IOB personal loan

IOB (Indian Overseas Bank) is one of the top-most private lending financial institutions in India. It has more than 3300 banks across India and 6 overseas branches operating outside the country. IOB is headquartered in the state capital of Chennai, Tamil Nadu. Further, IOB has successfully digitalized their lending services- they have achieved 100% networking status. IOB personal loan is offered at competitive rates of interest and they have been the reason for thousands of smiling faces. IOB personal loan rates start at just around 13.55%; however, you need to provide the bank with a guarantor.

The processing fees charged by the IOB bank are 1.01% to 1.10% of the total loan amount. The financial institution also provides its borrowers with a flexible repayment option; thus, you can easily plan out repay your entire borrowed sum within 60 EMIs without a holiday frame. IOB bank also allows prepayment of the loan amount and charges zero fees.

The IOB personal loan rates for a clean loan is around 13.45 % (floating) and 14.70% (floating) for Sahayika loan. Further, you can even make use of the EMI calculator offered by the ApnaLoan to compute your installments and plan ahead for hassle-free repayments.

The various benefits of opting for IOB personal loan is here as follows:

  • IOB personal loan amount can be used by you to take care of your urgent medical bills, wedding expenses, debt consolidation, etc. Further, you can even make use of the loan amount to purchase a new gadget.
  • The maximum loan amount that you can avail via a personal loan offered by IOB is 15 lakh rupees; however, ensure that you have a good repayment capacity and profile for that.
  • These loans are unsecured in nature; meaning, you don’t have to provide any sort of collateral in exchange for the loan amount.

The various IOB personal loan eligibility criteria that you need to meet in order to avail financial assistance are here as follows:

  • You need to be a citizen of India in the age group of 21 years to 60 years to apply for an IOB personal loan.
  • The financial institution also checks your repayment capability and job stability. Therefore, ensure that you have spent a considerate amount of time period at your current employment (3 years) before opting for an IOB personal loan.
  • The minimum salary that you need to have in order to apply for a personal loan is around 5000 rupees (ensure that you contact the bank for further information).

The various IOB personal loan documents that you need to obtain the loan amount are here as follows:

  • Your income proof- salary slips (last 3 months), bank statements (last 6 months), IT returns, form 16, etc.
  • Your identity proof- Aadhaar card, passport, license, etc.
  • Duly filled application form with the relevant information and passport sized photographs.
  • Your proof of residence- passport, driving license, aadhaar card, electricity bill, etc.
  • You also need to produce your credit score- ensure that you have a credit score of more than 700 before you choose to apply for an IOB personal loan; for that make timely repayments on all your debts.