Indian Overseas Bank Personal Loan

Purpose: Personal loan scheme offered to fulfil the socio-economic financial needs

Loan Amount: Up to Rs 15 lakh

Tenure: 1-7 years

Purpose: For any purpose, including financial or social commitments.

Loan Amount:

• For employees working with Central Government, State PSUs, Central PSUs, Quasi Govt., Defense & paramilitary, PSB and Railway, or institutions where the bank's branch is named after the institution's name, or working with MNCs, reputed private firms and companies with regular monthly salaries and maintaining salary accounts with IOB - Up to 25 or 20 times of gross monthly salary or Rs 30 lakh, whichever is lower.
• For employees working with reputed private firms, MNCs and companies with regular monthly salaries and don't maintain salary accounts with IOB - Up to 10 times of gross monthly salary or Rs 15 lakh, whichever is lower.

Tenure: Up to 7 years

Purpose: For any purpose, including financial or social commitments.

Loan Amount: Up to 25 times the salary or Rs 7.50 lakh, whichever is lower. The total loan amount under the Personal Loan Scheme, including the Top-up, should not exceed Rs 30 lakh per borrower.

Tenure: Up to 5 years. The repayment period should not exceed 3 months prior to superannuation or 60 years of age, whichever is earlier.

• Minimum age: 25 years
• Minimum Gross Income: Rs 75,000

The following types of applicant are eligible for IOB Personal Loans:

• • Category A: Employees working with Central Government, State PSUs, Central PSUs, Quasi Govt., Defense & paramilitary, PSB and Railway are eligible for IOB Personal Loan. The employees of the institutions where the bank's branch is named after the institution's name and salary is credited to a savings account with the bank are also eligible for personal loans.
  • Category B: Employees working with MNCs, reputed private firms and companies with regular monthly salaries and employees maintaining salary accounts with IOB. The regular salary credit into the account should be for a minimum of 6 months.
  • Category C: Employees working with reputed private firms, MNCs and companies with regular monthly salaries and don't maintain salary accounts with IOB. The regular salary credit should be for a minimum of 6 months.
  • The applicant should have a savings account in the respective branch from where the loan is availed.

Also check the personal loan eligibility criteria set by other personal loan lenders.

• Salary certificate of applicant and guarantor with deduction particulars
• Undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit (if necessary)

Toll Free Numbers:

• 1800 890 4445
• 1800 425 4445

Know more about Indian Overseas Bank Customer Care and Grievance redressal process in detail