Apply for Personal Loan Starting From 10.50%* 
Please Note: Indian Overseas Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Indian Overseas Bank Personal Loan Highlights | |
| Interest rate | Starting at 10.20% p.a. |
| Loan Amount | Up to Rs. 15 lakh |
| Loan Tenure | Up to 84 months |
| Processing Fees | Up to 0.75% of loan sanctioned |
| Types of Personal Loans | IOB Personal Loan, IOB Royal, IOB Passion and Clean Loan |
Indian Overseas Bank personal loan is a broad term that refers to various unsecured borrowings like IOB Royal, IOB Passion and Clean Loan with loan amounts of up to Rs. 15 lakh. 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.
Table of Contents
Features of Indian Overseas Bank Personal Loan
- Loan amount: The maximum loan amount that you can avail through an Indian Overseas Bank Personal Loan is Rs. 15 lakh. However, the loan amount you are actually eligible for would depend on multiple factors such as your credit score, age, income, etc.
- Flexible tenure: Indian Overseas Bank (IOB) offers various repayment options along with a flexible tenure that goes up to 84 months and can be availed as per your repayment ability
- Online application: You don’t have to visit the bank’s branch or fill out and submit paper documents to apply for an Indian Overseas Bank personal loan as it can be easily applied online and even the documentation process can be completed from the comfort of your home
- Quick disbursal: When you submit all your documents and verification is complete, the loan is disbursed to you quickly
Indian Overseas Bank Personal Loan Interest Rates
The interest rates of different types of personal loans from Indian Overseas Bank are as follows:
| IOB Royal (Tenure up to 4 years) | Starting from 11.30% |
| IOB Royal (Tenure more than 4 years) | Starting from 12.05% |
| IOB Passion | Starting from 10.20% |
| Clean Loan | Starting from 12.05% |
| IOB Personal Loan | Starting from 10.70% |
Types of Indian Overseas Bank Personal Loan Products
1. IOB Personal Loan: This unsecured loan can help individuals buy any consumer durable products of their choice including electronics, gadgets, furniture, etc.
- Quantum of loan: 10 times of the gross salary or 90% of the cost of article whichever is less up to limit of Rs. 5.00 lakh
- Repayment tenure: Up to 60 months
- Security: Hypothecation of article purchased using the loan and a suitable 3rd party guarantee is required
2. 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
3. IOB Passion: The loan helps all the creative people to follow their passion and purchase basic material like music instrument, sports kits, painting material or pay for their coaching classes
- Quantum of loan: 90% of the cost of article including coaching fee etc., but should not to exceed Rs. 3 lakh
- Repayment tenure: Up to 60 months
- Security: Hypothecation on purchase of articles out of loan or a suitable 3rd party guarantee or collateral security
4. 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) |
| For LIC agents | Up to 10 times average monthly commission or Rs.10 lakh (whichever is less) |
- Repayment tenure:
| If the loan is for 10 months’ salary | Up to 60 months |
| If the loan is for 5 months’ salary | Up to 36 months |
- Security: Third party personal guarantee of 2 individuals required. The salary of each guarantor being at least equal to that of the borrower
Eligibility Criteria for Indian Overseas Bank Personal Loan
For IOB Personal Loan:
- Your monthly income should be more than Rs. 5,000
- You should not be more than 60 years old
For IOB Royal:
- Your minimum gross income should be at least Rs. 75,000
- You should be at least 25 years old
For IOB Passion:
- You should have a proven skill in any specific field like sports, arts, music, etc.
- You must have taken your skill as a career
- You should fall in the age group of 25 to 50 years
- Can be used to pursue any specific skill as a hobby
For Clean Loan:
- You should be a confirmed/permanent employee of public sector undertaking/ government and reputed private firms, enterprises and companies, etc.
- Your take home pay after the education of proposed loan instalment should be more than 50% of the gross pay
- If you are a LIC agent, you are also eligible
- You should have a savings account in the branch from where you have proposed the loan and also, the salary of the employee should be routed through the S.B account of the branch here the loan is sanctioned
- You must submit an undertaking letter from the employer with an undertaking to deduct loan instalment from the salary every month
- You must also submit a letter from the employer along with an undertaking to recover the dues from the terminal benefits in case of your resignation, retirement or death
Documents Required for Indian Overseas Bank Personal Loan Application
The basic documents required to avail Indian Overseas Bank Personal loan are as follows:
- Application form
- Photo identity proof (any one document): Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof(any one document): Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips, ITR, Form 16, etc.(depending on scheme and applicant type)
Additional documents for Clean Loan
- Salary certificate of applicant and guarantor with deduction particulars
- Undertaking letter from employer to deduct monthly instalment and recover the dues from terminal benefit (if necessary)
How to Apply for Indian Overseas Bank Personal Loan with Paisabazaar?
