Multiple banks. Different interest rates. Call it a "conflict of interest".
  •  Loading your search... Loading your search...
  • IOB Mudra Loan is Rated as "Excellent!" by 30 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    IOB Mudra Loan

    Apply for Personal Loan

    Overview about 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
      "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
    • IOB Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      This loan I have taken through the company from Indian Overseas Bank.They have taken around 5-7days to process the application.They have not applied any preclosure charges in the loan.The interest applied was same like other banks based on the personal loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 11, 2015
    • IOB Personal Loan
      "Nil processing charge for me..."
      0.5 5.0/5 "Blown Away!"
      My requirement was just one lakh so IOB has processed the loan immediately. Interest rate was very less for the personal loan. As we calculate for 24 months I just need to pay 16k extra. Overall per month the interest will be like 0.8%. IOB is helping middle class families. For me the processing charge was nil and now Indian Overseas Bank is charging something but that is less.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 23, 2015
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.