Indian Overseas Bank personal loan offers various unsecured borrowings like IOB Royal, IOB Passion, and Clean Loan with loans for the amount of up to Rs. 15 lakh. These personal loans are easy to apply for and require a minimum level of documentation. IOB Personal loan provides an unsecured loan that can help people to buy any durable products of their choice including electronics and gadgets, furniture, etc. The quantum of loans is 10 times the gross salary or 90% of the cost of the article whichever is slightly up to the limit of Rs. 5.00 lakh with a repayment tenure of up to 60 months. The hypothecation of the article that individual purchases using the loan than a suitable 3rd party guarantee are required. IOB Royal is offered to the people who are in need to meet various socio/economic-financial setbacks.
For the quantum of loan up to Rs. 15 lakh, the repayment tenure will be from 12 months to 84 months. The IOB Passion offers a loan that helps all the creative people to follow their passion and purchase basic material like a music instrument, sports kits, painting material, or even pay for their coaching classes.
The 90% of the cost of the article including the coaching fee etc., but I should not need to exceed Rs 3 lakh. Also, the repayment tenure is set to up to 60 months and for the security Hypothecation on purchase of articles out of loan or an adequate 3rd party guarantee or collateral security. The Clean Loan is requested for any purpose including several personal financial commitments. The Quantum of loan states that If the employer undertakes to subtract the loan installment from salary and remit to the bank or the salary is routed through the loan granting branch Whatever is less the Ten times the salary of Rs. 15 lakh.