Indian Overseas Bank Personal Loan Interest

My uncle want to issue personal loan from IOB bank .will you please tell about the eligibility criteria for this loan ?

Indian Overseas Bank (IOB) is one of the largest banks in India. This bank offers personal loans for customers who have steady source of income as employees of government, reputed private firms, and other companies.

IOB personal loans segments:
IOB Clean Loan
IOB Sahayika Loan

IOB Personal Loan Eligibility :

For Clean Loan
Employees of PSUs, government, reputed private firms, and other companies.

Presently in service.

Shouldn’t be less than 50% of the gross pay.

Life Insurance Corporation of India agents can also apply .

Employees must have an active savings bank account with IOB .

Salaries should also be directed through the savings bank account .

Age limit :
21 years to 58 years

For Sahayika Loan

Self-employed individuals with at least 3 years of continued operations, or permanent employees of reputed companies.

Final take home shouldn’t be less than 40% of gross pay after installment deductions have been made.

Age limit :
21 years to 58 years

Interest Rate :
Clean Loan Interest Rate
15.25% (Floating)

Sahayika Loan Interest Rate
14.00% (Floating)

Processing fee
Rs.204 for every lakh in loan amount

Loan Tenure
21 years to 58 years

Processing time
7 days

Here is the attachment.
Clean Loan Application Form IOB

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Answered By StudyChaCha Member