Multiple banks. Different interest rates. Call it a "conflict of interest".
  • IOB Mudra Loan is Rated as "Excellent!" by 42 Users

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    IOB Mudra Loan

    As an entrepreneur you know the importance of funds at any point of the business life. Sometimes the need for a loan amount may be unexpected and required on an immediate basis. These can be stressful times and Indian Overseas Bank loan may be the perfect solution at your time of financial crisis. The flexible features and high loan amounts are what makes these loans so popular. The bank offers loans for Micro Small & Medium Enterprises (MSME).

    Why choose Indian Overseas bank mudra loan?

    Hassle Free Process: IOB is known for the transparency of its processes as well as quick processing and disbursement. Further, the friendly and helpful customer care service provided by the bank makes sure that you get your funds without any trouble, making IOB an easy choice over other banks.

    High Loan Amounts Offered: Depending on the kind of business that you have, IOB offers some of the highest amounts as loan.

    Features of Indian Overseas bank mudra loan:

    Enterprises are broadly categorized into two by the bank:

    1. Enterprises which are engaged in production of goods (This can involve goods for any industry.)
    2. Enterprises which provide services.
    • As a small business you may not have collateral that many banks require of you. Indian Overseas bank however, does not need enterprisers to provide collateral security for micro and small sector up to the loan amount of Rs.10 lakhs.

      The classification of Micro Small & Medium Enterprises depends on the original investment in machinery and plant. This is in respect to the original investment in equipment with regard to services units and manufacture/production units.

      Classification Of Micro Small & Medium Enterprises Sectors
      Sector Manufacture / Service Investment In
      P & M / Equipment
      SMALL Service Rs.10 lacs to Rs.200 lacs
      Manufacture Rs.25 lacs to Rs.500 lacs
      MEDIUM Service Rs.200 lacs to Rs.500 lacs
      Manufacture Rs.500 lacs to Rs.1000 lacs
      MICRO LEVEL-I Manufacture Up to Rs.5 lacs
      Service Up to Rs.2 lacs
      MICRO LEVEL-II Service Rs.2 lacs to Rs.10 lacs
      Manufacture Rs.5 lacs to Rs.25 lacs

      Following are the application forms needed for Micro Small & Medium Enterprises Sector loans:

      • Credit facilities over Rs. 200 lacs: SME 8
      • Credit facilities over Rs. 50 lacs and up to Rs. 200 lacs: SME 7
      • Credit facilities up to Rs.10 lacs: SME 5
      • Credit facilities over Rs.10 lacs and up to Rs. 50 lacs: SME 6

      Indian Overseas Bank is a member of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)

    • Depending on the financial position of the SME units and a good track record, the bank could increase the limit of dispensation of third party guarantee/ collateral requirement for loans up to Rs.100 lacs. This is however, assuming that the same is covered under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
    • SME Loans which are given out without third party guarantee or collateral security is eligible for cover under CGTMSE scheme.
    • Indian Overseas Bank is approving loans under CGTMSE scheme

      Here are some of the features of CGTMSE scheme:

      1. Working Capital/ Term Loan or both may be considered under the scheme
      2. Maximum credit for the CGTMSE is Rs.100 lacs
      3. Services and Manufacturing Sectors are eligible for the scheme.
      4. Maximum amount of guarantee cover available is Rs.62.50 lacs.
      5. Maximum of 75% of advance is available as guarantee cover.
    • In order to cover loans under CGTMSE scheme, the customer will need to pay 1% of loan as one time guarantee fee for loans which are up to Rs.5 lacs. For loans which are above Rs. 5 lacs, 1.5% will need to be paid.
    • Annual Service Fee for loans up to Rs.5 lacs is 0.50% and for loans above Rs.5 lacs is 0.75%.

    Indian Overseas bank mudra loan FAQs

    1. What does the classification Micro Small & Medium Enterprises depend on?

      The classification of Micro, Small & Medium Enterprises depends on the original investment in machinery and plant. This is in respect to the original investment in equipment with regard to Services units and manufacture/production units.

      Classification Of Micro Small & Medium Enterprises Sectors
      Sector Manufacture / Service Investment In
      P & M / Equipments
      SMALL Service Rs.10 lacs to Rs.200 lacs
      Manufacture. Rs.25 lacs to Rs.500 lacs
      MEDIUM Service Rs.200 lacs to Rs.500 lacs
      Manufacture. Rs.500 lacs to Rs1000 lacs
      MICRO LEVEL-I Manufacture Upto Rs.5 lacs
      Service Upto Rs.2 lacs
      MICRO LEVEL-II Service Rs.2 lacs to Rs.10 lacs
      Manufacture Rs.5 lacs to Rs.25 lacs
    2. I have a small business. Will I need collateral for a loan from IOB?

      Indian Overseas bank does not need enterprisers to provide collateral Security for micro and small sector up to the loan amount of Rs.10 lakhs.

    3. What are the features of CGTMSE scheme?

      Here are some of the features of CGTMSE scheme:

      • Working Capital/ Term Loan or both may be considered under the scheme
      • Maximum credit for the CGTMSE is Rs.100 lacs
      • Services and Manufacturing Sectors are eligible for the scheme.
      • Maximum amount of guarantee cover available is Rs.62.50 lacs.
      • Maximum of 75% of advance is available as guarantee cover.
    4. Which are the application forms that I will require for a loan from IOB?

      Following are the application forms needed for Micro Small & Medium Enterprises Sector loans:

      • Credit facilities over Rs. 200 lacs: SME 8
      • Credit facilities over Rs. 50 lacs and up to Rs. 200 lacs: SME 7
      • Credit facilities up to Rs.10 lacs: SME 5
      • Credit facilities over Rs.10 lacs and up to Rs. 50 lacs: SME 6

    IOB Mudra 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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