The Indian Overseas Bank Ltd. offers a variety of loans across all sections. The Indian Overseas Bank Personal Loan, based on Indian Overseas Bank Personal Loan interest rate, and easily compliable Indian Overseas Bank Personal Loan eligibility criteria, will be dealt with in this Indian Overseas Bank Personal Loan review. The Indian Overseas Bank Personal Loan rate is among the easiest in the industry. We here at money super bazaar guide you through all information relevant to IOB personal loan.

Indian Overseas Bank Personal Loan Interest Rate:

Indian Overseas Bank Personal Loan based on the Indian Overseas Bank Personal Loan rate is available to those who satisfy the Indian Overseas Bank Personal Loan eligibility conditions.

Indian Overseas Bank Personal Loan interest rate is fixed @ 12.75%

Indian Overseas Bank Personal Loan Eligibility:

 Indian Overseas Bank Personal Loan is available against bank deposits receipts, LIC Policies, fully paid debentures, fully-paid shares, National Savings Certificates.

Quantum Of The Loan Available:

Maximum amount that can be availed: Rs10,00,000

Minimum amount that can be availed: Rs.50,000

Indian Overseas Bank Personal Loan amount can be sanctioned up to 90 % of cost of article or 5 times salary of the employee, whichever less.

Procedure For Applying For Indian Overseas Bank Personal Loan:

Persons satisfying Indian Overseas Bank Personal Loan eligibility criteria can apply for loan, by approaching the nearest branch of the bank, and filling up application form, and submitting relevant documents as mentioned below:

a) ID Proof: PAN Card/ Driver’s Licence

b) Residential Proof: Voter ID Card/ Driver’s Licence

c) Proof of Income: Bank account statement of the salary account or salary-slip.

Processing of the loan takes about 7 days. Processing fee stands at 1%. However, processing fee is independent of Indian Overseas Bank Personal Loan rate of interest, as it is also clear from Indian Overseas Bank Personal Loan review.

Tenure Of Indian Overseas Bank Personal Loan:

Period of the loan repayment ranges from 12 months to 48 months. Indian Overseas Bank Personal Loan rate, being fixed (as stated in this Indian Overseas Bank Personal Loan review), does not change during the loan period.

Repayment Of Indian Overseas Bank Personal Loan:

Repayment of loan amount can be done in equated monthly installments over period of 48 months.

Pre-Closure Of Indian Overseas Bank Personal Loan:

Pre-payment of loan before end of tenure attracts levy of charges at 1%. This has no effect on Indian Overseas Bank Personal Loan interest rate, which has been written about previously in this Indian Overseas Bank Personal Loan review. The interest remains unchanged throughout tenure. Pre-payment charges on loans with maturity of more than one year, will attract charges of 1%

Product page url:  For more information visit http://www.iob.in/Credit_Facilities.aspx

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