Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Indian Overseas Bank (IOB) Clean Loan is Rated as "Excellent!" by 42 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Indian Overseas Bank (IOB) Clean 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
      "Very Quick Response"
      0.5 5.0/5 "Blown Away!"
      I have purchased the home loan with Indian Overseas Bank 1 year bank. I have selected this bank because of the lower interest rate. I have been paying the EMI of 12000 per month. I have selected the tenure period the tenure period for 60 months. I have received the proper response from IOB Services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • IOB Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with Indian Overseas bank, the loan amount was sufficient and the rate of interest was high when compared to other banks. Tenure period for this loan is 3 years and the customer service was good.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jan 03, 2019
    • IOB Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience with this personal loan has been good and the loan amount of 2,00,000 has been sufficient. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 20, 2018
    • IOB Personal Loan
      "Need to reduce the interest rate"
      0.5 5.0/5 "Blown Away!"
      Previously i was working with IOB bank and the service was fine. I have taken a personal loan with them. The interest rate was very high which is 15% and there was a processing fee of 2%. I have applied the loan amount of Rs. 3 lakhs. Total tenure period of the loan is 1.5 years
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 19, 2018
    • IOB Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with IOB bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 19, 2018
    • IOB Personal Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have taken a small personal loan in Indian Overseas Bank in July 2018. The process was better and services are good. The rate of interest and charges are very low comparing to other banks. The loan duration is only for 10 months. I have taken 50K.
      Was this review helpful? 2
      , chandigarh
      Reviewed on Nov 29, 2018
    • IOB Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the personal loan from the INDIAN OVERSEAS BANK from last 3 years and it is yet to finish. I am paying my EMI on monthly basis through auto debit. I got the sufficient loan amount also the interest rate is 10.5% which is nominal. The processing fee is good.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 18, 2018
    • IOB Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the personal loan with the INDIAN OVERSEAS BANK around 3 years ago. The customer support service and the response is good with the Indian overseas bank. The rate of interest and the charges are average with the Indian overseas bank personal loan process.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jun 13, 2018
    • IOB Personal Loan
      "high rate of interest"
      0.5 5.0/5 "Blown Away!"
      I had a personal loan in INDIAN OVERSEAS BANK. They processed my Personal loan application and approve and sanctioned with in 48 hours. But rate of interest is quite high which is 14 % by comparing to other banks. The customer service is good and well responsive.
      Was this review helpful? 4
      , chennai
      Reviewed on Feb 02, 2018
    • IOB Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The INDIAN OVERSEAS BANK has approved my personal loan and disbursed my loan amount within 1 week time. The customer support is good with the INDIAN OVERSEAS BANK. They have collected the documents on time and they have disbursed the required loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • 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? 2
      , 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? 2
      , 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? 1
      , 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? 2
      , 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? 1
      , 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? 1
      , chennai
      Reviewed on May 29, 2017
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