Indian Overseas Bank Personal Loan

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About Indian Overseas Bank Personal Loan

Are you thinking about taking a loan but can’t decide which one is the right option for you? Getting confused in between different loaning schemes and can’t make up your mind? Do you want to send your daughter abroad for her higher education but your pocket doesn’t allow you? Fear not now you can full-fill all your requirements with the help of Indian Overseas Bank

With this Loaning scheme, you can get the required amount in no time. As it’s an unsecured loan, you don’t have to worry about providing any collateral against the bank. But, on the other hand, your CIBIL score or Credit score needs to be good to avail Indian Overseas Bank Personal Loan loaning scheme. In case you don’t have enough CIBIL you can always go for a gold loan as your second best option. Avail Personal Loan and turn your dreams into reality.

India Overseas Bank Personal Loan Eligibility

There are some Eligibility Criteria regulated by the bank to provide Indian Overseas Bank Personal Loan. You need to qualify the eligibility criteria if you want finance to meet your requirement. As Indian Overseas Bank Personal Loan an unsecured loan, the eligibility criteria differ for both salaried and self-employed applicant. Given below are the conditions that you need to full fill

For Salaried Applicant

  1. First of all, the age of the applicant should be more than 21 years.
  2. On the other hand, the maximum age to avail this loan is 60 years.
  3. After that he/she should be earning Rs. 18000 per month at least.
  4. Also, the applicant should have the work experience of 3 years at least.
  5. Likewise, the borrower is required to be working with the current employer for at least 6 months.
  6. Furthermore, the salary needs to come to a bank account.
  7. Most importantly, the credit history of the applicant should be up to the mark in other words it has to be equal or above 700.

For Self-employed Applicant

  1. Firstly, if the applicant is self-employed than his/her age should be 25 years at least.
  2. In addition to this, 65 is the maximum age for a self-employed applicant to avail this loaning scheme.
  3. The business needs to be running for about 2 years.
  4. Moreover, the business should be filing the ITR of 2.5 Lacs for the last three years at least.
  5. Finally, His/her CIBIL needs to be more than 700.

Indian Overseas Bank Personal Loan Features

  1. First, let us clear one thing to avail this loan you are not required to have any collateral.
  2. As a result, a personal loan is said to be an unsecured loan.
  3. Furthermore, with the advancement in the technology now you can apply for a personal loan online. It’s fast and reliable, and within 5 minutes you are done with your application.
  4. In addition to this, the documentation is fast and hassle-free.
  5. This is because; banks require only essential documents from the applicant
  6. You can use Indian Overseas Bank Personal Loan amount in any way you like.
  7. Yes, you read the correct there is no obligation of expenditure. You can use it for providing funding for the wedding, or you can use the principal amount to pay up your medical expenses.
  8. The rate of interest depends on the individual who’s availing the loan.
  9. On the other hand, the interest rates are quite affordable and come with multiple repayment options.
  10. Both salaried and self-employed applicants are eligible to take this loan and use it according to their needs making this loan one of the most versatile loaning schemes.
  11. Lastly, your Indian Overseas Bank Personal Loan gets sanctioned in less than 48 hours. Thus, it is one of the fastest ways one receives the required amount in the time of emergency.

Indian Overseas Bank Personal Loan Interest Rates

Indian Overseas Bank Personal Loan interest rates could be higher than other loaning schemes, and this is due to the fact they there is no collateral which bank can take as a security against the loan amount. On the other hand, Indian Overseas Bank provides personal loan at a starting interest rate of 14% annually. As a result, you don’t have to worry about the vast amount that needs to be paid monthly.

The tenure period of personal loan starts from 12 months (1 year) to 60 months (5 years). In addition to this, you can pay the Indian Overseas Bank Personal Loan amount before the tenure ends and save a couple of bucks by using foreclosure scheme. The foreclosure charges range from 2-3% of the total loan amount.

Indian Overseas Bank Personal Loan Documents

  1. Firstly, you need to have 2 passports sized coloured photographs, but the applicant should not be wearing the glasses in the photograph.
  2. After that one identity proof can be an Aadhar card/ voter ID card/ PAN card/ driving license/ passport.
  3. Residence proof can be anyone out of them. (Aadhar card/ voter ID card/ PAN card/ driving license/ passport.)
  4. Utility bills or rental agreement can also be considered as the proof residence.
  5. Income proof is mandatory in case of personal loan. In case of salaried applicants, it is the salary slip of the last three months, and in the case of self-employed, it is ITR (income tax report) of the last three years.

Why Personal Loan is the Better Option?

Indian Overseas Bank Personal Loan

  1. Secure Loan Tenure: Pay off your Indian Overseas Bank Personal Loan at your ease. You can apply for loans starting from Rs 50,000 to Rs 7, 50,000 and repay it at your ease by opting for tenures ranging from 12 months to 36 months.
  2. Balance transfer option: Why should you continue to pay a higher interest rate on your existing personal loan? You have the option of transferring your Indian Overseas Bank Personal Loan at the low-interest rates. You also have the option of getting an additional investment, as per your eligibility when you move your existing loan from any other bank to IOB.
  3. Current customer advantage: The bank provides extra benefit to its current customers. Existing customers can avail the Indian Overseas Bank Personal Loan without providing income papers.
  4. Easy documentation: Here, you can avoid multiple documentation processes. It is easy to apply for a Personal Loan, as the documentation process is simple and friendly.
  5. Quick approval process: You don’t have to wait too long to get a personal loan anymore. At IOB, we are prepared to meet your urgent financial needs.

How to Apply for Indian Overseas Bank Personal Loan Online?

