LOAN FROM INDIAN OVERSEAS BANK (IOB)

Financing from IOB has the role and objectives offerings that provide financial support and enable growth and development and for individual borrowers, these loans help in fulfilling personal aspirations like owning a home or securing quality education.

For business owners, the loans are instrumental in fostering business growth and contributing to the overall economic development, also IOB loan products are also aimed at inclusivity, ensuring that different segments of the population have access to necessary financial services.

WHAT CONDITIONS ARE REQUIRED TO OBTAIN APPROVAL FOR A LOAN FROM IOB?

The Indian Overseas Bank (IOB) is a major public sector bank in India. The exact conditions for loan approval depend on the type of loan (personal, housing, education, business, etc.), but there are some common requirements across all IOB lending products:

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🔹 1. General Eligibility

• Age: Usually 21–60 years for salaried individuals; can extend to 65–70 years for professionals/business owners depending on repayment tenure.
• Residency: Both Indian residents and Non-Resident Indians (NRIs) are eligible (special schemes for NRIs).
• Employment/Income Stability: Minimum of 2–3 years of steady employment (for salaried) or 3 years of business continuity (for self-employed).
• Minimum Income: Varies by loan type, but typically a minimum monthly income of ₹15,000–25,000 is required.

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🔹 2. Creditworthiness

• CIBIL Score: IOB generally requires a credit score of 700+ for faster approval. Lower scores may still qualify but at higher interest rates.
• Repayment Capacity: Monthly loan EMI should not exceed 40–50% of net monthly income.

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🔹 3. Documentation

Applicants typically need to provide:

• Identity Proof: Passport, Aadhaar, PAN, or Voter ID.
• Address Proof: Utility bills, ration card, rental agreement, or passport.
• Income Proof:
  • Salaried: Salary slips (last 3–6 months), Form 16, bank statements.
  • Self-employed: Income Tax Returns (last 2–3 years), audited financials.
• Collateral/Security (for secured loans like housing or vehicle loans).