 lakh. Along with competitive personal loans, there are other features of the bank to consider, like the Indian Overseas Bank Loan Against Property.
These personal loans are easy to apply for and require minimum documentation along with the benefit of ensuring repayment within a period of up to 84 months.
The article will provide you with a precise idea about the IOB Personal Loan interest rate 2020 and also provides a step-by-step guide about how IOB Bank Personal Loan applies online.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
Indian Overseas Bank
- Features of Indian Overseas Bank Personal Loan
- Types of Indian Overseas Bank Personal Loan Products
- Eligibility Criteria for Indian Overseas Bank Personal Loan
- Factors Affecting IOB Personal Loan Eligibility
- Documents Required for Indian Overseas Bank Personal Loan Application
- How to Apply for IOB Personal Loan?
- Indian Overseas Bank Mortgage Loan or Loan Against Property
- Indian Overseas Bank Loan Against Property Interest Rates
Features of Indian Overseas Bank Personal Loan
- Maximum loan amount: An Indian Overseas Bank Personal Loan has a maximum loan amount of Rs. 15 lakh. However, the loan amount you are qualified for is determined by a number of criteria, including your cibil score, age, and income.
- Flexible term: Indian Overseas Bank (IOB) provides a variety of repayment alternatives as well as a flexible tenure that ranges from 12 to 84 months and maybe customised to fit your needs.
- Online application: You don’t need to go to a bank branch or fill out and submit paper paperwork to apply for an Indian Overseas Bank personal loan; you can apply online and even complete the documentation process from the convenience of your own home.
- Quick disbursement: Once all of your paperwork has been submitted and verified, the loan will be released to you as soon as possible.
Types of Indian Overseas Bank Personal Loan Products
- IOB Royal: IOB Royal is offered to meet various socio/economic-financial needs
- Quantum of loan: Up to Rs. 15 lakh
- Repayment tenure: From 12 to 84 months
- Clean Loan: The loan is offered for any purpose, including various personal financial commitments
Quantum of loan
If your employer undertakes to deduct the loan instalment from salary and remit to the bank or the salary is routed through the loan granting branch- Ten times of salary or Rs. 15 lakh (whichever is less)
For others- 5 times of salary or Rs. 1 lakh (whichever is less)
Eligibility Criteria for Indian Overseas Bank Personal Loan
For IOB Royal
A minimum gross income of Rs. 75,000 is required.
You must be at least 25 years old to apply.
For Clean Loan
To qualify for a Clean Loan, you must be a confirmed/permanent employee of a public sector undertaking/government, as well as a reputable private corporation, enterprise, or company.
After deducting the projected loan payment, your take-home pay should be greater than 50% of your gross salary.
If you work for a life insurance company, you are also eligible.
You must have a savings account in the branch where you suggested the loan, as well as the employee’s income being routed via the branch’s S.B account, where the loan is sanctioned.
Factors Affecting IOB Personal Loan Eligibility
Age: Each bank loan is tailored to a certain age group. There is a minimum and maximum age requirement. The maximum age refers to the age of the borrower at the time of the loan’s maturity.
Individual type: Some loans are only available to certain individuals. For example, the IOB Passion loan is only available to people who are enthusiastic about sports, music, the arts, and other related activities and have the appropriate abilities. This loan also allows those who want to make such activities their hobbies to borrow money.
Monthly Income: Your monthly income has an impact on your loan eligibility. While regular loans are available to everyone earning beyond a particular low-income threshold, there are loans specifically designed for high-net-worth individuals who make a high amount of income.
Job stability: IOB may ask you to demonstrate that you’ve worked at the same company for at least a year or two. This means that your employment is secure. Consistent employment means a consistent monthly paycheck. This indicates that if you take the loan, you will be able to return it.
Security or collateral: To obtain one of these IOB loans, you must provide security or collateral. This might be in the form of a third-party guarantee or hypothecating the thing you’re purchasing.
Credit score: If you want to receive a good or exceptional loan, you’ll need to have a good or outstanding credit score. If your credit score is ordinary or poor, the bank will be hesitant to lend you money. A low score indicates a significant chance of loan default. A credit score of 750 or above can help you acquire specific perks such as cheaper interest rates, better repayment choices, and so on.
Documents Required for Indian Overseas Bank Personal Loan Application
The following are the basic papers necessary to obtain an Indian Overseas Bank Personal loan:
- Form of application
- Passport, Pan Card, Voter Identification Card, Driving License, Aadhaar Card are all examples of photo identity evidence.
- Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card are all acceptable forms of address evidence.
- Income documentation includes bank account statements, salary slips, ITRs, and Form 16s, among other things (depending on scheme and applicant type)
- Additional Clean Loan Documents
- Salary certificate for both the applicant and the guarantor, with deduction details
- Employer’s undertaking to deduct monthly instalments and reclaim the debts from the terminal benefit (if necessary).
How to Apply for IOB Personal Loan?
The following is a step-by-step guide to getting a personal loan from Indian Overseas Bank online:
- IOB’s official webpage may be found here. Alternatively, contact an Indian Overseas Bank branch near you.
- Fill in the personal, professional, and financial information requested by the lender and submit the application.
- Indian Overseas Bank will assess your eligibility and offer you information about the acceptable amount you can borrow once you have submitted the application form.
- If you accept to proceed with the application, you will be needed to submit the relevant papers, which may be uploaded online as well.
- Finally, Indian Overseas Bank will process your paperwork, and the cash will be paid to your Indian Overseas Bank account as soon as the loan is approved.
Indian Overseas Bank Mortgage Loan or Loan Against Property
Loan against Property/ Mortgage Loans are available from Indian Overseas Bank for a variety of personal, professional, and business needs and purposes, including home repairs/renovation, weddings, children’s education, international travel, medical emergencies, asset purchases, working capital requirements for businesses, and business expansion. Indian Overseas Bank offers tailored Lending Against Property options, as well as best-in-class services and a streamlined loan procedure. On loan Against Property/ Mortgage Loan, it offers competitive, appealing, and reasonable interest rates.
Indian Overseas Bank Loan Against Property Interest Rates
|Interest Rate||10.90% to 11.40%|
|Max. Age of Applicant||60 years|
|Minimum Income||Rs. 25000 and above|
|Max. Loan Amount||20000000|
|Max. Loan Tenure||7 Years|
|Work Experience||2 Years|
|Credit Score||650 and above|
|Security||Equitable mortgage of the property in question|