  1. Firstly, you need to visit our website Dialabank.com
  2. Once you reach there, all you need to do is fill the personal loan form with your necessary details along with your phone number.
  3. It is required that you provide your working phone number as our Relationship manager will call you.
  4. Now once you are done with this all, you need to sit back and relax one of our RM will soon be in touch with you.
  5. Our Relationship manager will provide you with information about different loaning schemes available in your area.
  6. Also, we make sure you’ll get the best in the market loan to value ratio and lowest interest rates.
  7. Likewise, with our help, your loan gets sanctioned in less than 48 hours.
  8. For more information, feel free to call us anytime we are always delighted to hear from you.

Why to choose Dialabank for Availing Personal Loan?

  1. With dialabank taking a loan is just a few clicks away
  2. We provide loans ranging from a personal loan to gold loan to even auto loans you name it we have it.
  3. Thus, all your financial services under one Roof.
  4. We have our own Personal Loan calculator you can use it and find how much EMI you need to pay according to your requirement.
  5. Bad credit? We still have loan for you just give us a call and get it done.
  6. Indian Overseas Bank Personal Loan is a financial platform where you can check and compare loans from different banks.
  7. You will get personalized service on the phone from our trained relationship manager.
  8. Lastly, our services are free of cost.
  9. Yes, don’t get shocked but you don’t need to pay us a thing.\

FAQs About Indian Overseas Bank Personal Loan

Q. What is Indian Overseas Bank Personal Loan?

Indian Overseas Bank Personal Loan is an unsecured loan that can be used to meet your daily financial needs. You can use a Personal Loan to finance all your personal expenses from a vacation to a medical emergency.

Q. How does Indian Overseas Bank Personal Loan work?

Personal Loans from Indian Overseas Bank is unsecured in nature and thus you are not required to submit any security with the bank. The rate of interest are usually high as compared to secured loans but if you have a good CIBIL score bank may offer you lower rates of interest. The repayment of Personal Loans can be done in monthly installments called EMIs.

Q. What is Personal Loan rate of interest in Indian Overseas Bank?

Personal Loan rate of interest in Indian Overseas Bank starts at 12.70% per annum. You can compare rates of interest of different Banking and Non-Banking Financial Companies on Dialabank and apply for the Personal Loan that best caters to your needs.

Q. How can I get Indian Overseas Bank Personal Loan?

You can get an Indian Overseas Bank Personal Loan by visiting your branch with your documents and contacting your banker regarding Personal Loans. Once the banker verifies your documents and approves your application, you will get the fund in your bank account.

Q. How to apply for Personal Loan in Indian Overseas Bank?

Apply for a Personal Loan with Indian Overseas Bank by contacting the nearest branch in person with your documents. You may also contact Dialabank and compare Personal Loan offers of different banks to choose the one that suits you the best.

Q. Why apply for Indian Overseas Bank Personal Loan?

Indian Overseas Bank Personal Loan can be used for a number of financial needs such as a wedding, payment of bills, daily expenses, and etc. Being unsecured, you can are not required to submit any collateral to avail emergency lump sum funds with a Personal Loan. Indian Overseas Bank offers competitive rates and hassle-free processing of your loan.

Q. How much EMI on Indian Overseas Bank Personal Loan?

Your Personal Loan EMI varies depending on your loan amount, loan tenure, and rate of interest. You can use Dialabank’s EMI calculator to calculate your estimated EMIs in seconds.

Q. How much CIBIL score required for Indian Overseas Bank Personal Loan?

Your CIBIL score is an indication of your repayment abilities and thus becomes a crucial criteria in determining your Personal Loan’s eligibility. Indian Overseas Bank requires you to have a CIBIL score in excess of 700.

Q. Minimum credit score needed for Indian Overseas Bank Personal Loan?

Your Credit Score determines your creditworthiness and the risk of default involved in lending you the money. Indian Overseas Bank requires a minimum credit score of 700 for their Personal Loan products.

Q. How to calculate Indian Overseas Bank Personal Loan EMI?

An EMI calculator can be used to calculate your Personal Loan EMIs using just the three parameters; loan amount, loan tenure, and rate of interest.

Q. What can I use Indian Overseas Bank Personal Loan for?

Finance a wedding, an event, a vacation or pay for your daily expenses, medical bills, and etc. A Personal Loan can be used to finance all your needs and financial emergencies.

Q. Can I prepay Indian Overseas Bank Personal Loan?

Yes, you can prepay your Indian Overseas Bank’s Personal Loan by visiting the branch and applying for foreclosure with your loan officer. A prepayment fee may be charged and your personal loan will be closed once all the payments are cleared.

Q. How to prepay Indian Overseas Bank Personal Loan?

Prepayment of your Indian Overseas Bank Personal Loan can be done by visiting your loan branch with your loan documents. You will have to pay the entire outstanding amount along with any foreclosure charge as shall be applied by the bank.

Q. How to repay Indian Overseas Bank Personal Loan?

Indian Overseas Bank’s Personal Loan can be easily repaid in monthly installments that comprise of your principal loan amount and interest.

Q. What documents are needed for Indian Overseas Bank Personal Loan?

Your KYC documents(Aadhar Card, PAN Card, and etc.) and Income proof(Bank Statement, Salary Slips, ITR files) are the only documents that are needed for your Personal Loan from Indian Overseas Bank. Any other document as asked by the bank shall be duly submitted.

Q. How to check Indian Overseas Bank Personal Loan status?

You can either visit your loan branch in person or contact the customer care number to know the status of your Indian Overseas Bank’s Personal Loan.

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