Personal loans are available from Indian Overseas Bank at 11.40% p.a. for loan amounts up to Rs 15 lakh and terms of up to 5 years. IOB Royal, a special Indian Overseas Bank Personal Loan plan, is available to consumers with a minimum monthly income of Rs 75,000 for terms of up to 7 years.
Particulars |
Details |
Indian Overseas Bank personal loan rate of interest |
11.40% – 12.40% |
Amount for Loan |
Rs. 15 lakhs (maximum) |
Period |
Up to a Period of 7 Years |
Fees and Charges |
0.75% |
Income |
Rs. 75,000 |
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-
Tenure |
Rate of Interest |
>4 Years |
11.40% |
<4 Years |
11.90% |
Category |
Interest Rate |
Category A |
11.40% |
Category A |
11.90% |
Category A |
12.40% |
Banks/NBFCs |
Interest Rates (p.a.) |
Tata Capital |
10.99% onwards |
SBI |
10.30%-15.10% |
ICICI Bank |
10.75% onwards |
Axis Bank |
10.25% onwards |
HDFC Bank |
11.00% onwards |
IndusInd Bank |
10.49% onwards |
Kotak Mahindra Bank |
10.99% onwards |
Bajaj Finserv |
13.00% onwards |
IDFC First Bank |
10.75% onwards |
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.
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