Last Updated on: 12/10/2023
Personal Loan
Apply Online for Personal Loan - (Click here)
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Eligibility | 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. |
Purpose | Any domestic needs including any social/financial commitments other than for speculation purpose. |
Target Group | Category A:Employees working with central Govt., Quasi Govt., State PSUs, Central PSUs, PSB, Railway, Defense & paramilitary irrespective of their account relationship with our Bank & Employees of the institutions where our Branch is located by Holding the institution's name for the Branch and salary of the employee of the institutions are credited SB account with our Bank. You may also be interested in: Personal Loan Top Up Scheme (for existing personal Loan borrowers)-(Click here) 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. Category C:Employees working with reputed private firms, MNC & companies with regular monthly salary and don't maintaining salary account with our Bank. Regular salary credit into account for min 6 months. |
Quantum | Upto 20/15/10 times of salary or Rs. 15.00 lac whichever is lower as per category A, B, C, respectively |
Repayment | Maximum: 84 Months |
Margin | Nil |
Holiday Period | Nil |
Rate of Interest | Click here |
Security | 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. |
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 instalment 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.
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Documents Required | - Application Form
- Salary certificate of applicant and guarantor with deduction particulars,
- Undertaking letter from employer to deduct monthly instalment and recover the dues from terminal benefit in case of necessity or Apply Online
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Processing Charges | As applicable from time to time. Click here for Current Service Charges |
Application Form-Click Here |
Roll Over Facility | On repayment of 50% of the loan amount through regular repayments, fresh limit can be considered, and the fresh loan proceeds must be used to pre close the existing loan outstanding. No two clean loans should stand in the name of the borrower at any point of time. On repayment of 30% of the loan through regular repayment in case of SPECIAL CATEGORY BORROWERS i.e. all confirmed salaried employees with central and state governments, quasi governments and PSU. |
Other Personal Loan Variants From IOB:
Personal Loans in the Form of CC
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Purpose | Any domestic needs including any social/financial commitments other than for speculation purpose |
Target Group | Permanent employees of State & Central Government/PSU/Government aided institutions, universities (Not deemed universities) having their salary account with us. - Entry age is 25 years
- Exit age is 55 years
- Gross salary of Rs. 50000/- and above are only eligible.
- Salary to be compulsorily routed through proposed CC account.
- Minimum service of 5 years to be completed
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Quantum | Up to 15 times of Gross monthly salary or Rs. 15.00 lakhs (whichever is less). |
Security | Single or two guarantees whose salary put together exceeds the borrowers gross monthly salary. |
Margin | Nil |
Repayment | - CC to be renewed once in every three years.
- Limit expiry date should not be later than the borrower's age of 55 years
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Holiday Period | Nil |
- Entry age is 25 years, Exit age is 55 years,
- Gross salary of Rs. 50000/- and above are only eligible.
- Salary to be compulsorily routed through proposed CC account.
- Minimum service of 5 years to be completed.
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Personal Loan to LIC Agents:
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Purpose | For financial/social/professional purpose. For professional purpose, under MSE Loans |
Quantum | 10 times of average commission receipt per month with a maximum of Rs. 10.00 lakhs |
Security | Single or two guarantees whose income put together exceeds the borrower's average monthly commission |
Margin | Nil |
Holiday Period | Nil |
Repayment Period | Maximum: 60 Months |
- ECS Mandate for monthly instalment
- Term loan or CC with reduced drawing power every month
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Among other Personal Loan Products are
- Personal Loan to HNIs
- Consumer Durable Loans
- Elite Consumer Durable Loans
- Personal Loan Top Up Scheme
FAQs
The basic difference is that net banking is used by individuals for regular, day-to-day transactions, while corporate banking is used by commercial firms for business purposes.
What is corporate Internet Banking service? ›
Corporate Internet Banking is an online service for corporate customer to do banking transactions anywhere anytime, without any hassle of going to our branches.
What is Personal & corporate banking? ›
The big difference between corporate banking and private banking is the client base. While corporate banking provides credit products for corporates, financials, and governments, private banking deals with high net worth (HNW) and ultra high net worth (UHNW) individuals and families.
What are corporate banking services? ›
Corporate banking refers to the aspect of banking that deals with corporate and other business customers. Commercial banks make loans that enable businesses to grow and hire people, contributing to the expansion of the economy. Both types of banks offer various products and services.
What is the difference between a personal account and a corporate account? ›
While Personal accounts are designed for the needs of individual clients and are perfect for everyday payments and transfers, Business accounts provide solutions for companies of all sizes and industries.
What is personal Internet banking? ›
Internet banking, also known as online banking or e-bankingor Net Banking is a facility offered by banks and financial institutions that allow customers to use banking services over the internet. Customers need not visit their bank's branch office to avail each and every small service.
Who can use corporate Internet Banking? ›
Corporate Internet Banking (CINB) of State Bank of India is the channel which facilitates Corporate Customers (any non- individual customer such as firms, companies, trusts, partnerships, proprietorship concerns etc.) to carry out banking activities online anywhere and anytime, aided with the power and convenience of ...
What is the difference between corporate and banking? ›
Retail banking and corporate banking are two different types of banking services that cater to different types of customers. Retail banking services are geared towards individual customers, while corporate banking services cater to corporate clients.
Why should I do corporate banking? ›
Many professionals end up staying in corporate banking for the long term because it offers a nice work/life balance, reasonable advancement opportunities, and high pay at the mid-to-top levels.
What is meant by personal banking? ›
Personal Banking comprises products and services offered by banks. It is also known as retail banking. Personal Banking includes essential products like Savings Account, Current Account, and Debit Cards. Financial assistance products like Credit Card and Loans are included under Personal Banking.
Most commonly, personal banking includes checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Personal banking even includes things like mortgage loans, auto loans, overdraft lines of credit, credit cards, and personal loans.
What is the difference between personal banking and private banking? ›
Private banking is an upgrade from personal banking – it is an exclusive financial realm designed specifically for High-Net-Worth Individuals (HNIs). Typically, private banking is accessible only to those with a net worth above a certain amount and through an invitation only.
What is corporate online banking? ›
Corporate Internet Banking means an electronic payment system that enables business banking customers to conduct a range of financial transactions through the website by connecting to core banking system.
What is corporate banking app? ›
Multi-Account Management: corporate banking applications should allow businesses to manage multiple accounts in a centralized manner. This includes the ability to view account balances, transaction history, and initiate transfers between accounts.
What is a corporate bank account? ›
A corporate or company account refers to a bank account that's opened in the name of a company. The account can receive business income and facilitate various business transactions. Companies with a board of directors should open a corporate account for convenient financial management.
What is the difference between retail Internet Banking user and corporate Internet Banking user? ›
Retail banking and corporate banking are two different types of banking services that cater to different types of customers. Retail banking services are geared towards individual customers, while corporate banking services cater to corporate clients.
What are the differences between personal banking and business banking? ›
The difference between these two accounts is more than what they are called. A personal bank account is designed to help you manage your individual income and costs, like household expenses. A business bank account is designed to manage the cash flow and expenses that come with running a business.
What's the difference between online banking and Internet banking? ›
Internet banking is known by a variety of other names such as web banking, net banking, and online banking, which primarily revolve around front-end customer transactions done using internet browser on desktop and mobile devices and on mobile apps.
