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 -

• Applicants should be employees in government, public sector undertakings, reputed private enterprises, firms, companies or the like and confirmed in service
• 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
• The applicant should have a satisfactory conduct of account and good repayment history with Indian Overseas Bank if he/she is an existing customer
• 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 -

• Application form
• Passport Size Photographs of the borrower and the guarantor
• Identity proof
• Salary certificate of borrower and third party guarantors
• Residence proof or Address Proof
• Income proof, proof of profession or bank statements of 3 months
• A copy of a valid PAN card of the applicant
• 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.

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