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    We found 1 Indian Overseas Bank (IOB) Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.55% Floating
    1.01% to 1.10% One time fee
    1L - 15L
    1-5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Indian Overseas Bank (IOB) Personal Loan Eligibility Calculator is Rated as "Excellent!" by 25 Users

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    About Indian Overseas Bank Personal Loan

    Indian Overseas Bank offers two types of personal loan to help an individual with the diverse financial needs. It could be for paying for your marriage, educating your children, medical treatment, etc. The two types of personal loans offered are Clean Loan and Consumptions Loans- Sahayika.

    Indian Overseas Bank Personal Loan Eligibility

    The eligibility to avail an Indian Overseas Bank personal loan is as follows:

    • Clean Loan:

    • Profile: The applicant must be a confirmed permanent employee working for a reputed organization or a professional or self-employed or a businessman with three years activity in the field.
    • Age: The applicant must be above 21 years of age but below 58 years of age.
    • Income: The salaried applicants take home pay must be more than 40% of the gross salary after considering the installment on the loan.
    • Documents: The applicant must fill up the application indicating the purpose for which he needs the loan. Proof of employment and income. Proof of standing in the field for professionals, self-employed and businessmen. Income Tax assessment order. Details of security offered and the copies of the documents.
    • Consumptions Loans- Sahayika:

    • Profile: The applicant must employed in government, public sector undertaking or reputed organizations. The employment must be confirmed.
    • Age: The applicant must be above 21 years of age but below 58 years of age.
    • Income: The salaried applicants take home pay must be at least 50% of the gross salary after considering the installment on the loan.
    • Documents: The applicant submit the application form, salary certificate of applicant and the guarantor and a undertaking letter from employer to deduct the monthly installment and to recover the dues from terminal benefit if necessary.

    Factors affecting Indian Overseas Bank Personal Loan Eligibility

    There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.

    • Residence: If the applicant is living in a metro city, then he will get the loan quickly. Also if the applicant has a house of his own, it is preferred as then the applicant will not have to pay rent and then he will have a higher disposable income.
    • Income: The applicant’s income will decide how much EMI he can afford. If the applicant’s income is higher, then he will easily get loan for a higher amount.
    • Age:Banks usually stay away from giving loans to young individuals as they keep changing jobs. The banks prefer those who have a stable work life.
    • Type of employment: The self- employed professionals and nonprofessionals are required to have higher work experience that compared to salaried individual and salaried professionals.
    • Employment status: The banks prefer those who have been employed in a company for a long time.
    • CIBIL Score: The applicants’ CIBIL score and credit report is referred before the bank looks further into the applicant’s profile.

    How CIBIL score affects your Indian Overseas Bank Personal Loan Eligibility?

    The first thing Indian Overseas Bank does when they receive an application for personal loan is that they check the applicants CIBIL score.

    The bank checks for the following:

    • The repayment history.
    • Credit available for the applicant.
    • Credit built by the applicant. They check if the applicant has equal secured and unsecured credit.
    • The number of credit cards that the applicant has and how much credit he has utilized under the credit card.
    • The overall credit utilization.
    • The bank also checks if the applicant has settled any loan. If the applicant has agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence the Indian Overseas Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.
    • Capacity to repay the loan. This information can be gathered from the profile as it includes his income information and age and the assets that he has acquired through credit etc.

    How to increase Indian Overseas Bank Personal Loan Eligibility?

    You can do the following to increase Indian Overseas Bank personal loan eligibility :

    • Maintain a good credit history by making all the payments on time.
    • Get lower EMIs on existing loans and if you are able to, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. This reduces the EMIs each month and ensures that you do not miss out on making payments.
    • Prepay the loans if you have lesser EMIs left on any loan. This closes the loan and the applicant will then have a higher disposable and stand a chance of getting a higher amount loan.
    • Have both unsecured and secured loans, it shows the bank that you do have managed to attain some assets over the period of time and not just built credit.
    • Don’t apply for too many loans as all the banks will run a credit check which gets recorded in the credit report. This will look bad on your report and affects your credit score.
    • Don’t have too many credit cards. Though you may not have used the credit on all of the cards, it lowers your overall credit limit.

    FAQs on Indian Overseas Bank Personal Loan Eligibility

    Q. What is the age requirement for an individual to take an Indian Overseas Bank personal loan?

    A. At the time of taking the loan the minimum age requirement is 21 years and the applicant must be less than 58 years of age.

