Indian Overseas Bank Personal Loan

Age

• No Maximum Age Limit

CIBIL Score

• A CIBIL score of 730 or above is generally considered good for approving a personal loan.

Nature of Employment

• All Central Govt., State Govt., Defence, Railway and TNEB pensioners, Retired IOB employees whose PPO remains in custody of Bank and are maintained directly as original pensioners.
• All pilot pensioners such as State Govt. pensioners, pensioners of Municipal Corporations, Ex-gratia pensioners etc. whose pensions are disbursed by Govt. Treasuries by means of cheque drawn in favour of our Branches / remitted by other electronic means as per mandate of the pensioner. In such cases, the original PPO remains in custody of the Treasury for payment through a particular Branch of a Bank.

Loan Processing Charges

• 0.75% for all loans more than Rs.10,000/-

Features

• In case of request of transfer of pension account to other Branch of IOB, Pension loan account shall also be transferred to the Branch
• Roll Over of pension loan by granting fresh loan to avail higher loan amount as per eligibility subject to:
• Existing pension loan should have run min. 12 months with satisfactory repayment and no overdue as on date of sanction of fresh pension loan
• Branch should ensure that existing pension loan should be closed in system and there should be only one pension loan account (i.e Fresh Pension Loan) outstanding at the end of day.
• Repayment Period - Age below 70: 60 months and Age above 70: 36 months
• Margin Nil
• Age upto 70: Guarantee from spouse or any one of legal heir or third party
• Age above 70: Guarantee from spouse or any one of legal heir. Wherever spouse / legal heir not available, thirty party guarantee to be obtained.