A Personal loan from one of the Best Foreign Bank in India

The word “personal loan” refers to a variety of unsecured borrowings from Indian Overseas Bank, such as the IOB Royal, IOB Passion, and Clean Loan, with loan amounts ranging from Rs. 50,000 to Rs. 15 lakhs. It is one of the best foreign banks in India. These personal loans are simple to apply for and require minimal documentation, with the added benefit of being able to repay them over an 84-month period. 

Features of Indian Overseas Bank Personal Loan 

  • Loan amount: An Indian Overseas Bank Personal Loan can be used to get a maximum loan amount of Rs. 15 lakhs. However, the loan amount you are eligible for is determined by a number of criteria, including your credit score, age, and income. 
  • Flexible term: Indian Overseas Bank (IOB) provides a variety of repayment alternatives as well as a flexible tenure that ranges from 12 to 84 months and maybe customized to fit your needs. 
  • Online application: You don’t need to go to a bank branch or fill out and submit paper documents to apply for an Indian Overseas Bank personal loan; you can apply online and even complete the documentation process from the convenience of your own home. 
  • Disbursement in a timely manner: The money is swiftly disbursed to you after you submit all of your paperwork and verification is completed. 

Personal Loan Interest Rates from Indian Overseas Bank 

The following are the interest rates for several types of personal loans from Indian Overseas Bank: 

IOB Royal (Tenure up to 4 years)  Starting from 11.30% 
IOB Royal (Tenure more than 4 years)  Starting from 12.05% 
IOB Passion  Starting from 10.20% 
Clean Loan  Starting from 12.05% 
IOB Personal Loan  Starting from 10.70% 


Personal Loan Products Offered by Indian Overseas Banks 

  1. IOB Personal Loan: This unsecured loan can be used to purchase any consumer durable product, such as electronics, gadgets, and furnishings.
  • Loan amount: 10 times gross wage or 90% of article cost, whichever is smaller, up to a maximum of Rs. 5 lakhs. 
  • Tenure of repayment: a maximum of 60 months 
  • Hypothecation of the item acquired with the loan, as well as an acceptable third-party guarantee, are necessary for security. 
  1. IOB Royal:IOB Royal is a financial product designed to fulfill a variety of socioeconomic and financial needs. 
  • Loan amount: up to Rs. 15 lakhs 
  • Duration of repayment: 12 to 84 months 
  1. IOB Passion:The loan enables all creative people to pursue their dreams by allowing them to purchase essential materials such as musical instruments, sports equipment, and art supplies, as well as pay for their coaching classes.
  • Loan amount: 90% of the cost of the article, including coaching fees and other expenses, but not more than Rs. 3 lakhs. 
  • Duration of repayment: up to 60 months 
  • Hypothecation on out-of-loan purchases, or a valid third-party guarantee or collateral security. 
  1. Clean Loan:The loan can be used for anything, even personal financial obligations.
  • Security: A two-person personal guarantee from a third party is necessary. Each guarantor’s salary must be at least equivalent to the borrower’s. 

Eligibility Criteria for IOB Personal Loan: 

  • You should have a monthly salary of at least Rs. 5,000. 
  • You should not be over the age of 60. 

IOB Royal requires the following: 

  • A minimum gross income of Rs. 75,000 is required. 
  • Your minimum age should be of 25 years old to apply. 

Passion for IOB: 

  • You should have demonstrated ability in a specialized field, such as athletics, the arts, or music. 
  • You must have turned your talent into a profession. 
  • You should be between the ages of 25 and 50. 
  • As a hobby, it can be utilized to explore any specialized talent. 

For a no-fee loan: 

  • You must be a confirmed/permanent employee of a public sector undertaking/government, as well as a reputable private corporation, enterprise, or company. 
  • After deducting the projected loan payment, your take-home pay should be greater than 50% of your gross salary. 
  • If you work for a life insurance company, you are also eligible. 
  • You must have a savings account in the branch where you suggested the loan, as well as the employee’s salary being routed through the branch’s S.B account, where the loan is sanctioned. 
  • You must produce a letter from your employer stating that he or she will deduct loan payments from your wages on a monthly basis. 
  • In the event of your resignation, retirement, or death, you must also send a letter from your employer, along with an agreement to recover the dues from your terminal benefits. 

Documents Required for a Personal Loan from an Indian Overseas Bank 

The following are the basic documents necessary to obtain an Indian Overseas Bank Personal loan: 

  • Form of application 
  • Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card is all examples of photo identity evidence. 
  • Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card are all acceptable forms of address evidence. 
  • Income documentation includes bank account statements, salary slips, ITRs, and Form 16s, among other things (depending on scheme and applicant type) 

Additional Clean Loan Documents 

  • Salary certificate for both the applicant and the guarantor, with deduction details 
  • Employer’s undertaking to deduct monthly installments and reclaim the debts from the terminal benefit (if necessary) 

Aspects to Consider 

  • Check your credit score because a good credit score can make it easier for you to get a personal loan with a cheap interest rate. 
  • Before completing your personal loan application, double-check that you meet the eligibility requirements and that you have all of the relevant papers. 
  • Reduce your outstanding debt to the smallest amount possible to boost your chances of getting a personal loan. 
  • Using the Afinoz Personal Loan EMI Calculator, calculate your EMI and borrow only what you require, not more. 


To conclude, you can apply for a personal loan through Afinoz to get a low-interest fate and additional benefits from the best bank in India.