|
|
| COMPARE : PERSONAL LOAN |
|
|
|
|
| Indian Overseas Bank Personal Loan |
|
|
| Introduction |
|
| Indian Overseas Bank provides personal loans in two categories: Clean Loan and Consumption Loan-Sahayika. The loan is provided for meeting social financial commitments such as marriage in the family, education of children, medical treatment etc. The loan can be availed for any financial commitment with in the ambit of law. Bank does not verify the purpose declared. |
|
|
|
|
| Highlights |
|
| |
Salaried |
Self Employed |
| Loan Scheme |
Clean loan |
Consumption Loans-Sahayika |
| Loan Type |
Term Loan |
Term Loan |
| Loan Amount |
The max. loan amount is ten times of salary or Rs.15.00 lac whichever is lower or for LIC agents, the maximum loan is up to 10 times average monthly commission or Rs.5.00 lakh whichever is lower.
|
Max. - Rs 1000000
|
| Tenure |
Min. - 12 months.
Max. - 60 months.
|
Min. - 12 months.
Max. - 60 months.
|
| Interest Rate |
Min. - 15.25 %
Max. - 15.25 %
|
Min. - 14 %
Max. - 14 %
|
| Time to Process Loan |
7 days |
7 days |
|
|
 Fees & charges
Fees & charges
|
|
| |
Salaried |
Self Employed |
|
| Comment on Charges |
One time processing fee of Rs. 204/- per lakh. |
50% on immovable property; 25% on securities such as NSC, KVP,IVP,ULIP etc; 10% on Life policies (surrender value) of LIC of India and other private insurance companies. |
|
|
|
Security
|
Security |
|
|
|
For Clean Loan:Two, third party personal guarantee, the salary of each guarantor being at least equal to that of the borrower. |
|
|
|
Terms & Conditions
|
Terms & Conditions |
|
|
#The employee should have a S.B. account in the branch from where the loan is proposed to be availed.
#Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned.
#Undertaking letter from the employer undertaking to deduct from salary, loan installment every month and remit to bank to be produced.
#Letter from the employer, undertaking to recover the dues from the terminal benefits of the employee in case of death, retirement or resignation to be produced. |
|
|
|
|
|
|
Show All Personal Loans
|
|
|
|
|
|
Twitter