Indian Overseas Bank Personal Loan Interest Rates

There are different kinds of personal loans from the Indian Overseas Bank, and they are-

This is a personal loan scheme that can be used for financial and social commitments. If the employer agrees to deduct the loan amount from the salary and return it to the bank, or if the salary is given through the loan-giving branch- 10 times the salary or Rs 15 lakh, whichever is less.

Others: 5 times pay or Rs 1 lakh, whichever is less. Up to ten times the average monthly commission or Rs 1 lakh, whichever is less. The repayment tenure for the scheme is until a period of 5 years.

The motive for this personal loan scheme from the Indian Overseas Bank is offered in order to fulfil the socio-economic financial requirements. The amount that can be availed from this scheme is up to Rs. 15 lakhs and can be repaid until a period of 7 years.

Here are the tables of the Indian Overseas Bank personal loan interest rate for the different schemes-

Employees of PSUs, the government, reputable commercial organizations, and other currently employed companies. After loan installment deductions, the total take-home pay should not be less than 50% of the gross salary. Agents of LIC of India can also apply for this loan under certain conditions.

Employees need to have an active savings bank account with IOB in the loan issuing branch; salaries should also be paid through the loan issuing branch's savings bank account.

A letter from the employer agrees to take installments from wages every month until the loan is paid off, and another document from the company agreeing to reclaim dues through the employee's terminal benefits in the event of resignation, retirement, or death.

This loan is available to self-employed individuals with at least three years of continuous operations or to the permanent staff of reputable organizations. After installment deductions, the total take-home pay shall not be less than 40% of the gross income.

• Completed application form with passport-sized photos.
• A passport, Pan Card, Voter Identity Card, Driving License, and Aadhar Card is all acceptable forms of photo identification.
• Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), and Aadhar Card are all acceptable forms of address evidence.
• Income documentation includes bank account statements, salary slips, ITRs, Form 16s, and other documents (depending on scheme and applicant type).
• Salary certificate of applicant and guarantor, with deduction details
• Employer's undertaking to deduct monthly installments and reclaim outstanding amounts from terminal benefits (if necessary).