    Q. Is there a minimum income requirement for a salaried applicant availing a ‘Clean Loan’?

    A. Yes, the salaried applicants applying for a Clean Loan must have a take home pay more than 40% of the gross salary after considering the installment on the loan.

    Q. Is there a minimum income requirement for a salaried applicant availing a ‘Consumptions Loans- Sahayika’?

    A. Yes, the salaried applicants applying for a Clean Loan must have a take home pay more than 50% of the gross salary after considering the installment on the loan.

    Q. What is the work experience that is required for an individual who wishes to avail ‘Clean Loan’ from Indian Overseas Bank?

    A. The applicant must be a confirmed permanent employee working for a reputed organisation or a professional or self-employed or a businessman with three years activity in the field.

    Q. What is the work requirement for an individual who wishes to avail ‘Consumptions Loans- Sahayika’ from Indian Overseas Bank?

    A. The applicant must employed in government, public sector undertaking or reputed organisations. The employment must be confirmed.

    Q. What are the documents required while taking ‘Clean Loan’ from Indian Overseas Bank?

    A. The applicant must fill up the application indicating the purpose for which he needs the loan. Proof of employment and income. Proof of standing in the field for professionals, self-employed and businessmen. Income Tax assessment order. Details of security offered and the copies of the documents.

    Q. What are the documents required while taking ‘Consumptions Loans- Sahayika’ from Indian Overseas Bank?

    A. The applicant submit the application form, salary certificate of applicant and the guarantor and an undertaking letter from employer to deduct the monthly installment and to recover the dues from terminal benefit if necessary.

