*Note: The details about the Indian Overseas Bank COVID 19 personal loan provided on this page are for information purposes only. In case you want to apply for this COVID-19 emergency personal loan from Indian Overseas Bank, you are requested to get in touch directly with the bank. Customer care contact details of Indian Overseas Bank have been provided on this page along with the product information for your reference.
During the current Corona outbreak, Indian Overseas Bank (IOB) is offering an emergency personal loan for pensioners known as the IOB Insta Pension COVID-19 Relief Loan. This Indian Overseas Bank COVID-19 personal loan is available to pension account holders of IOB and designed to help them meet unforeseen expenses occurring due to the COVID-19 Pandemic. The loan amount offered by Indian Overseas Bank is up to Rs. 5 lakh and currently available only up to 30.06.2020.
Features of Indian Overseas Bank Pension COVID-19 Personal Loan
- Loan amount: Depending upon the age and the type of pensioner, the maximum loan amount sanctioned under the IOB Insta Pension-COVID-19 Relief Loan scheme can be up to Rs. 5 lakh
- Flexible tenure: The tenure to repay Pension-COVID-19 Relief Loan is flexible and varies as per the age of the applicant pensioner as follows:
|Type of Applicant||Repayment Tenure|
|Pensioners less than 70 years old||Up to 60 months (including moratorium period of up to 3 months)|
|Pensioners over 70 years old||Up to 36 months (including moratorium period of up to 3 months)|
- Loan offer period: The IOB Insta Pension-COVID-19 Relief Loan is currently available to eligible applicants only till June 30, 2020
- Quick application: Keeping your safety in mind, the bank allows you to apply for Pension-COVID-19 Relief Loan online from the comfort of your home or office. This loan can also be applied offline
Indian Overseas Bank Pension COVID-19 Personal Loan Interest Rate
The interest rate offered by Indian Overseas Bank on Insta Pension-COVID-19 Relief Loan starts from 9.65%. However, the interest rate may vary from different applicants based on age, loan amount, etc.
Eligibility Criteria of Indian Overseas Bank Pension COVID-19 Personal Loan
All existing pension account holders irrespective of having availed Pensioner’s Loan from the bank excluding Malaysian Government pensioners receiving pension through Indian Overseas Bank are eligible for this loan. IOB has categorised pensioners who are eligible for this loan into the following categories:
Category A: All central government, state government, TNEB and railway pensioners, retired Indian Overseas Bank employees, etc. whose original Pension Payment Order (PPO) remains in the custody of bank and are maintained by the bank directly as original pensioners
Category B: All pilot pensioners including pensioners of Municipal Corporations, State Government pensioners, Ex-gratia pensioners etc., whose pensions are paid by government treasuries through issue of cheques drawn in favour of IOB branches (as per mandate of the pensioner). For applicants in this category, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a specific bank branch
Category C: Family pensioners of all applicable categories drawing their pension through an Indian Overseas Bank branch
The loan amount offered to various categories of pensioners under this scheme is determined as follows:
|Category A||Up to 70 years||20 times or Rs. 5 lakh, whichever is less|
|70 years and above||20 times of monthly pension or Rs. 3 lakh, whichever is less|
|Category B||Up to 70 years||15 times of monthly pension or Rs. 5 lakh, whichever is less|
|70 years and above||15 times of monthly pension or Rs.3 lakhs, whichever less|
|Category C||Up to 70 years||15 times of monthly pension or Rs. 3 lakh, whichever is less.|
|70 years and above||15 times of monthly pension or Rs. 2 lakh, whichever is less|
Note: Ex-Indian Overseas Bank staff members drawing pension through IOB are not eligible for this loan scheme under existing rules.
Also read about Personal Loan Eligibility Criteria.
Documents Required for Indian Overseas Bank Pension COVID-19 Personal Loan Application
The documents required to avail for Indian Overseas Bank Insta Pension-COVID-19 Relief Loan may vary depending upon the applicant category. The list of required documents will be mentioned by IOB at the time of submitting the loan application.
