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IOB Personal Loan Eligibility Calculator

Indian Overseas Bank Personal Loan Eligibility 2021

Last Updated 15th Jun 2021

Eligibility CriteriaSalaried
Profession that are eligible for Indian Overseas Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age21 - 58 years
  • High credit score and better financial stability lead to high personal loan eligibility from Indian Overseas Bank.
  • Indian Overseas Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Indian Overseas Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Indian Overseas Bank Personal Loan Eligibility

Indian Overseas Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. Indian Overseas Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Indian Overseas Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Indian Overseas Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Indian Overseas Bank personal loan is 21 years and the maximum age is 58 years.If you are aged below 21 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Indian Overseas Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Indian Overseas Bank asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine your Indian Overseas Bank personal loan eligibility. Indian Overseas Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Indian Overseas Bank is 0.45. Use Indian Overseas Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. Indian Overseas Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, Indian Overseas Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for is ₹ 4.16 Lakh. The interest he has to pay for this amount for 60 months is 10.80%.

Indian Overseas Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Indian Overseas Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Indian Overseas Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. Indian Overseas Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Indian Overseas Bank Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Indian Overseas Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Indian Overseas Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Indian Overseas Bank looks for a minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about your place of residence. Indian Overseas Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Indian Overseas Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Indian Overseas Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Indian Overseas Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Indian Overseas Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Indian Overseas Bank if you apply for a personal loan.

How can I Check my Indian Overseas Bank Personal Loan Eligibility?

To check Indian Overseas Bank personal loan eligibility you need to follow these steps:

  • Login to Indian Overseas Bank website
  • Go to Indian Overseas Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1800-890-4445/ 1800-425-4445.

Indian Overseas Bank Personal Loan Eligibility for Self Employed

Indian Overseas Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Indian Overseas Bank.
  • You must have a gross annual reciept of more than .
  • Indian Overseas Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a IOB personal loan.

Other Loan Calculators

FAQs

What are the eligibility criteria to avail Indian Overseas Bank personal loan?

The minimum age of the applicant required to get a personal loan from Indian Overseas Bank is 21 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 58 years.

Is age an eligibility criteria to apply for a Indian Overseas Bank personal loan?

Yes, age is an eligibility criteria to apply for a Indian Overseas Bank personal loan. You should be of minimum 21 years to avail a loan from Indian Overseas Bank.

Am I eligible for Indian Overseas Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Indian Overseas Bank personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Indian Overseas Bank, you must have a credit score above 650.

How can I improve my eligibility for Indian Overseas Bank personal loan?

To improve your Indian Overseas Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Indian Overseas Bank personal loan eligibility.

What should be my income to secure a personal loan from Indian Overseas Bank?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Indian Overseas Bank.However, the income criteria of Indian Overseas Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for personal loan from Indian Overseas Bank?

To get a personal loan from Indian Overseas Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 12 months for Indian Overseas Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Indian Overseas Bank is up to ₹ 15 Lakh.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Indian Overseas Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Indian Overseas Bank personal loan as it increases your repayment capacity. While availing loan from Indian Overseas Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for Personal Loan from Indian Overseas Bank?

Personal loan is an unsecured loan, so Indian Overseas Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Indian Overseas Bank .

Where can I get the company list which is eligible for Indian Overseas Bank personal loan?

Indian Overseas Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Indian Overseas Bank or can use the personal loan eligibility calculator.


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IOB Personal Loan News - Jun 2021
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    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2020-11-09 : IOB posts ₹148-crore net profit in Q2
    Indian Overseas Bank reported a net profit of Rs 148 crore for the second quarter. Net profit grew 22.3% from Rs 121 crore in the June quarter of this fiscal. Total income backed by retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans rose 8.1% to Rs 5,431. Interest income increased to Rs 4,363 crore from Rs 4,276 crore a year ago. Further, bank average cost of deposit which include fixed and recurring deposits reduced to 4.89% from 5.41%, while net interest margin improved to 2.18% for the quarter as against 1.86 per cent in the year-ago period.
  • 2020-08-21 : Indian Overseas Bank reported Rs. 120.69 crore net profit in Q1FY21
    Indian Overseas Bank reported a net profit of Rs.120.69 crores for the period ended June 30, 2020, as against a net profit of Rs.143.79 crores for the period ended March 31, 2020. In addition to this, the bank posted a total income of Rs.5233.63 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Total deposits which include Fixed and recurring deposits increased to Rs 2.26 lakh crore as on June 30, 2020, as against Rs 2.21 lakh crore by June last year.
  • 2020-02-12 : Indian Overseas Bank posted a Q3 loss of Rs. 6,075 crores.
    Indian Overseas Bank reported a Q3 loss of Rs 6,075 crores which was Rs 346 crores in the same period a year ago. Further, driven partially by Home Loans and Personal Loans total income stood at Rs. 5,197 crores and interest income stood at 2,867 crores.
  • 2019-10-01 : Indian Overseas Bank offers repo-linked loans from today
    After RBI directed banks to link their lending rates with external benchmarks, Indian Overseas Bank is set to offer loans linked with repo rate. As per the update, the Bank will provide retail and MSME loans at repo rate+2.85% as the spread. Further, the Bank will also offer the benefit of 0.25% to small borrowers by charging Mudra Loans up to Rs 50,000 at 8.25%. This will be in effect from October 1, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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