The customer has to be in active service at the time of requesting loans. With IOB I had taken a personal loan. Being a major public sector bank based in Chennai, Indian Overseas Bank by offering personal loan is here to fulfill the personal wish of all. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far. Privacy Policy. They were provided me a lowest interest rate which is 5% from my Indian overseas Bank personal loan. The process was better and services are good. Employees must have an active savings bank account with IOB in the loan issuing branch; Salaries should also be directed through the savings bank account of the loan issuing branch; A letter from the employer undertaking deduction of instalment from salary every month till the loan tenure is active; and another letter from the employer undertaking dues recovery through employee’s terminal benefits in case of resignation, retirement, or death. A personal loan is an unsecured (i.e. IOB is better in the customer services. The required loan amount has been approved and I am satisfied with it. All existing borrowers who have taken personal loans with Indian Overseas Bank have the choice to either continue with the Base Rate System or migrate to the MCLR based interest rate system. With so many insurers in the market offering a range of car insurance. The bank charges a processing fee of up to 0.40% of the loan … I got the sufficient loan amount also the interest rate is 10.5% which is nominal. Personal Loan. The service is not up to the mark and the process was delayed a lot. Loan Against Property. The customer support is good with the INDIAN OVERSEAS BANK. The maximum loan amount that can be calculated is 30 lakhs, and the tenure has a cap of 5 years. 3 lakhs. As security, loan takers have to provide liquid securities or immovable property including UNITS, ULIP, KVP, IVP, NSC, LIC policies, and other similar items. This Indian Overseas Bank COVID-19 personal loan is available to pension account holders of IOB and designed to help them meet unforeseen expenses occurring due to the COVID-19 … You can also use free-of-cost Indian Overseas Bank personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for IOB personal loan are discussed below: Below provided are important questions about personal loan IOB. The available margin is 10% on policies bought from LIC and other private life insurers, 25% for liquid securities as mentioned above, and 50% on immovable property. The age of the individual should be between 25-60 at the time of maturity of the loan. For buying a new or used car (not more than 5 years old) or new two-wheeler. The total monthly income of the applicant including that of spouse and other income should be not less than Rs. They processed my Personal loan application and approve and sanctioned with in 48 hours. 5 lakh, which may deter those that seek a larger personal loan. Indian Overseas Bank Home Loans: IOB is offering home loans under different schemes for the Indian residents and NRIs at attractive home loan rates of 8.50% less documents Quick and Simple Process.. … Customers who are interested in applying for a personal loan with Indian Overseas Bank will have to fill in and submit the loan application form along with the required set of documents which will be assessed by the bank to determine your eligibility for a personal loan. iob personal loan interest rate could be higher than other loaning schemes, and this is due to the fact they there is no collateral that banks can take as a security against the loan amount. All the information displayed at the end of the process allow users to plan their loan repayments with ease and according to hard data. This way I could communicate with the Indian Overseas without having to come over to their branch. Accounts, Sales For all other cases, a maximum of 5 times the monthly salary or 1 lakh, whichever is lower, is provided as loan. Loan … Profile- One should be an employee in the public sector, government reputed or undertaking company. They have collected the required documents within 2 to 3dayas of time. Check more details about IOB Personal Loan Interest rates. The interest rate applicable to each loan will depend upon the customer and his / her credit history, job security, monthly income and a few other factors that the bank takes into consideration. Deal? The maximum amount that can be borrowed is 10 lakhs. This loan can be used for any purpose encompassing social or financial commitment. He/she should be a confirmed employee. All by documentation was sorted and I got the loan in decent time. No processing fee upto 25k loan. The minimum monthly income required for IOB Personal Loan is more than 50% of the gross pay. I have selected this bank because of the lower interest rate. I have applied the loan amount of Rs. Got the personal loan with the INDIAN OVERSEAS BANK around 3 years ago. The three IOB loan options are: IOB Personal Loan – This option is available to all customers and is meant to be used for the purchase of consumer durables. I have taken 50K. Be it for travel, marriage, medical emergency or debt … Disclaimer: Information is gathered from secondary sources and meant for reference only. Default interest rates will already be filled, so users just have to change the figure provided in the Fee field. The INDIAN OVERSEAS BANK has approved my personal loan and disbursed my loan amount within 1 week time. * Please visit your nearest Branch … The maximum amount that can be borrowed is 