A personal loan by Indian Overseas Bank aimed at individuals for providing financial aid concerning any purpose. This loan features low interest rates and fast approval times.
The loan can be utilised for business or personal needs and no particular restrictions are imposed on the usage of the loan.
The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -
The above criteria are as per Indian Overseas Bank and might be subject to change based on the financial institution’s discretion.
The financing mode allowed under the Personal Loan is a term loan.
Based on the credit-worthiness of the applicant, Indian Overseas Bank can provide loans of up to INR 15 lakhs or ten times the salary, whichever is lower, in case the loan EMI is remitted directly to the bank. For LIC agents, the maximum loan would be 10 times the monthly commission or INR 10 lakhs, whichever is lower. For other individuals, the maximum amount of loan will be 5 times the salary or INR 1 lakh, whichever is lower.
The repayment duration can be a maximum of 5 years (in case of loan of 10 months’ salary) or 3 years (in case of loan of 5 months’ salary) (subject to the discretion of Indian Overseas Bank).
Interest rates for a Personal Loan from Indian Overseas Bank are based on the rating of the applicant by Indian Overseas Bank. As per how creditworthy the applicant is, he/she might be able to avail the personal loan at preferential rates. As of November 2015, the prevailing rate of interest is 14.90% per annum.
The standard list of required documents for applying for this loan are mentioned as follows –
The Clean Loan from Indian Overseas Bank is a secured loan that requires guarantors and is a really good financing option for individuals to meet any kind of personal or business needs, either planned or urgent.
The loan period can be of 60 months or 36 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation.
Through Indian Overseas Bank’s website, the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Indian Overseas Bank requesting an executive assistance for application process.
One can also apply for Indian Overseas Bank Clean Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.
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