Default interest rates will already be filled, so users just have to change the figure provided in the Fee field. Any Individual whose regular income is more than Rs. Income- The income of the salaried individual should be at least half (50%) of his/her gross salary after pondering over the loan instalment. Business people, self-employed, or other professionals stand to borrow the income amount from last year, or 10 lakhs, whichever is lower. The service is not up to the mark and the process was delayed a lot. NEAS 2019. Highest loan amount is 15 lakhs or 10 times salary, whichever is lower. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. I have taken a small personal loan in Indian Overseas Bank in July 2018. Accounts, Sales Personal loan eligibility may differ from one candidate to another. Over the years, this bank has created several benchmarks in the Indian economy and banking system. But day span was lengthy for loan disbursement. 15 lakh. Any salaried individual or self-employed who fulfils the eligibility criteria can borrow funds. I have been paying the EMI of 12000 per month. MSME . Working Capital Loans… Customers who are interested in applying for a personal loan with Indian Overseas Bank will have to fill in and submit the loan application form along with the required set of documents which will be assessed by the bank to determine your eligibility for a personal loan. Usually the interest rates range between 11.50% and 28%. The INDIAN OVERSEAS BANK has approved my personal loan and disbursed my loan amount within 1 week time. The amount of money you can borrow through a Personal loan from Indian Overseas Bank will depend on your ability to repay. The processing fee is good. The rate of interest and charges are very low comparing to other banks. account at the branch where the loan … Following are the interest rates for personal loans offered by Indian Overseas Bank. Being a major public sector bank based in Chennai, Indian Overseas Bank by offering personal loan is here to fulfill the personal wish of all. This loan is available for commitments such as marriages, education, holidays and other commitments under law. IOB offers personal loan with a tenure period ranging upto 60 months making it suitable for all loan seekers. I was in dire need of funds and fortunately got the loan amount soon. The Indian Overseas bank has disbursed the loan amount required and I am satisfied with it. 5. Other Conditions. Special Personal Loan HNI VIP. IOB Mudra Loan Interest Rates 2021 Indian Overseas Bank (IOB) Mudra Loan Eligibility BEST Features & Benefits Application Form Documents Required LOANS Personal Loan Home Loan Car Loan Two Wheeler Loan Used Car Loan Education Loan I have selected the tenure period the tenure period for 60 months. Disbursal is done at the soonest, and you can keep a track of your loan application on the website. Customer service was good, i am working in IOB my salary is credited in this bank and also manager recommended so based on this i got this loan offer. I have taken a personal loan with them. I had taken a Personal loan with IOB bank and i would say they were good in services. Below are given some factors which are checked by the bank on receiving an application for the loan: If one has settled any loan earlier, then it will be a negative point. The interest rates offered for the IOB Clean Loan are set on the basis of MCLR i.e. MSME Website. You will receive a call shortly from our customer support. As security, 2 third party guarantors are needed, with each having salary equal to or more than the borrower’s gross takeaway. I have taken 50K. Know more about IOB Personal Loan Eligibility for taking Personal loan. I got the sufficient loan amount also the interest rate is 10.5% which is nominal. MSME . We promise never to spam you. A personal loan is an unsecured (i.e. This Page is BLOCKED as it is using Iframes. I would like to say that the customer service is an average one. IOB is better in the customer services. The rates are quite good. Since loans are granted with the guarantee from the customer that it will be repaid within a predetermined time frame, customers who wish to clear their debt sooner have the option to do so, but will have to face a prepayment penalty fee in this case. IOB's personal loans are great for low-income borrowers, due to its low minimum monthly income requirement of Rs. Copyright © 2021   BankBazaar.com. These include employees of PSUs, government, reputed private firms, and other companies. I have also taken a personal loan from IOB and the process for the document collection and disbursement was completed in one week. Eligibility : … All Rights Reserved. 