Indian Overseas Bank (IOB) is a major public sector bank based in Chennai. It has an ISO certified in-house Information Technology department. The bank was established on 10 February 1937.

Clean Loan

Purpose:
For any purpose including any social / financial commitment

a) Ten times of salary or Rs.15.00 lac whichever is lower, if your employer undertakes to deduct the loan installment from salary and remit to us or the salary is routed through the loan granting branch.

b) for others, it is 5 times of salary or Rs.1.00 lakh whichever is lower.

c) for LIC agents, the maximum loan is up to 10 times average monthly commission or Rs.10.00 lakh whichever is lower.

Eligibility :

Employees in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and confirmed in service.

The take home pay, after deduction of the proposed loan installment should be more than 50% of the gross pay.

LIC agents are also eligible to apply for the loan subject to conditions.

Repayment:-

In a maximum of 60 months in case the loan is for 10 month salary and 36 months in case the loan is for 5 months salary.

Security:-

Two, third party personal guarantee, the salary of each guarantor being at least equal to that of the borrower

Processing Fee:-

One time processing fee of Rs. 204/- per lakh or part thereof(subject to change)

Documents required :

Application form
Salary certificate of applicant and guarantor with deduction particulars
Undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit in case of necessity.