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Eligibility Criteria for Personal Loans from IOB

Indian Overseas Bank Personal Loan Eligibility

The eligibility for personal loans of IOB is different based on the type of loan product. The details of the same are,

IOB Personal Loan

Purpose of loan

This loan is available for purchasing consumer durables including all electrical and electronics, wooden and metal furniture.

Eligibility 

The bank requires the applicants to meet the following parameters for this loan

  • Age – maximum age of 60 years
  • Income – minimum regular income Rs. 5,000

IOB Royal

Purpose of loan

This loan is available for meeting any socio-economic financial needs of the applicant

Eligibility 

The bank requires the applicants to meet the following parameters for this loan

  • Age – minimum age of 25 years
  • Income – minimum gross income Rs. 75,000

IOB Passion

Purpose of loan

This loan is available for pursuing and supporting any passion of the applicant like music, sports, painting, etc.

Eligibility 

In case the applicant requires financial assistance to excel in any proven skill that he/she has in the specific field and has made it his/her career, the bank requires the applicants to meet the following parameters for this loan

  • minimum age of 15 years
  • maximum age of 25 years

In case a person wants to pursue a hobby,

  • minimum age of 25 years
  • maximum age of 50 years

IOB Clean Loan

Purpose of loan

This loan is available for meeting any socio-economic financial needs of the applicant

Eligibility 

The bank requires the applicants to meet the following parameters for this loan

Eligible applicants

  • Permanent Employees of Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc.
  • LIC agents 

Income

Take-home pay to be a minimum of 50% gross income after deducting the proposed EMI

Special Personal Loan HNI VIP

Purpose of loan

This loan is available for purchasing any household goods

Eligibility 

The bank requires the applicants to meet the following parameters for this loan

  • Age – minimum age 25 years, maximum age 60 years (at time of maturity of the loan)
  • Income – minimum regular income Rs. 75,000
  • Work experience – 2 years of service in the same organization

Types of Personal Loans from IOB

A personal loan is a basic loan or a general-purpose loan that can be sanctioned to any eligible person. These loans are provided to meet their personal expenses of any kind like a wedding in the family, education of self or any family member, travel expenses, home repairs or renovation expenses, etc.

IOB provide many types of loan products that can be availed by eligible persons depending on their needs and eligibility. The various types of personal loans of IOB are,

  • IOB Personal Loan
  • IOB Royal
  • IOB Passion
  • IOB Clean Loan
  • Special Personal Loan HNI VIP

These loans are processed faster and do not require excess documentation to be approved. This ensures that the borrowers can get immediate finance to meet any urgent financial needs.

IOB Personal Loan Features

The highlights of the personal loans of the bank depending on the type of loan. The details of the same are tabled below.

Type of loan

Amount of loan

Rate of interest

Tenure

Processing fees

IOB Personal Loan

Lower of,

90% of the cost of the article, or,

10 times of gross salary, or, 

Rs. 5,00,000

10.80%

Maximum – 60 months (5 years)

0.40% of the loan amount (loan amount up to Rs. 5,00,000)

0.50% of the loan amount (loan amount above Rs. 5,00,000)

IOB Royal

Maximum loan amount – Rs. 15,00,000

11.30% (tenure less than 4 years)

12.05% (tenure of more than 4 years)

Minimum - 12 months (1 year)

Maximum – 84 months (7 years)

0.50% of the loan amount (loan amount up to Rs. 5,00,000)

0.75% of the loan amount (loan amount above Rs. 5,00,000)

IOB Passion

Lower of,

90% of the cost of the article, or,

Rs. 3,00,000

10.30%

Maximum – 60 months (5 years)

0.40% of the loan amount (loan amount up to Rs. 5,00,000)

0.50% of the loan amount (loan amount above Rs. 5,00,000)

IOB Clean Loan

When employer deducts EMI from salary and remits bank or salary account held with bankLower of,

10 times salary, or,

Rs.15,00,000

For others 

Lower of,

5 times salary, or,

Rs. 1,00,000 

For LIC Agents

Lower of,

10 times average commission, or,

Rs. 10,00,000

12.05%

5 years (When the loan is for 10 months salary)

3 years (When the loan is for 5 months salary)

0.50% of the loan amount (loan amount up to Rs. 5,00,000)

0.75% of the loan amount (loan amount above Rs. 5,00,000)

Special Personal Loan HNI VIP

Lower of,

90% of the cost of the article, or,

Rs. 25,00,000

10.80%

Minimum - 12 months (1 year)

Maximum – 72 months (6 years)

0.40% of the loan amount (loan amount up to Rs. 5,00,000)

0.50% of the loan amount (loan amount above Rs. 5,00,000)

About Personal Loans from Indian Overseas Bank

Indian Overseas Bank is a leading public sector bank in India having its headquarters in Chennai. The bank has a huge network of 3400 branches pan India and 6 foreign branches and representative offices across India and abroad. The bank provides a huge range of products and services for its national and international customers which include investments, insurance, loans, deposits, credit/debit cards, savings schemes and many more such options to ensure that the customers get the best banking solutions. The personal loans of the bank are among the leading loan products with an affordable rate of interest and comfortable repayment tenures.

FAQs - Personal Loan Eligibility- Indian Overseas Bank

1. What are the documents needed for IOB Personal Loans?

A. The documents needed for IOB personal loans are,

  • Identity proof (Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card)
  • Address proof (Passport, Driving License, Utility Bills, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card)
  • Income proof (Bank Account Statement, Salary Slips, ITR, Form 16, etc.)
  • Bank statements
  • Letter of undertaking from the employer to deduct the EMI from the salary of the employee
  • Passport size photographs

2. Who are the eligible applicants for IOB Clean Loans?

A. IOB clean loans can be applied by permanent employees of government, PSUs, reputed private companies, firms, etc. as well as LIC agents. Self-employed persons cannot apply for these loans.

3. Who can apply for the ION Personal Loans?

A. IOB Personal Loan can be applied by all individuals having a minimum income of Rs. 5,000 and are below the age of 60 years.

4. Are Special Personal Loan HNI VIP secured loans?

A. Yes. The borrower has to provide a third-party guarantee or collateral security if the loan amount is higher than Rs. 15,00,000. For loan amount less than Rs. 15,00,000, the bank has hypothecation charge on the articles bought from the loan taken.

5. Can an NRI apply for IOB Personal Loans?

A. No. An NRI cannot apply for IOB Personal Loans.

6. How long does it take for the loan to be processed?

A. Pre approved personal loan are processed after. For other loans, the loan amount is disbursed in the bank account of the applicant within a few working days after the loan processing is completed.

7. Is credit score important for loan eligibility?

A. Yes. The credit score of the applicant is a very important factor in determining the eligibility of a person for the personal loan of the bank as well as in determining the rate of interest, loan tenure or loan amount.

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