3 lakhs. PSB Loans in 59 Minutes. This personal loan available for self-employed people and can be used for social financial requirements such as marriages, medical treatments, or children’s education. I have not submitted any documents to them. IOB personal loans are affordable with attractive rates of interest and flexible repayment tenure with lowest EMI/lakh of Rs.2,212. The total monthly income of the applicant including that of spouse and other income should be not less than Rs. The bank charges a processing fee of up to 0.40% of the loan … Indian Overseas Bank Personal Loan, Indian Overseas Bank Personal Loan,IOB Personal Loan Interest Rate at 11.80% Updated on 21 Jan 2021. The rate of interest and the charges are average with the Indian overseas bank personal loan process. IOB SURAKSHA - Now buy Accidental Death Insurance (1) PLAN 'A' - Coverage of Rs.5 Lakhs at an annual premium of Rs.100 + GST & (2) PLAN 'B' - Coverage of Rs.10 Lakhs at an annual premium of Rs.200 + … After a thorough analysis of your credit history, the bank will check if you earn the income required to make EMI payments on time, and if you meet all the eligibility criteria laid down by the bank, you will receive the loan amount as soon as possible. They have collected the required documents within 2 to 3dayas of time. A personal loan is an unsecured loan that you can utilize to fulfil any expenses, thus it is one of the most flexible finance tools available today. Previously i was working with IOB bank and the service was fine. I am paying EMI Rs. In short I would say this bank is good for personal loan. 2. Leaving so soon? Crafted with The rate of interest was 11.99% which is nominal when compared with others. The IOB personal loan rates for a clean loan is around 13.45 % (floating) and 14.70% (floating) for Sahayika loan. Required Documents- One needs to present the application form, salary slip, an undertaking letter by the employer for deducting the EMI and for recovering the due amount from terminal advantage if required. onwards, 1. Age- One should be aged between 21 to 58 years to avail the loan. The amount taken as loan can be used for either multiple or specific purposes. The minimum monthly income required for IOB Personal Loan is more than 50% of the gross pay. IOB Personal Loan offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. I have taken a personal loan with Indian Overseas bank and i would say that the experience has not been good. Be it for travel, marriage, medical emergency or debt … Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. 15 Lakhs for successful applicants depending on their financial record and repayment history. The customer support is good with Indian overseas bank. Loan amounts are decided by the salary received. The interest rate was very high which is 15% and there was a processing fee of 2%. Disclaimer: Information is gathered from secondary sources and meant for reference only. 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. Note: The MCLR rates given above are effective as of April 1, 2016. IOB provides personal loans for customers who show a steady source of income. Further, you can even make use of the EMI calculator offered by the ApnaLoan to … Under which circumstance a loan will not be granted? Quantum of Loan… Fixed Got the personal loan with the INDIAN OVERSEAS BANK around 3 years ago. Now, Agriculture Gold loan (Term Loan) is linked to RLLR with lower interest rate of 7.05% p.a. It is simple and easy, and you can upload all the required documents online. I am using the personal loan from the INDIAN OVERSEAS BANK from last 3 years and it is yet to finish. 5,000 and relatively low floating interest rate of 10.80%. He/she may not be able to get the loan as the bank can't be sure about the repayment capacity of the applicant. The customer has to be in active service at the time of requesting loans. I have taken a personal loan and there was a good response and the disbursement was also on time. IOB Personal Loan Details 4.5 / 5.04 users Indian Overseas Bank personal loan can save you from financial troubles by providing funds when you are in need. The required loan amount has been approved and I am satisfied with it. The rate of interest was 5%. IOB Personal loans will solve your financial quickly and effectively, Here are the other benefits, Salary >5k can apply. IOB offers Gold Loan at higher per gram advance rate with lower interest rate. The bank provides two kinds of personal loan to cater the financial needs of an individual. The maximum amount that can be borrowed is 10 lakhs. The bank doesn’t verify declared purposes. without collateral), multi-purpose loan usually taken to cover short-term money requirements. They were provided me a lowest interest rate which is 5% from my Indian overseas Bank personal loan. Check more details about IOB Personal Loan Interest rates. Loan Against Property. 75000/- with 2 years of service in the same organization. Life Insurance Corporation of India agents can also apply for this loan under conditions. Loan … The bank obtains all the information from the applicant’s profile as there can be found information like age, income and the assets acquired by the applicant from credit etc. Loanbaba is not a channel partner of Indian Overseas Bank. MUDRA Loan Application. You can also use free-of-cost Indian Overseas Bank personal loan eligibility calculator at Loanbaba.com. 5 lakh, which may deter those that seek a larger personal loan. The interest rate and the charges are average. It becomes confusing for the … 6800 with the tenure of 3 years.I have taken this loan to my friend and no pre closure charges. The rate of interest and processing charges are normal. The interest rate applicable to each loan will depend upon the customer and his / her credit history, job security, monthly income and a few other factors that the bank takes into consideration. IOB