Indian Overseas Bank Personal Loan is personally customized for all the businessmen, salaried individuals (both govt. and private) and self- employed professionals. The personal loan by Indian Overseas Bank is easy to avail loan and involves time saving process.
Indian Overseas Bank Personal Loan - Features and Benefits
- Different schemes: Different loan schemes are offered under the personal loan category of Indian Overseas Bank. These loan schemes can be availed by individuals to fulfill their diverse dreams
- Loan amount: Ensuring that you are able to fulfill any dream or face a financial emergency without any hassle, Indian Overseas Bank Personal Loan offers a loan amount of upto Rs. 15 lakh
- Flexible tenure: The tenure to repay Indian Overseas Bank Personal Loan goes upto 60 months
- Minimum documentation: You only need to submit a few necessary documents to avail Indian Overseas Bank Personal Loan instantly
Indian Overseas Bank Personal Loan
This loan is offered to an individual to purchase consumer durables like electronics, furniture, etc. You can avail a loan amount of 10 times of gross salary or 90% of the article whichever is less, subject to a maximum amount of Rs. 5 lakh and can repay the loan amount in 60 months.
Indian Overseas Bank Personal Loan – Interest Rate and Fees
| Interest Rate | 11.75% | |
| Processing Fees | Upto Rs. 5 lakh | 0.40% |
| Above Rs. 5 lakh | 0.50% | |
Indian Overseas Bank Personal Loan – Eligibility Criteria
- You should have a regular income of at least Rs. 5,000 per month
- Your maximum age should be 60 years
Indian Overseas Bank Personal Loan – Documents Required
An individual may be asked to submit a specific document but the basic documents required to avail Indian Overseas Bank Personal loan are as follows:
- 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
- Salary proof:Last 3 months/6 months’ bank statement (dependent on scheme) showing salary credits, Latest Salary Slip
Indian Overseas Bank Clean Loan
The loan is offered to the salaried individuals to meet any social/financial commitment. Depending upon an individual’s income, a loan amount of up to Rs. 15 lakh can be availed and can be repaid within 60 months.
Indian Overseas Bank Clean Loan – Quantum of Loan
| Eligibility | Loan amount |
| If either your employer undertakes to deduct the EMI every month and send to Indian Bank or your salary is routed through the branch that has granted you the loan | Rs. 15 lakh |
| For others | 5 times of salary or Rs. 1 lakh whichever is lower |
| For LIC agents | Up to 10 times average monthly commission or Rs.10.00 lakh whichever is lower |
Indian Overseas Bank Clean Loan – Interest Rate and Fees
| Interest Rate | 13.50% |
| Processing Fees | 0.50% |
Indian Overseas Bank Clean Loan – Eligibility Criteria
- You should be a confirmed employee in public sector, government, reputed private enterprises, companies, firms, etc.
- Your take home pay after deduction of proposed loan installment should be more than 50% of the gross pay
- If you are an LIC agent, you are also eligible for the loan
Indian Overseas Bank Clean Loan – Documents Required
- Application form
- Salary certificate of applicant and guarantor with deduction particulars
- Undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit in case of necessity
- KYC documents
Indian Overseas Bank Consumption Loan – Sahayika
The consumption loan by Indian Overseas Bank is offered to meet any of the social financial commitment including higher education, medical treatment, marriage, etc. This secured personal loan is offered for up to a loan amount of Rs. 10 lakh. However, the loan amount depends upon the value of your security (movable property or Liquid securities like NSC, IVP,KVP, ULIP, UNITS etc. or Life policies of LIC of India and other private insurance companies approved by IRDA). You can repay the loan within 60 months.
Indian Overseas Bank Consumption Loan – Sahayika – Interest Rate and Fees
| Interest Rate | 12.25 | |
| Processing Fees | Upto Rs. 5 lakh | 0.60% |
| Above Rs. 5 lakh | 0.75% | |
Indian Overseas Bank Consumption Loan – Sahayika – Eligibility Criteria
- You should be a confirmed/permanent employee of a reputed organization or a businessman or a professional or a self- employed individual
- You must have 3 years of experience in your field
- If you are a salaried individual, your take home pay should be at least 40% of gross salary after considering the installment of the present loan
Indian Overseas Bank Consumption Loan – Sahayika – Documents Required
- Proof of employment and income
- Proof of standing in the field of activity for professionals, self-employed and business people
- Income tax assessment order or return with ITO acknowledgement for Professionals etc.