How to Apply for Indian Overseas Bank Pension COVID-19 Personal Loan?
Currently the Indian Overseas Bank Pension COVID-19 personal loan is available only through the bank. You can easily apply for this COVID-19 Personal Loan by getting in touch with the bank through the following ways:
- You can call the IOB customer care on 1800-425-4445
- You can visit the nearest branch of the bank
- You can log into IOB Internet Banking to get details regarding the application process
Fees and Other Charges
Current charges of the Indian Overseas Bank Pension COVID-19 Personal Loan (apart from interest rate) are as follows:
How to Login on Indian Overseas Bank Portal?
You can easily login to the online portal of Indian Overseas Bank by following the below steps:
- Go to the Indian Overseas Bank Online Banking platform
- Enter your Login ID and password, then select “Accounts” in the Start In field to log in:
The following table illustrates how much EMI is payable for various combinations of IOB COVID-19 pension loan amount, interest rate and tenure:
|Loan principal @ interest|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 9.65%||Rs. 17,550||Rs. 9,196||Rs. 6,420||Rs. 5,038||Rs. 4,215|
|3 lakh @ 10%||Rs. 26,374||Rs. 13,843||Rs. 9,680||Rs. 7,608||Rs. 6,374|
|4 lakh @ 10.5%||Rs. 35,259||Rs. 18,550||Rs. 13,000||Rs. 10,241||Rs. 8,597|
Comparison of Indian Overseas Bank Pension COVID-19 Personal Loan vs. Other Lenders
The following table compares the COVID-19 personal loan offered by Indian Overseas Bank to similar offerings from other lenders in India:
|Particulars||Indian Overseas Bank||Punjab National Bank||Bank of Baroda||Indian Bank||Bank of Maharashtra|
|Interest Rate||Starting from 9.65%||Starting from 9.05%||10.25%||Starting from 8.75%||Starting from 8.45%|
|Tenure||Up to 60 months including holiday period of 3 months||Up to 60 months||12 to 60 months||Up to 36 months including moratorium period of 6 months||Up to 36 months including moratorium/ holiday period of 6 months|
|Loan amount||Up to Rs. 5 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh||Up to Rs. 2 lakh||Up to Rs. 3 lakh|
|Processing Fee||NIL||NIL||Rs. 500/- plus applicable GST||NIL||NIL|
Indian Overseas Bank Customer Care
- You can call IOB customer care by phone on 1800-425-4445
- You can visit the nearest branch of the Indian Overseas Bank
Q1. Can I apply for Indian Overseas Bank Pension COVID-19 Personal Loan if I am a pensioner with an existing loan with the bank?
Yes, you can apply for Pension COVID-19 Personal Loan if you are an existing borrower of the bank. However, please note that your existing loan accounts should be in Standard Category. This is because SMA1/SMA2 (Special Mentioned Account) category loan holders are not eligible for this COVID 19 personal loan.
Q2. Is there any maximum age limit set by Indian Overseas Bank to avail the COVID-19 Personal Loan for pensioners?
No, the bank has not set any maximum age limit under the scheme.
Q3. Do I need to provide any security to avail Pension COVID-19 Personal Loan?
Yes, all borrowers of the loan including Indian Overseas Bank Staff Members should provide the following securities:
|For Pensioners up to 70 years||Guarantee from spouse/Legal Heir/Bank acceptable Third Party in Form 111 and F 378|
|For Pensioners above 70 years and for Family Pensioners||Guarantee from spouse or any one of the Legal Heirs is to be obtained. Wherever Spouse/Legal Heirs are not available, suitable third party guarantee is mandatory|
Q4. What is holiday period?
In case of a loan, holiday period is also known as loan moratorium period. While making regular EMI payments is not mandatory during this holiday period, usually interest does accrue which may increase the repayment burden of the loan.
Q5. Can I foreclose my Overseas Bank Pension COVID-19 Personal Loan? What would be the charges?
Yes, you can foreclose Pension COVID-19 Personal Loan scheme without any foreclosure charges. Please contact your nearby IOB branch for further details of the foreclosure process.