FAQs on Personal Loans

1. Who is eligible for a personal loan ion IOB?

One must have a regular source of income to avail a personal loan.  It can be availed by a salaried individual. Our Bank has categorised them as Category A, Category B and Category C.

2. What can I use a personal loan for?

Personal loan amount can be used for any domestic needs including any social/financial commitments other than for speculation purpose.

3. In what form personal loan can be availed?

Generally personal loans are sanctioned as demand loan. In certain cases, as per eligibility it can be sanctioned in form of cash credit also.

4. How much amount can be sanctioned under personal loan scheme in IOB?

Depending upon eligibility and place of work, it can be sanctioned 25/20/10 times of gross monthly salary to A, B and C Categories respectively,  subject to maximum of Rs. 30.00 lakh for applicants falling under Category A and B and Rs 15 Lakh  for Category C.

5. My salary account is with another bank. Will I get a personal Loan in IOB?

Yes, you are eligible, but quantum of loan may differ as per your organization where you are working.

6. What is the tenure for personal loan repayment?

The maximum Repayment allowed under personal loan is 84 months.

7. I have already repaid more than 50% of my loan amount. Am I eligible for a new loan?

Yes, you may avail a new loan.

8. Is there any minimum CIBIL score required for availing a personal loan in IOB?

One should have a minimum CIBIL score of 600 and above to avail a personal loan.

9. How much personal loan can be availed based on salary?

Quantum of loan depends on whether you are falling in Category A/B/C.

Category A: Employees working with central Govt., Quasi Govt., State PSUs, Central PSUs, PSB, Railway, Defence & Paramilitary irrespective of their account relationship with our Bank. &

Employees of the institutions where our Branch is located in the institution campus and salary of the employee of the institutions are credited to SB account with any of our Branch.

Category B - Employees working with reputed private firms, MNC & companies with regular monthly salary and Maintaining salary account with our Account our Bank. Regular salary credit into account for min 6

months and with a Min. Gross Salary of Rs.10000/-.

Category C - Employees working with reputed private firms, MNC & companies with regular monthly salary and are not maintaining salary account with our Bank. Regular salary credit into account for min 6 months and with a Min. Gross Salary of Rs.10000/-.

Quantum of loan

Category A - 25 times of gross monthly salary or Rs. 30.00 lakhs whichever is less.

Category B - 20 times of gross monthly salary or Rs. 30.00 lakhs whichever is less.

Category C - 10 times of gross monthly salary or Rs. 15.00 lakhs whichever is less.

10. Is there any requirement of Security/Guarantee for Personal Loan in IOB? 

Security/Guarantee depends on whether you are falling in Category A/B/C.

Category A- irrevocable PDC/ECS/SI to be obtained.

Category B- Employer will give undertaking to deduct the EMI and remit it to Bank or Salary will transfer to IOB with irrevocable standing instruction.

Category C-Single third party guarantee whose salary is equal or more than that of the borrower OR joint guarantee of two guarantors whose gross salary put together exceeds the gross salary of the borrower

11. Is there any age criteria for availing Personal loan in IOB?

Minimum age is 21 years. Also, Age of the borrower plus repayment period should not exceed retirement age or 60 years whichever is earlier.