10 lakhs. The final take home pay, once loan instalment deductions are carried out, shouldn’t be less than 50% of the gross pay. 15 Lakhs for successful applicants depending on their financial record and repayment history. To allow customers to take care of any social or financial commitment, Indian Overseas Bank provides the IOB Clean Loan and the IOB Sahayika Loan. I was in dire need of funds and fortunately got the loan amount soon. Both of these personal loans are accompanied by several beneficial features and can be availed at attractive rates of interest. Personal loan by Indian Overseas bank was perfect, but the turnaround time is something they can work upon. Personal loan eligibility may differ from one candidate to another. Signed application form with photograph, 2. It can be renovation of the house, dream wedding, dream vacation or buying any gadget. onwards, 1. Indian Overseas Bank offers Clean loan (Personal loan) at lowest interest rates 2018. MSME Website. This amount though is dependent on the actual value of the offered security, as well as the borrower’s capacity to repay the loan. IOB Mudra Loan Interest Rates 2021 Indian Overseas Bank (IOB) Mudra Loan Eligibility BEST Features & Benefits Application Form Documents Required LOANS Personal Loan Home Loan Car Loan Two Wheeler Loan Used Car Loan Education Loan Branch is nearby my location and I have been holding my account with them for almost 20 years hence they have provided the loan by the next day. Enter your number below. IOB … Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate. Self-employed individuals with at least 3 years of continued operations, or permanent employees of reputed companies can apply for this loan. 2,00,000and the interest rate was very low. Indian Overseas Bank Personal Loan, Indian Overseas Bank Personal Loan,IOB Personal Loan Interest Rate at 11.80% Updated on 21 Jan 2021. Tax in India, Saving The rate of interest and processing charges are normal. Know more about IOB Personal Loan Eligibility for taking Personal loan. IOB Home Loan EMI Calculator IOB or Indian Overseas Bank was established back in 1937 to facilitate overseas and foreign exchange banking. The loan has been closed. Self-employed individuals will have to show proof of profit to confirm that they can make repayments without any delays. I have taken the personal loan with the Indian overseas bank and the customer service is better one, also the interest rate is around 11.4%, which is floating based. 75000/- with 2 years of service in the same organization. I have taken a small personal loan in Indian Overseas Bank in July 2018. Age- One should be aged between 21 to 58 years to avail the loan. Indian Overseas Bank personal loan can save you from financial troubles by providing funds when you are in need. This Page is BLOCKED as it is using Iframes. A personal loan is an unsecured loan that you can utilize to fulfil any expenses, thus it is one of the most flexible finance tools available today. Life Insurance Corporation of India agents can also apply for this loan under conditions. IOB Personal loans will solve your financial quickly and effectively, Here are the other benefits, Salary >5k can apply. IOB Personal Loan offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. IOB SURAKSHA - Now buy Accidental Death Insurance (1) PLAN 'A' - Coverage of Rs.5 Lakhs at an annual premium of Rs.100 + GST & (2) PLAN 'B' - Coverage of Rs.10 Lakhs at an annual premium of Rs.200 + … I have taken a personal loan with Indian Overseas bank and i would say that the experience has not been good. Below are given some factors which are checked by the bank on receiving an application for the loan: If one has settled any loan earlier, then it will be a negative point. The documents you will have to furnish include proof of residence, proof of income, and your credit report. NEAS 2019. 2020 loanbaba.com. If you fall into this group, you can definitely apply for a IOB personal loan. The interest rate was very high which is 15% and there was a processing fee of 2%. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Last 3 months bank statement/6 months bank passbook. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. MSME Website. No Pre payment charges. Following are the interest rates for personal loans offered by Indian Overseas Bank. MSME . Loanbaba provides comprehensive information about personal loan schemes by IOB. You can choose a repayment period of up to 5 years. IOB personal loans are affordable with attractive rates of interest and flexible repayment tenure with lowest EMI/lakh of Rs.2,212. Business people, self-employed, or other professionals stand to borrow the income amount from last year, or 10 lakhs, whichever is lower. PSB Loans in 59 Minutes. I am paying my EMI on monthly basis through auto debit. As security, 2 third party guarantors are needed, with each having salary equal to or more than the borrower’s gross takeaway. Leaving so soon? Stand up India - Loan Application. I have also taken a personal loan from IOB and the process for the document collection and disbursement was completed in one week. MUDRA Loan Application. Any Individual whose regular income is more than Rs. IOB offers personal loan with a tenure period ranging upto 60 months making it suitable for all loan seekers. The quantum of loans is 10 … Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. IOB Insta Pension-Covid-19 Relief Loan. 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