    Q. What is the maximum personal loan sanctioned by Indian Overseas Bank?

    A. The maximum amount sanctioned towards personal loan is Rs.15 lakhs.

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  • Personal Loan Reviews

    • IOB Personal Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I am happy with IOB for offering me a personal loan. This is a earlier experience. The customer services and response was excellent as I got the loan within two days. The rate of interest was around 14%. The processing charges were very much normal and overall no hassle faced.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 11, 2017
    • IOB Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      One year back, I had taken personal loan from IOB. They had taken some time to process the loan and disburse it but it is really good. I had requested amount of Rs.3 lakhs they had sanctioned the entire amount. Interest is good ,reasonable and it is as per the market rate.
      Was this review helpful? 0
      , chennai
      Reviewed on May 30, 2017
    • IOB Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      I had taken the personal loan from Indian Overseas Bank about 5 years ago. The loan process was very simple even the interest rate is quite good. I was happy with the bank as they done the entire process in a good way and there were no issues absolutely.
      Was this review helpful? 0
      , chennai
      Reviewed on May 29, 2017
    • IOB Personal Loan
      "Satisfactory Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from Indian Overseas bank. It happened quite long back. They voluntarily provided me a personal loan as I bank with them for more than fifteen years. I do not remember about the rate of interest but they processed the loan very fast and disbursed it in the given time.
      Was this review helpful? 1
      , vellore
      Reviewed on May 08, 2017
    • IOB Personal Loan
      "Tedious process"
      0.5 2.0/5 "Expected more"
      I had taken a personal loan from IOB and the process was very tedious. I had to take four days leave from my work for the verification and other procedures. The only good thing is the interest rate and processing charges was normal when compared to the private banks.
      Was this review helpful? 0
      , pondicherry
      Reviewed on Apr 26, 2017
    • IOB Personal Loan
      "Simply superb"
      0.5 4.0/5 "Great!"
      IOB Personal loan process is simply superb Its very good based on my company they had offered this loan. They had got all my transaction details based on which they had offered this loan. Interest rate is good and processing fee charged by them was rs 1000
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 12, 2017
    • IOB Personal Loan
      "Very good and satisfied"
      0.5 4.0/5 "Great!"
      Indian Overseas Bank was good in interest rate, Earlier I was taken personal loan with them. Being an existing customer so they charged very low interest rate and no processing fee. I am really satisfied with the service. IOB worked fast and helped to getting my disbursement on 3 days, First day they collected the loan application form, second day they asked working surety and on third day they disbursed.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 03, 2016
    • IOB Personal Loan
      "Fast process "
      0.5 5.0/5 "Blown Away!"
      The service provided was really good with Indian overseas bank related to the personal loan application.They are taking 2-3days of time for the loan process.The easy documents verification and processing fee is also less which is good.They give on-time service to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on May 03, 2016
    • IOB Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have got the key loan with the Indian overseas bank and the interest rate was around 13.5%, also I can say its the kind of personal loan. The loan amount got disbursed to my account within two days of time. Customer service is okay with them and there are no issues with them as such.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 29, 2016
    • IOB Personal Loan
      "Good and fast process "
      0.5 4.0/5 "Great!"
      Through online i completed the process of the personal loan with IOB bank . I just filled the form and hand over it to the branch manger.Within 3-4 days the loan was processed. Interest rate charged was 13% .As i provided all the documents so there was no much verification.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 04, 2016
    • IOB Personal Loan
      "Fine.."
      0.5 2.0/5 "Expected more"
      Last 4 years personal loan from Indian overseas bank. That was closed and I have received NOC letter also. Their process was quiet slow and huge formalities also. Loan amount offered by them was 2lakhs. Charges were good. But the thing is, service and fine if they respond properly.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 18, 2015
    • IOB Personal Loan
      "Very quick Procesing!"
      0.5 4.0/5 "Great!"
      Indian Overseas Bank took only 1.5 days to disburse my loan amount. They collected KYC details of mine along with the guarantorâ??s KYC details. They are quick in disbursing the personal loan amount. I would suggest them to advertise more to attract more customers.
      Was this review helpful? 4
      , kolkata
      Reviewed on Nov 24, 2015
    • IOB Personal Loan
      "Its fine"
      0.5 3.0/5 "Satisfactory"
      I am an account holder of IOB, its much better than other bank. Response was quick they have offered the loan within a weeks time . Documentation process was smooth. I am very much satisfied with the interest offered by IOB. Customer care is not up to the mark and it has to change.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 24, 2015
    • IOB Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      This loan I have taken through the company from Indian Overseas Bank.They have taken around 5-7days to process the application.They have not applied any preclosure charges in the loan.The interest applied was same like other banks based on the personal loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 11, 2015
    • IOB Personal Loan
      "Nil processing charge for me..."
      0.5 5.0/5 "Blown Away!"
      My requirement was just one lakh so IOB has processed the loan immediately. Interest rate was very less for the personal loan. As we calculate for 24 months I just need to pay 16k extra. Overall per month the interest will be like 0.8%. IOB is helping middle class families. For me the processing charge was nil and now Indian Overseas Bank is charging something but that is less.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 23, 2015
    • IOB Personal Loan
      "Quick Processing!"
      0.5 5.0/5 "Blown Away!"
      The processing time was quick with Indian Overseas Bank, when I applied for personal loan with them. The interest rate is 9% and they disbursed the loan amount within a day. Partpayment options are flexible with them. Since I hold a savings account with them, it was very easy to take the loan with them.
      Was this review helpful? 6
      , cuddalore
      Reviewed on Sep 18, 2015
    • IOB Personal Loan
      "Comparatively best..."
      0.5 5.0/5 "Blown Away!"
      Comparatively the rate 11% is very less for the personal loan and I got it from Indian Overseas bank. They never hide anything regarding the loan as they were accurate. Amount was sanctioned before the committed time as I was told for 5 days but got it in 3 days. In comparison to private banks, Indian Overseas bank is very good because they are sanctioning the loan.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Sep 09, 2015
    • IOB Personal Loan
      "Wondeful"
      0.5 4.0/5 "Great!"
      I got the personal loan with the Indian Overseas bank with the rate of interest as 13%. The processing charges are also less with them. Services are also good with them. I need to pay the EMI for 36 months.Within a week of time I got the loan to be disbursed in to my account. Documentation is also nominal with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 02, 2015
    • IOB Personal Loan
      "Easy to get loan only for the employee"
      0.5 4.5/5 "Excellent!"
      I took a personal loan from IOB bank i got the salaried account with the bank. I have taken the loans with the bank many times as it is very easy to get with very less documents of just pay slip and id proof. All the other formalities is completed by the company and the loan s disbursed within 1 week. The interest rate offered is 14% without any processing fee only they use to charge extra amount for the pre closure of the loan.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 03, 2015
    • IOB Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am holding a IOB Personal loan the process is neither good nor bad. It is a government bank and it is very much secured. I have been holding this account for the past 15 years, they are offering loan based on my account.it is a pre approved loan and the loan process is very slow.
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 18, 2015
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