IOB Personal Loan

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Loan Details
Personal Details

IOB Personal Loan Details

IOB 4.5 / 5.04 users

Indian Overseas Bank personal loan can save you from financial troubles by providing funds when you are in need. The bank provides two kinds of personal loan to cater the financial needs of an individual. It can be renovation of the house, dream wedding, dream vacation or buying any gadget. A personal loan is an unsecured loan that you can utilize to fulfil any expenses, thus it is one of the most flexible finance tools available today. Any salaried individual or self-employed who fulfils the eligibility criteria can borrow funds.

Our website, will provide you all details about personal loan Indian Overseas Bank.

Indian Overseas Bank (IOB) Personal Loan Details Updated on
Loan Amount Rs.50,000 to Rs.15 lakhs
Loan Tenure 1 year to 5 years
Interest Rate 12.70% to 15.25% p.a.

Why Choose Indian Overseas Bank Personal Loan?

  • The advantage of this loan is its same interest throughout the duration.
  • Simple documentation is needed and the personal loan in Indian Overseas Bank then gets processed faster.
  • The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
  • You can check out Indian Overseas Bank personal loan eligibility and IOB Personal Loan EMI calculator at

Features of Personal Loans at Indian Overseas Bank

The following key points will help you understand the features and benefits of the personal loans:

Types of Indian Overseas Bank Personal Loans

IOB has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.

  1. Clean Loan
  2. Profile- One should be a permanent confirmed employee of any reputed organisation, a self employed person, a professional or a businessperson with 3 years of experience in the concerned field.

    Age- One should be aged between 21 to 58 years to avail the loan. 

    Income- The income of the salaried individual should be above 40% of his/her gross salary after pondering over the loan instalment.

    Required Documents-

    • One needs to fill the application form to indicate the aim of taking the loan.
    • Income and employment proof/ proof of being a self employed professional or a businessperson. 
    • Income Tax (IT) assessment order.
    • Offered security details and documents' copies.
  3. Consumptions Loan: Sahayika-

Profile- One should be an employee in the public sector, government reputed or undertaking company. He/she should be a confirmed employee.

Age- The age of the applicant should be more than 21 up to 58 years.

Income- The income of the salaried individual should be at least half (50%) of his/her gross salary after pondering over the loan instalment.

Required Documents- One needs to present the application form, salary slip, an undertaking letter by the employer for deducting the EMI and for recovering the due amount from terminal advantage if required.

Why Apply for IOB Personal Loan?

Loanbaba provides comprehensive information about personal loan schemes by IOB. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for this loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

Indian Overseas Bank Personal Loan Interest Rates

Personal Loan Indian Overseas Bank interest rate is between 12.70% and 15.25% p.a.., but varies as per individual profile. Keep a check on this page to note the updated Indian Overseas Bank personal loan interest rate for the current year.

Indian Overseas Bank Personal Loan Eligibility Calculator

Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Indian Overseas Bank personal loan eligibility calculator at The eligibility criteria for IOB personal loan are discussed below:

  • The applicant for personal loan Indian Overseas Bank needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
  • He/she meet the requirement for credit score and should not be under too many debts.

IOB Personal Loan FAQs

Below provided are important questions about personal loan IOB.

Below are given some factors which are checked by the bank on receiving an application for the loan:

  • The CIBIL score of the applicant should be good to be able to avail the loan.
  • The history of repayment. 
  • Built credit by the person.
  • Available credit for the person.
  • The bank also checks the equality of the secured & unsecured credit of the applicant.
  • The bank checks how many credit cards the applicant possesses and how much credit is utilized by him/her under the cards.
  • Overall utilization of the credit.

If one has settled any loan earlier, then it will be a negative point. He/she may not be able to get the loan as the bank can't be sure about the repayment capacity of the applicant.

The bank obtains all the information from the applicant’s profile as there can be found information like age, income and the assets acquired by the applicant from credit etc.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Indian Overseas Bank.

Indian Overseas Bank Personal Loan Review

Personal Loan
Personal loan by Indian Overseas bank was perfect, but the turnaround time is something they can work upon.
Personal Loan
I had applied my personal loan in Mumbai at Indian Overseas bank. I was in dire need of funds and fortunately got the loan amount soon.
Personal Loan
Taking personal loan in Gujrat by Indian Overseas bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Indian Overseas without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.
Mumbai 24 July 2021
Personal Loan
The Indian Overseas bank has disbursed the loan amount required and I am satisfied with it. The interest rate and the charges are average.
Mumbai 23 July 2021

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