- Details of the security offered and copies of the documents
Indian Overseas Bank Royal Loan
The Royal Loan by Indian Overseas Bank is offered to meet any socio/economic financial needs. You can apply for a loan amount of upto Rs. 15 lakh and can repay it within 12 to 84 months.
Indian Overseas Bank Royal Loan – Interest Rate and Fees
| Interest Rate | As offered by the bank | |
| Processing Fees | Upto Rs. 5 lakh | 0.50% |
| Above Rs. 5 lakh | 0.75% | |
Indian Overseas Bank Royal Loan – Eligibility Criteria
- You should be at least 25 years
- Your minimum monthly income should be Rs. 75,000
Indian Overseas Bank Royal Loan – Documents Required
An individual may be asked to submit a specific document but the basic documents required to avail Indian Overseas Bank Personal loan are as follows:
- 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
- Salary proof: Last 3 months/6 months’ bank statement (dependent on scheme) showing salary credits, Latest Salary Slip
Indian Overseas Bank Passion Loan
This loan is offered to follow your passion and to purchase basic materials like music instrument, painting material, sports kit or paying coaching fees, etc. You can purchase a loan amount of upto 90% of the cost of article including coaching fee etc. but should not to exceed Rs.3 lakh. You can repay the loan by 60 months.
Indian Overseas Bank Passion Loan – Interest Rate and Fees
| Interest Rate | 11.25% | |
| Processing Fees | Upto Rs. 5 lakh | 0.40% |
| Above Rs. 5 lakh | 0.50% | |
Indian Overseas Bank Passion Loan – Eligibility Criteria
| Category | Age | |
| Category A- Any individual who has taken a specific field like sports, arts, painting, music, etc. as profession and need financial assistance to tone his skills | Minimum | 10 years |
| Maximum | 25 years | |
| Category B- Any individual who wants to pursue any skill as a hobby | Minimum | 25 years |
| Maximum | 50 years | |
Indian Overseas Bank Passion Loan – Documents Required
You can avail this loan either for yourself or for your kid. You may be asked to submit a specific document but the basic documents required to avail Indian Overseas Bank Personal loan are as follows:
- 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
- Salary proof: Last 3 months/6 months’ bank statement (dependent on scheme) showing salary credits, Latest Salary Slip
Indian Overseas Bank Personal Loan - EMI Calculator
When you plan to apply for various loans avail under Indian Overseas Bank Personal Loan category, it is important to know how much EMI you would be paying each month to repay the loan. Paisabazaar’s online EMI calculator is an easy to use tool that allows you to check your EMI so that you don’t borrow more than you can repay and can also manage your future expenses accordingly.
- Go to the EMI Calculator
- Scroll the bar to your desired loan amount, tenure and interest rate
- Know your EMI within seconds
Compare Indian Overseas Bank Personal Loan VS Other Lenders
| Particulars | Indian Overseas Bank | HDFC Bank | Citi Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 11.25% | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | Varies from customer to customer | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Upto Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | Upto Rs. 0.70% of the loan amount | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
| Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
Indian Overseas Bank - Customer Care
- You can call on 180-0425-4445
- You can visit the nearest branch of the bank
FAQs
How do I apply for Indian Overseas Bank Personal Loan offline?
You can visit the nearest branch of the bank to apply for a personal loan offline.
Which loan scheme would be ideal for me if I wish to pay my father’s medical bills?
In order to pay your father’s medical bills, you can opt for clean as well as consumption loan that are available under Indian Overseas Bank Personal Loan category.
Can I prepay Indian Overseas Bank Passion Loan? Would there be any pre-payment charges?
Yes, you can prepay Indian Overseas Bank Passion Loan without any prepayment charges.
