Indian Overseas Bank Personal Loan Interest Rates

What is the Personal Loan Interest Rates of Indian Overseas Bank?

[Shaleen]

I am describing here a chart for the complete Interest rate.

Deposit Accounts

Nature Rate Of Interest Minimum Balance
Normal Senior Citizen Rural Semi Urban Urban
Account
1. Savings Bank A/c.
A. Domestic
a. With cheque book facility 4.00 4.00 500.00 500.00 1000.00
b. Without cheque book facility 4.00 4.00 100.00 100.00 500.00
c. No Frills Account 4.00 4.00 5.00 5.00
B. Non Resident
a. NRO 4.00 4.00
b. NRE 4.00 4.00

2. Term Deposit Interest Rates (w.e.f. 13.02.2013)

Up to

Rs 1 Crore
7 days - 14 days * 7.25
15 days - 29 days 7.25
30 days - 45 days 7.25
46 days - 60 days 7.25
61 days - 90 days 7.25
91 days - 120 days 7.25
121 days - 179 days 7.50
180 days - 269 days 8.50
270 days -< 1 year 8.50
1 yr - < 2 yrs 9.00
2 yrs to 3 yrs 9.00
> 3 Yrs - < 5 Yrs 9.00
5 Yrs & above 9.00

Rates for Bulk Domestic Deposits as on 18.03.2013

Period of Deposit Rs.1 cr. to <10 crs Rs.10 crs. and above
7-14 days 7.50 6.25
15 -29 days 7.50 6.50
30–45 days 8.75 8.75
46–60 days 8.75 8.75
61–90 days 8.75 8.75
91days-120 days 8.75 8.75
121days-179 days 8.75 8.75
180 days–269 days 9.55 9.55
270 days --< 1 yr 9.61 9.61
1yr -< 2 yrs 9.71 9.71
2 yrs to 3 yrs 8.50 8.50
>3 yrs -< 5 yrs 8.50 8.50
5 yrs & above 8.25 8.25
Rates Valid Up-to 18.03.2013

Hi I am interested in knowing what is the rate of interest charged on personal loan by Indian Overseas Bank?

[Raman Vij]

Please find the details of the Personal loan as well as the Interest rate for the various loans provided by Indian Overseas Bank

Eligibility for the loan:
Workforce in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and definite in service. The take home pay, after subtraction of the proposed loan instalment must be more than 50% of the gross pay. LIC agents are also qualified to apply for the loan subject to conditions.

Purpose:
For any reason including any social / financial commitment.

a) Ten times of remuneration or Rs.15.00 lac whichever is lower, if the employer undertakes to deduct the loan payment from salary and remit to us or the salary is routed through the loan granting branch.
b) For others, it is Five times of salary or Rs.1.00 lakh whichever is lower.
c) For LIC agents, the highest loan is up to 10 times average monthly commission or Rs.10.00 lakh whichever is lower.

Repayment:
In a utmost of 60 months in case the loan is for Ten month salary and 36 months in case the loan is for 5 months salary.

Security:
Two, 3rd party personal assurance, the salary of each guarantor being at least equal to that of the borrower.

Other conditions:
1. The employee must have a S.B. account in the branch from where the loan is proposed to be availed.
2. Salary of the employee must be routed through the S.B. account at the branch where the loan is authorized.

3. responsibility letter from the employer undertaking to deduct from salary, loan installment every month and remit to bank to be produced.
4. Letter from the company, undertaking to recover the dues from the terminal benefits of the worker in case of death, retirement or resignation to be produced.

Documents required for the loan:
Application form, Salary certificate of applicant as well as a guarantor with deduction details, responsibility letter from employer to subtract monthly instalment and recover the dues from incurable benefit in case of necessity.

Please find the detailed Interest rate structure for Indian Overseas Bank in the below image




Address:
Central Office Address :
763 Anna Salai,
Chennai - 600002
Phone : +91-44- 28524212+91-44- 28524212