6. The maximum loan amount that can be calculated is 30 lakhs, and the tenure has a cap of 5 years. The only downside with checking the loan … The interest rate was very high which is 15% and there was a processing fee of 2%. Personal loan eligibility may differ from one candidate to another. Loanbaba provides comprehensive information about personal loan schemes by IOB. The minimum monthly income required for IOB Personal Loan is more than 50% of the gross pay. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate. The IOB personal loan rates for a clean loan is around 13.45 % (floating) and 14.70% (floating) for Sahayika loan. All the information displayed at the end of the process allow users to plan their loan repayments with ease and according to hard data. You can choose a repayment period of up to 5 years. Business people, self-employed, or other professionals stand to borrow the income amount from last year, or 10 lakhs, whichever is lower. Special Personal Loan HNI VIP. 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 … Ltd. 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. The rate of interest and charges are very low comparing to other banks. The minimum monthly income required for IOB Personal Loan is more than 50% of the gross pay. The documentation process was good with Indian overseas bank. I had applied my personal loan in Mumbai at Indian Overseas bank. Quantum of Loan… As security, loan takers have to provide liquid securities or immovable property including UNITS, ULIP, KVP, IVP, NSC, LIC policies, and other similar items. All existing borrowers of Indian Overseas Bank can avail personal loans at the existing Base Rate, which is subject to change from time to time. They processed my Personal loan application and approve and sanctioned with in 48 hours. MSME Website. I have also taken a personal loan from IOB and the process for the document collection and disbursement was completed in one week. I have selected the tenure period the tenure period for 60 months. This loan can be used for any purpose encompassing social or financial commitment. Other Conditions. * Please visit your nearest Branch … Over the years, this bank has created several benchmarks in the Indian economy and banking system. Under which circumstance a loan will not be granted? I have taken the personal loan with the Indian overseas bank and the customer service is better one, also the interest rate is around 11.4%, which is floating based. The interest rate and the charges are average. NEAS 2019. Be it for travel, marriage, medical emergency or debt … Gain an edge by connecting with us via email. I have taken a personal loan from Indian Overseas and the loan amount was Rs. I have taken a personal loan with Indian Overseas bank and i would say that the experience has not been good. I have taken a personal loan with Indian Overseas Bank and it was Straight through process with no requirement of any documents as i have an account for the last 20 years. As i am the staff of the particular bank we do have a special interest rates. A personal loan is an unsecured (i.e. Loan … The bank provides two kinds of personal loan to cater the financial needs of an individual. The repayment tenure can go up to 5 years and the personal loan can be availed by anyone depending on the terms and conditions set by the lender. But day span was lengthy for loan disbursement. The maximum loaned amount is 15 lakhs. Once all the details have been filled, clicking the “Calculate” button will take users to a list of comprehensive information regarding the. The available margin is 10% on policies bought from LIC and other private life insurers, 25% for liquid securities as mentioned above, and 50% on immovable property. They have collected the required documents within 2 to 3dayas of time. Age- One should be aged between 21 to 58 years to avail the loan. Self-employed individuals will have to show proof of profit to confirm that they can make repayments without any delays. PSB Loans in 59 Minutes. MSME . Profile- One should be a permanent confirmed employee of any reputed organisation, a self employed person, a professional or a businessperson with 3 years of experience in the concerned field. 75000/- with 2 years of service in the same organization. 3 lakhs. 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