CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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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.
The bank requires the applicants to meet the following parameters for this loan
This loan is available for meeting any socio-economic financial needs of the applicant
This loan is available for pursuing and supporting any passion of the applicant like music, sports, painting, etc.
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
In case a person wants to pursue a hobby,
IOB Clean Loan
Take-home pay to be a minimum of 50% gross income after deducting the proposed EMI
Special Personal Loan HNI VIP
This loan is available for purchasing any household goods
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,
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.
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
90% of the cost of the article, or,
10 times of gross salary, or,
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)
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)
When employer deducts EMI from salary and remits bank or salary account held with bankLower of,
10 times salary, or,
5 times salary, or,
For LIC Agents
10 times average commission, or,
5 years (When the loan is for 10 months salary)
3 years (When the loan is for 5 months salary)
Maximum – 72 months (6 years)
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.
1. What are the documents needed for IOB Personal Loans?
A. The documents needed for IOB personal loans are,
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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