Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
  •  Loading your search... Loading your search...
  • Indian Overseas Bank (IOB) Clean Loan is Rated as "Excellent!" by 32 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Indian Overseas Bank (IOB) Clean Loan

    Apply for Personal Loan

    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.

    Usage of Indian Overseas Bank Clean Loan

    The loan can be utilised for business or personal needs and no particular restrictions are imposed on the usage of the loan.

    Eligibility Criteria for Indian Overseas Bank Clean Loan

    The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -

    1. Applicants should be employees in government, public sector undertakings, reputed private enterprises, firms, companies or the like and confirmed in service
    2. The applicant should be at least 21 years of age when the loan is being sanctioned and shouldn’t exceed the retirement age of the employee with the repayment period being considered
    3. The applicant should have a satisfactory conduct of account and good repayment history with Indian Overseas Bank if he/she is an existing customer
    4. The applicant’s take home salary, post the deduction of the loan instalment should be more than 50% of the gross pay

    The above criteria are as per Indian Overseas Bank and might be subject to change based on the financial institution’s discretion.

    Types of Financing under Indian Overseas Bank Clean Loan

    The financing mode allowed under the Personal Loan is a term loan.

    Loan limits under Indian Overseas Bank Clean 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 Indian Overseas Bank Clean Loan

    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.

    Documentation required during applying for Indian Overseas Bank Clean Loan

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Application form
    2. Passport Size Photographs of the borrower and the guarantor
    3. Identity proof
    4. Salary certificate of borrower and third party guarantors
    5. Residence proof or Address Proof
    6. Income proof, proof of profession or bank statements of 3 months
    7. A copy of a valid PAN card of the applicant
    8. Relevant documents as requested by the bank

    Features of Indian Overseas Bank Clean Loan

    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.

    Applying for Indian Overseas Bank Clean Loan

    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.

    Indian Overseas Bank (IOB) Clean Loan Reviews

    • IOB Personal Loan
      "Good for personal loan"
      0.5 5.0/5 "Blown Away!"
      With IOB I had taken a personal loan. The rate of interest was 5%. As i am the staff of the particular bank we do have a special interest rates. documentation as like the government norms we have to produce all the documents. In short I would say this bank is good for personal loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2017
    • IOB Personal Loan
      "Good rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Indian Overseas Bank and it was Straight through process with no requirement of any documents as i have an account for the last 20 years. I also had an additional benefit as the rate of interest for my loan was a nominal one.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • IOB Personal Loan
      "Nice"
      0.5 3.5/5 "Pretty good"
      I have taken the personal loan with the Indian overseas bank and the customer service is better one, also the interest rate is around 11.4%, which is floating based. I would like to say that the customer service is an average one.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2017
    • IOB Personal Loan
      "Not too good"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with Indian Overseas bank and i would say that the experience has not been good. The service is not up to the mark and the process was delayed a lot. They do not have a quick response system and i am looking forward to transferring my personal loan to a different bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 14, 2017
    • IOB Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have also taken a personal loan from IOB and the process for the document collection and disbursement was completed in one week. The rate of interest and processing charges are normal. There is only eight months more for the loan to complete and it is a smooth process too.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 14, 2017
    • IOB Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The documentation process was good with Indian overseas bank. They have collected the required documents within 2 to 3dayas of time. The customer support is good with Indian overseas bank. The required loan amount has been approved and I am satisfied with it. The rate of interest was 11.99% which is nominal when compared with others.
      Was this review helpful? 0
      , anand
      Reviewed on Nov 06, 2017
    • IOB Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      IOB is better in the customer services. The response is good and there are no hassles in the communication. I have taken a personal loan and there was a good response and the disbursement was also on time. The after loan services was excellent.
      Was this review helpful? 0
      , thanjavur
      Reviewed on Nov 01, 2017
    • 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
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.