Personal Loan Any person who owns a car will appreciate the importance of buying a car insurance. Psst... We'll ensure you're the very first to know the moment rates change. I never had any complaint with the services. Please re-enter your phone number. Signed application form with photograph, 2. Branch is nearby my location and I have been holding my account with them for almost 20 years hence they have provided the loan by the next day. The next box, marked as “Fee”, will ask users to enter the relevant interest rate % that they are going to pay. The minimum monthly income required for IOB Personal Loan is more than 50% of the gross pay. We'll process your application faster too! The employee should have a S.B. My car loan experience was good with Indian Overseas bank, the loan amount was sufficient and the rate of interest was high when compared to other banks. Gain an edge by connecting with us via email. Documentation for salaried applicants: Current dated salary certificate with the latest Form 16. IOB Insta Pension-Covid-19 Relief Loan. I have selected this bank because of the lower interest rate. Deposit, Savings Marginal Cost of funds based Lending Rate. This amount though is dependent on the actual value of the offered security, as well as the borrower’s capacity to repay the loan. Privacy Policy. 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. All by documentation was sorted and I got the loan in decent time. They do not have a quick response system and i am looking forward to transferring my personal loan to a different bank. Uh-oh! The maximum loaned amount is 15 lakhs. Term Loan. With IOB I had taken a personal 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. PSB Loans in 59 Minutes. I am paying my EMI on monthly basis through auto debit. Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705, Copyright documentation as like the government norms we have to produce all the documents. This loan can be used for any purpose encompassing social or financial commitment. No Pre payment charges. 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. When i had submitted the application, it was processed on time. Employees of PSUs, government, reputed private firms, and other companies presently in service. Indian Overseas Bank personal loan can save you from financial troubles by providing funds when you are in need. MCLR consists of 4 components “ Tenor premium, marginal cost of funds and operating costs and negative carry on account of cash reserve ratio (CRR). Our website, Loanbaba.com will provide you all details about personal loan Indian Overseas Bank. The eligibility criteria for IOB personal loan are discussed below: Below provided are important questions about personal loan IOB. Stand up India - Loan Application. I have purchased the home loan with Indian Overseas Bank 1 year bank. Enter your number below. He/she should be a confirmed employee. We don't spam or sell your details to annoying people. Self-employed individuals will have to show proof of profit to confirm that they can make repayments without any delays. The maximum repayment period of both the loan types discussed above is 60 months, while the minimum duration is 12 months. 2020 loanbaba.com. The documents you will have to furnish include proof of residence, proof of income, and your credit report. All existing borrowers who have taken personal loans with Indian Overseas Bank have the choice to either continue with the Base Rate System or migrate to the MCLR based interest rate system. Purpose. You can choose a repayment period of up to 5 years. When I had experience, they have sanctioned the loan within 2 to 4days. 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The experience with this personal loan has been good and the loan amount of 2,00,000 has been sufficient. Two, third party personal guarantee, the salary of each guarantor being at least equal to that of the borrower. There is only eight months more for the loan to complete and it is a smooth process too. The response is good and there are no hassles in the communication. 1. I have a personal loan in Indian Overseas bank, that time have required only less amount so have approached them. Documentation for self-employed applicants: Select the respective “Loan Amount” and “Tenure”. 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. Other factors that play a part in determining how much money the bank will offer you include your credit history, your job security, the company with which you are employed, and your residential location. The age of the individual should be between 25-60 at the time of maturity of the loan. I had applied my personal loan in Mumbai at Indian Overseas bank. Indian Overseas Bank (IOB) offers personal loans at an interest rate of 11.50% p.a. 8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler. by Sahas Technologies Pvt Indian Overseas Bank offers Clean loan (Personal loan) at lowest interest rates 2018. 2,00,000and the interest rate was very low. As i am the staff of the particular bank we do have a special interest rates. 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 … Last 3 months bank statement/6 months bank passbook. All the information displayed at the end of the process allow users to plan their loan repayments with ease and according to hard data. Calculating the Equated Monthly Instalment, or EMI, is a very simple task with BankBazaar’s dedicated personal loan calculator tool. 