indian overseas bank personal loan latest details. iob personal loan
Indian Overseas Bank Personal Loan | IOB Personal Loan
Loan Purpose: For any legitimate requirement of funds such as:
Consolidation of existing debts
House renovation or improvement
Financing Wedding expenses
Meet medical emergencies
Meet higher education expenses
Fulfil Travel goals
Eligiblity
Criteria:
Employees in Government,
Public sector undertakings, reputed private firms,
companies etc., in
confirmed service of four categories of borrowers- A, B, C as per the working
category:
A- Employees working
with central Govt., Quasi Govt., State PSUs, Central PSUs, PSB,
Railway, Defense
& paramilitary irrespective of their account relationship with our Bank.
&
Employees of the
institutions where our Branch is located by Holding the institution’s
name for the Branch
and salary of the employee of the institutions are credited SB
account with our
Bank.
B- Employees working
with reputed private firms, MNC & companies with regular monthly
salary and
maintaining salary account with our Account our Bank. Regular salary credit
into account for min
6 months.
C- Employees working
with reputed private firms, MNC & companies with regular monthly
salary and don’t
maintaining salary account with our Bank. Regular salary credit into
account for min 6
months
Loan Quantum:
Upto 20/15/10 times of
salary or Rs. 15.00 lac whichever is lower as per category A,B, C,
respectively.
IOB personal Loan Rate of
Interest:
|
|
RLLR |
3.15 |
10.40% |
|
PERSONAL LOAN CATEGORY-B |
RLLR |
3.65 |
10.90% |
|
PERSONAL LOAN CATEGORY-C |
RLLR |
4.15 |
11.40% |
Loan Security:
For
category A- irrevocable PDC/ECS/SI should be obtained. For category BEmployer
will give under taking to deduct the EMI and remit it to Bank or Salary will
transfer to IOB
with irrevocable standing instruction. For category C-Single third party
guarantee whose salary
is equal or more than that of the borrower
OR
Joint guarantee of
two guarantors whose gross salary put together exceeds the gross salary of
the borrower
Margin:
Nil
Repayment:
Max.
84 months.
Holiday
period: Nil
Roll
Over facility: On
repayment of 50% of the loan amount through regular repayments, fresh
limit can be
considered and the fresh loan proceeds must be used to pre close the existing
loan outstanding. No
two clean loans should stand in the name of the borrower at any point
of time.
On repayment of 30%
of the loan through regular repayment in case of SPECIAL
CATEGORY
BORROWERS
i.e
all confirmed salaried employees with central and state governments, quasi
governments and PSU.
Priority
status: No
IOB
Personal Loan Charges:
Processing charge: Upto ₹.5,00,000/- 0.50 % of the loan amount plus GST
Above ₹.5.00.000/- 0.75 % of the loan amount plus GST
Stamp
Duty if any applicable in your state.
COMMENTS