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Indian Overseas Bank offers 3 types of personal loans. Each option has its own set of eligibility criteria. The three IOB loan options are:
Criteria | Salaried |
Minimum Net Monthly Income (NMI) | Rs.5,000 |
Maximum Age Limit | 60 years |
Residential Status | Indian residents |
Employment Type | All individuals |
Salary Account with IOB | Not mandatory |
Criteria | Salaried |
Minimum Net Monthly Income (NMI) | N/A |
Age Limit | 10 to 50 years |
Residential Status | Indian residents |
Employment Type | All individuals |
Salary Account with IOB | Not mandatory |
Criteria | Salaried |
Minimum Net Monthly Income (NMI) | More than Rs.75,000. |
Age Limit | Between 25 and 60 years at loan maturity |
Residential Status | Indian residents |
Employment Type | All individuals |
Work Experience | At least 2 years in the same organisation |
IOB has a common requirement for all the personal loans it offers. This is regarding the security or collateral they accept for these loans. For all the three loans, the bank will hypothecate the product you buy. The bank will also accept a guarantee made by a suitable third party.
IOB Personal Loan | |
Interest Rate | 11.90% p.a. |
Loan Amount | Up to Rs.5 lakh |
Loan Tenure | Up to 60 months (5 years) |
Processing Fees | Up to 0.50% of the loan amount + taxes |
IOB Passion Loan | |
Interest Rate | 11.40% p.a. |
Loan Amount | Up to Rs.5 lakh |
Loan Tenure | Up to 60 months (5 years) |
Processing Fees | Up to 0.50% of the loan amount + taxes |
IOB Special Personal Loan HNI VIP | |
Interest Rate | 11.90% p.a. |
Loan Amount | No upper limit |
Loan Tenure | Up to 72 months (6 years) |
Processing Fees | Up to 0.50% of the loan amount + taxes |
1. What is hypothecation? How does it work?
When you take a loan to buy a certain product, the bank may exercise the right to confiscate the product in case you fail to repay the loan on time. in such cases, you don’t have to offer any extra collateral. The product you buy will act as the collateral. This is known as hypothecation. Do keep in mind that when something you buy is hypothecated by the bank, you have to pay every EMI on time. if you keep defaulting on your repayments, the bank may take possession of the item.
2. What is the loan amount available for the IOB Special Personal Loan HNI VIP scheme?
For the IOB Special Personal Loan HNI VIP option, the bank offers loans of up to Rs.15 lakh with hypothecation of the products you buy. For loans of more than Rs.15 lakh, the products you buy will be hypothecated and you will also have to offer additional collateral or a guarantee by a third party.
3. Does Indian Overseas Bank charge prepayment fees?
No, IOB does not charge any fee for loan prepayments.
4. Does IOB take any margin on the loans it provides?
Yes, the bank deducts 10% of the cost of the item you buy as margin.
5. What is meant by maximum age at loan maturity?
This means the maximum age of the borrower must not be more than the specified age when the loan tenure ends. For example, if the maximum age is 60 years at loan maturity for a tenure of 5 years, the borrower cannot be over 60 years of age at the end of the 5-year tenure.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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