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Last Updated on 18/11/2022
Personal Loan


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.


For any purpose including any social / financial commitment.

  • 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.
  • For others, it is 5 times of salary or Rs.1.00 lakh whichever is lower.
  • For LIC agents, the maximum loan is up to 10 times average monthly commission or Rs.10.00 lakh whichever is lower.



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.

Rate of Interest

Retail Credit Interest Rates (Click here)


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

Other Conditions

  • The employee should have a S.B. account in the branch from where the loan is proposed to be availed.
  • Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned.
  • Undertaking letter from the employer undertaking to deduct from salary, loan installment every month and remit to bank to be produced.
  • Letter from the employer, undertaking to recover the dues from the terminal benefits of the employee in case of death, retirement or resignation to be produced.


Documents Required

EApplication 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.

Processing Charges: For up to Date Processing Charges, You are requested to kindly visit your nearest IOB Branch.

Clean Loan Application Form (Click here)