Last Updated on: 12/10/2023
Personal Loan
Apply Online for Personal Loan - (Click here)
Eligibility | Employees in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and confirmed in service. The take home pay, after deduction of the proposed loan installment should be more than 50% of the gross pay. LIC agents are also eligible to apply for the loan subject to conditions. |
Purpose | Any domestic needs including any social/financial commitments other than for speculation purpose. |
Target Group | 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. You may also be interested in: Personal Loan Top Up Scheme (for existing personal Loan borrowers)-(Click here) Category 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. Category 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. |
Quantum | Upto 20/15/10 times of salary or Rs. 15.00 lac whichever is lower as per category A, B, C, respectively |
Repayment | Maximum: 84 Months |
Margin | Nil |
Holiday Period | Nil |
Rate of Interest | Click here |
Security | Category A:Irrevocable PDC/ECS/SI to be obtained. Category B:Employer will give undertaking to deduct the EMI and remit it to Bank or Salary will transfer to IOB with irrevocable standing instruction. 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. |
Other Conditions |
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Documents Required |
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Processing Charges | As applicable from time to time. Click here for Current Service Charges |
Application Form-Click Here | |
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. |
Other Personal Loan Variants From IOB:
Personal Loans in the Form of CC
Purpose | Any domestic needs including any social/financial commitments other than for speculation purpose |
Target Group | Permanent employees of State & Central Government/PSU/Government aided institutions, universities (Not deemed universities) having their salary account with us.
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Quantum | Up to 15 times of Gross monthly salary or Rs. 15.00 lakhs (whichever is less). |
Security | Single or two guarantees whose salary put together exceeds the borrowers gross monthly salary. |
Margin | Nil |
Repayment |
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Holiday Period | Nil |
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Personal Loan to LIC Agents:
Purpose | For financial/social/professional purpose. For professional purpose, under MSE Loans |
Quantum | 10 times of average commission receipt per month with a maximum of Rs. 10.00 lakhs |
Security | Single or two guarantees whose income put together exceeds the borrower's average monthly commission |
Margin | Nil |
Holiday Period | Nil |
Repayment Period | Maximum: 60 Months |
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Among other Personal Loan Products are
- Personal Loan to HNIs
- Consumer Durable Loans
- Elite Consumer Durable Loans
- Personal Loan Top Up Scheme