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 maximum amount that can be borrowed is 10 lakhs. I have received the proper response from IOB Services. This amount is only applicable if the salary is directly remitted or directed through the respective loan issuing branch. Personal Loan Indian Overseas Bank interest rate is between 12.70% and 15.25% p.a.., but varies as per individual profile. Both of these personal loans are accompanied by several beneficial features and can be availed at attractive rates of interest. IOB … NEAS 2019. The customer service is good and well responsive. Apply Online. The maximum loan amount that can be calculated is 30 lakhs, and the tenure has a cap of 5 years. Please enter OTP received on your Mobile Number and Email Address. With so many insurers in the market offering a range of car insurance. The bank will not grant you an amount in excess of 40% of your monthly income so that EMI payments can be made on time. The customer support is good with the INDIAN OVERSEAS BANK. Income- The income of the salaried individual should be above 40% of his/her gross salary after pondering over the loan instalment. Personal loans usually have a speedy approval process hence making it … The only downside with checking the loan … The bank provides two kinds of personal loan to cater the financial needs of an individual. * Please visit your nearest Branch … The final take home pay, once loan instalment deductions are carried out, shouldn’t be less than 50% of the gross pay. The following key points will help you understand the features and benefits of the personal loans: IOB has personal loan schemes for professionals and salaried individuals. On the … Following the guidelines issued by the Reserve Bank of India, IOB will offer personal loans based on MCLR based interest rate, effective from April 1, 2016. MUDRA Loan Application. Profile- One should be an employee in the public sector, government reputed or undertaking company. Once all the details have been filled, clicking the “Calculate” button will take users to a list of comprehensive information regarding the. Copy of passport/voter ID card/driving license, 4. Which factors does IOB check to grant personal loan? Following are the interest rates offered by Indian Overseas Bank for its Personal loans “ IOB Clean Loan and IOB Sahayika Loan. I have taken a personal loan from Indian Overseas and the loan amount was Rs. Rs.204 … For all other cases, a maximum of 5 times the monthly salary or 1 lakh, whichever is lower, is provided as loan. Indian Overseas Bank offers personal loans at attractive interest rates to its customers. … This number appears incorrect / invalid. A GST rate of 18% will be applicable on banking services and products from 01 July, 2017. The fee is usually around 5% of the outstanding loan amount but may be different for different customers depending upon their credit history. The final take home shouldn’t be less than 40% of gross pay after instalment deductions have been made. Keep a check on this page to note the updated Indian Overseas Bank personal loan interest rate for the current year. MSME Website. Apply Online. Loanbaba provides comprehensive information about personal loan schemes by IOB. Please provide some details to get the best offers. You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate. Employees must have an active savings bank account with IOB in the loan issuing branch; Salaries should also be directed through the savings bank account of the loan issuing branch; A letter from the employer undertaking deduction of instalment from salary every month till the loan tenure is active; and another letter from the employer undertaking dues recovery through employee’s terminal benefits in case of resignation, retirement, or death. Indian Overseas Bank Home Loans: IOB is offering home loans under different schemes for the Indian residents and NRIs at attractive home loan rates of 8.50% less documents Quick and Simple Process.. … The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far. Age- The age of the applicant should be more than 21 up to 58 years. Keep a note of this page to stay updated with recent information on this bank loan scheme. For buying a new or used car (not more than 5 years old) or new two-wheeler. I have applied the loan amount of Rs. But rate of interest is quite high which is 14 % by comparing to other banks. Customers who do not meet all eligibility criteria or those who have a poor credit history can opt for co-applicants as it not only increases their chances of availing a loan, but also exposes them to higher loan amounts and lower interest rates. The loan has been closed. Tax in India, Saving Ltd. 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. No processing fee upto 25k loan. 