Public Sector Bank (PSU)Salaried Employeesunsecured

IOB Personal Loan for Salaried

आईओबी पर्सनल लोन (वेतनभोगी)

Indian Overseas Bank personal loan for confirmed salaried employees up to ₹15 Lakhs.

Max Loan Amount

₹50,000 to ₹15,00,000

Interest Rate

11.50% - 14.75% p.a. (floating RLLR-linked)

Tenure

12 to 60 months

Processing Fee

1.00% of loan amount + GST (Min ₹1,000, Max ₹10,000 + GST)

✦ What It Is: Product Architecture & Regulatory Scope

Indian Overseas Bank's core unsecured personal credit product for confirmed employees of Central and State Governments, Public Sector Undertakings, and reputed corporate firms.

What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Extra Charges

Eligo consumer protection notice: Bank brochures, DSA telecallers, and comparison portals rarely disclose these conditions. Read carefully before signing.

• Employer check-off agreement or standing instruction mandate required. • Minimum 1 year confirmed service in current organization. • Broken period interest charged from disbursement date to first EMI cycle.

✦ Key Benefits & Features

• High loan quantum up to ₹15 Lakhs without any third-party guarantor • Transparent public-sector pricing tied to RBI Repo-linked rate • Zero prepayment penalties when closed from own personal funds • Attractive interest concessions for corporate salary package account holders.

✦ Prepayment, Part-Payment & Foreclosure Rules

NIL prepayment penalty if closed from own verified personal funds; 2% for takeover.

✦ Eligibility Requirements

Confirmed permanent employees of Govt, PSUs, and Reputed Corporates with salary account in IOB. Min Age: 21, Max Age: 58. Min Net Monthly Salary: ₹15,000. Min CIBIL: 700.

Min Age21 Years

Max Age58 Years

Min Monthly Income₹15,000

Min CIBIL Score700+

✦ Documents Required

• Identity & Address: PAN Card, Aadhaar Card • Employment Proof: Employee ID Card, confirmation letter • Financial Proof: Last 3 months payslips, latest Form 16 • Banking: Last 6 months bank statement showing salary credits.

✦ Exact How-To-Apply Process (3 Pathways)

Depending on your current relationship with the bank, select the corresponding application journey:

Pathway A

Existing / Pre-Approved Customers

1. Log into IOB Mobile App > Loans > IOB Personal Loan. Select amount and e-sign.

Pathway B

New Online Applicant (Fresh Digital)

1. Visit iob.in > Personal Loans. Submit online application and upload payslips.

Pathway C

Branch Walk-In Application

1. Visit home IOB branch. Submit Application Form with 3 months payslips, Form 16, and bank statements.

Official Sourcing & MITC Verification

180-Day Re-Verification SLA · Last Verified: 2026-09-28

Eligo does not collect personal loan applications, sell user data to DSA telecallers, or receive affiliate commissions. All terms shown are extracted directly from official bank circulars, Most Important Terms and Conditions (MITC), and Key Fact Statements (KFS) under RBI guidelines.

Visit Official Lender Portal (Indian Overseas Bank Official Portal)View Official MITC / Schedule of Charges RBI Key Fact Statement (KFS) Reference

Frequently Asked Questions on IOB Personal Loan for Salaried

What is the maximum loan limit?

Up to ₹15 Lakhs or 20 times net monthly salary, whichever is lower.

Can private sector employees apply?

Yes, confirmed employees of reputed private companies with at least 2 years service vintage are eligible.

Are there prepayment charges?

No prepayment charges apply if pre-closed from borrower's own funds.