You can apply for Indian Overseas Bank personal loan on Paisabazaar.com by simply following the steps given below:
- Compare various personal loan options by filling out the personal loan application form on Paisabazaar.com
- When you click on ‘proceed’, you get redirected to next page that displays personal loan offers from different lenders as per the chances of approval
- You can either select an offer of your choice or can call the customer care team of Paisabazaar for further assistance
- When you have decided the lender you can fill out any additional details required and submit your application online to get instant conditional e-approval
Personal Loan Verification Process
The verification process usually involves the following steps:
- After your application form is forwarded to the lender through Paisabazaar, you will get a call from the lender’s representative for verification and scheduling document pickup
- Once the documents are verified, you get another call from the representative regarding the final loan offer
- If you agree with the terms and conditions, the loan gets disbursed to your account within a few working days
Check Indian Overseas Bank Personal Loan Application Status
You can check the status of your Indian Overseas Bank Personal Loan application online by following the steps given below:
Step1. Go to the Loan Application Status page on the Official Website
Step2. Enter key details such as loan application number, registered mobile number, etc. to view your updated Indian Overseas Bank personal loan application
Fees and Other Charges
The following are some of the key fees and charges associated with an IOB personal loan:
| Processing Fees | Personal Loan | Up to Rs. 5 lakh | 0.40% |
| Above Rs. 5 lakh | 0.50% | ||
| IOB Royal | Up to Rs. 5 lakh | 0.50% | |
| Above Rs. 5 lakh | 0.75% | ||
| IOB Passion | Up to Rs. 5 lakh | 0.40% | |
| Above Rs. 5 lakh | 0.50 | ||
| Clean Loan | Up to Rs. 5 lakh | 0.50% | |
| Above Rs. 5 lakh | 0.75% | ||
| Prepayment Charges | Personal Loan | NIL | |
| IOB Passion | NIL | ||
How to Login on Indian Overseas Bank Portal?
- Go to the Indian Overseas Bank online banking portal
- Enter your ‘Login ID’ and ‘Password’
- Select “Accounts” in Start In field and then click on ‘Login’ to complete online banking login
Indian Overseas Bank Personal Loan Statement
- Go to the Download e-Statement page on the IOB website
- Select ‘Download Loan Statement’ from ‘Service Type’ column click on ‘Next’
- On the subsequent page, fill out details such as Loan Account Number, PAN, Registered Mobile etc. and click on “Next” to view/download your Indian Overseas Bank Personal Loan Statement:
EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of Indian Overseas Bank Personal Loan changes based on loan tenure, loan principal and interest rate.
| Loan Principal and Interest Rate | Monthly EMI Payout | ||||
| 1 Year Tenure | 2 Years Tenure | 3 Years Tenure | 4 Years Tenure | 5 Years Tenure | |
| 5 lakh @ 11% | Rs. 44,190 | Rs. 23,303 | Rs. 16,369 | Rs. 12,922 | Rs. 10,871 |
| 7 lakh @ 11.25 % | Rs. 61,948 | Rs. 32,706 | Rs. 23,000 | Rs. 18,176 | Rs. 15,307 |
| 10 lakh @ 12% | Rs. 88,848 | Rs. 47,073 | Rs. 33,214 | Rs. 26,333 | Rs. 22,244 |
Comparison of Indian Overseas Bank Personal Loan vs Other Lenders
The following table compares IOB personal loans to similar borrowings offered by other lenders:
| Particulars | Indian Overseas Bank | Axis Bank | Citi Bank | ICICI Bank | HDFC Bank |
| Interest Rate | Starting from 10.20% p.a. | 12% p.a. onwards | 9.99% p.a. onwards | 11.25% p.a. onwards | 10.50% p.a. onwards |
| Tenure | Up to 84 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to Rs. 15 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 30 lakh | Up to Rs. 20 lakh | Up to Rs. 40 lakh |
| Processing Fee | Up to 0.75% | 2% of loan amount plus GST | Up to 3% of the loan amount | Up to 2.25% of loan amount plus GST | Up to 2.50% of the loan amount |
Indian Overseas Bank Customer Care
- You can call on 1800-425-4445
- You can submit your complaint online on the Indian Overseas Bank website
- You can visit the nearest branch of Indian Overseas Bank in person
Benefits of Applying for Personal Loan at Paisabazaar
- Choose from 30+ lenders on a single platform: You can check personal loan offers from 30+ lenders on a single platform and save both time and effort. Also, you can access Paisabazaar.com anytime, anywhere
- Know your eligibility: You can know if you are eligible to apply for a loan from a particular lender along with the maximum loan amount you are eligible for through Paisabazaar
- Check EMI: By using Paisabazaar’s Personal Loan EMI Calculator, you can check EMI you will have to pay throughout the tenure and can borrow a loan amount as per your repayment ability
- End- to- end assistance: You get end-to-end assistance on your personal loan from the dedicated customer care team of Paisabazaar
Important Aspects
- Check your credit score as a good credit score can help you avail a personal loan with greater ease and at low interest rate
- Ensure you meet the eligibility criteria and check if you have all the required documents before submitting your personal loan application
- Reduce outstanding debt to the lowest possible level in order to improve your chances of approval for a personal loan
- Check the EMI you have to pay using the Paisabazaar Personal Loan EMI Calculator and borrow only what you need, not in excess
FAQs
Q1. Can I foreclose my Clean Loan? What are the foreclosure charges of Indian Overseas Bank?
Yes, you can foreclose your Clean Loan. Currently no foreclosure charge is applicable in case of Indian Overseas Bank.
Q2. I am a pensioner. Can I apply for Indian Overseas Bank Personal Loan?
No, pensioners are not eligible for this personal loan.
Q3. What does S.B. account mean?
The meaning of S.B. account is Savings Bank account.
Q4. What is the minimum personal loan amount offered by Indian Overseas Bank?
Currently the minimum personal loan amount offered by Indian Overseas Bank is Rs. 25,000.
Q5. How do I repay my Indian Overseas Bank personal loan?
Repayment of Indian Overseas Bank personal loan through EMI can be made using post-dated cheques, bank draft or ECS (Electronic Clearing System)/NACH (National Automated Clearing House) mandate.