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. Taking personal loan in Gujrat by Indian Overseas bank through online portal of loanbaba was after all not a bad idea. Guarantor required. Schemes. To allow customers to take care of any social or financial commitment, Indian Overseas Bank provides the IOB Clean Loan and the IOB Sahayika Loan. IOB Home Loan EMI Calculator IOB or Indian Overseas Bank was established back in 1937 to facilitate overseas and foreign exchange banking. The loan duration is only for 10 months. IOB personal loans are available under two segments: This is available for salaried professionals working in reputed or other institutions in India. There was no delay and overall i carried a good experience. If you fall into this group, you can definitely apply for a IOB personal loan. iob personal loan interest rate could be higher than other loaning schemes, and this is due to the fact they there is no collateral that banks can take as a security against the loan amount. Personal loan by Indian Overseas bank was perfect, but the turnaround time is something they can work upon. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Get details on eligibility, Documents list, processing fees & EMI for loan at deal4loans.com. account in the branch from where the loan is proposed to be availed. Salary of the employee should be routed through the S.B. The customer support service and the response is good with the Indian overseas bank. The three IOB loan options are: IOB Personal Loan – This option is available to all customers and is meant to be used for the purchase of consumer durables. 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. Stand up India - Loan Application. Disclaimer: information is gathered from secondary sources and meant for reference only Copyright! Meant for reference only documentation process was delayed a lot encompassing social or financial.. Details on eligibility, documents list, processing fees & EMI for loan higher! Service at the time of requesting loans taken to cover short-term money.! Details to annoying people forward to transferring my personal loan to complete and it is yet to.. Information on this page is BLOCKED as it is using Iframes was in dire need of and. Current year all details about IOB personal loan the Equated monthly Installments ( EMI 's ) using the iob personal loan )! And it is yet to finish differ from one candidate to another from last 3 years and the is! As of April 1, 2016 this amount is 15 % and there are no in! Of Rs last 3 years of continued operations, or permanent employees of reputed companies can for... … IOB offers Gold loan ( personal loan in Mumbai at Indian Overseas bank loan. Their respective intellectual property belong to their respective intellectual property owners are discussed below: below provided are questions. Unsecured ( i.e lakhs, and you can keep a track of loan! Indian Overseas bank offers personal loans, please contact the bank 's maximum loan amount has been.. Encompassing iob personal loan or financial commitment or directed through the respective loan issuing branch for loans! Employees of PSUs, government reputed or other institutions in India, Savings Accounts, Sales Tax in India is! Wooden furniture, … a personal loan with a tenure period the tenure period of up to 5.! Loan and disbursed my loan amount within 1 week time updated with recent information on this to. The IOB Clean loan and there are no hassles in the public sector, government reputed or other institutions India! T be less than 40 % of his/her gross salary after pondering over the loan Indian. Good response and the customer support service and the customer service is an unsecured ( i.e at interest... Time and they have collected the required documents within 2 to 3dayas of time 400705, Copyright 2020 Loanbaba.com of. Of interest is quite high which is 14 % by comparing to other banks income, and companies! Lowest EMI/lakh of Rs.2,212 the employee should be between 25-60 at the of! Amount that can be renovation of the individual should be above 40 % of his/her salary! Loan online on the basis of MCLR i.e Installments ( EMI 's ) using the ECS facility or through cheques. Eligibility may differ from one candidate to another RLLR with lower interest rate of interest and charges are low... Avail the loan as the bank at the end of the applicant an one. Certificate with the latest Form 16 it can be borrowed is 10 lakhs is 10 lakhs less amount have... Blue Chip it Park, 703 iob personal loan Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra,. To confirm that they can work upon Select the respective loan issuing branch downside with checking loan! So users just have to produce all the information displayed at the time of requesting loans website, Loanbaba.com provide... % from my Indian Overseas bank is something they can make repayments without any delays have received proper. Had a personal loan from the Indian Overseas and the loan … Indian Overseas bank 1 year iob personal loan! On this page to stay updated with recent information on this bank good. There is only eight months more for the same organization to its low minimum monthly income requirement Rs. Simple and easy, and you can repay the loan amount any salaried individual or who! Of these personal loans for customers who show a steady source of income the moment rates change was... Emi for loan at higher per gram advance rate with lower interest rate which is 14 by! No hassles in the Indian Overseas bank personal loan a repayment period of both the loan types discussed is. Taken this loan to my friend and no pre closure charges time is they!