Indian Overseas Bank Personal Loan FAQs

A personal loan is offered by various banks in India at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment. These loans allow you to repay them from 12 to 60 months. A personal loan may help you gain financing or pay off your bills but there a few things you should know before you take out a loan.

What are the risks associated with Personal Loan?

Risks associated with Personal Loan are:

  1. If you don't repay personal loan on time, the lender bank has the right to sue you and take you to court, as it is not backed by any security.
  2. Secondly, if you feel to pay off your personal loan too early i.e. before a certain date, there may be huge penalty.
  3. Thirdly, don't lure by a false advertising and enter into a fake loan agreement.
What is signature loan?

Signature loan is a form of unsecured loan which is offered by the banks based on borrower's credit score and ability to repay the loan from his/ her personal income. The interest rates on such loans are very high as compared to other form of loans.

What is the maximum amount for a personal loan?

It varies from bank to bank. It also depends upon following factors:

  • Your credit score
  • Your income
  • Whether you maintain an account with the bank
When should I go for Personal Loan?

Whenever you have some important personal expenses but don't have enough money to pay them off, you can go for availing a Personal Loan.

Such expenses may include:

  • A vacation abroad
  • Household shifting
  • Wedding in the family
  • Payment of credit card bill
  • Repayment of an existing loan
  • Medical emergencies
It is possible to balance transfer of my personal loan to another bank?

Yes. If the bank from where you have taken personal loan is charging higher interest than other banks then you can go for balance transfer of your personal loan and thereby reduce your monthly burden.

How can I apply for personal loan?

If you are in search of availing personal loan, you can apply the same in following ways: By directly visiting the bank branch
By contacting and meeting the sales representative of bank
Through a loan agent
Apply online at bank's website

Can I get top up on personal loan?

Yes, if this facility is offered by the bank from where you have taken the loan. It varies from bank to bank.

What is the maximum tenure of personal loan?

The tenure of the personal loan varies from bank to bank. Usually, such types of loans are offered for a relatively shorter period due to risk involved in them as no security is taken by the banks against such loans. The tenure for the personal loan remains between 12 months to 60 months in most of the cases.

Can I add the name of my spouse as joint holder for personal loan?

Yes, you can. In this way, your eligibility will increase due to addition of spouse's income to your income and you can avail more amount as personal loan.

 

Other Bank Personal Loan FAQs

Check more banks personal loan faqs

Allahabad BankAllahabad Up Gramin Bank
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankArunachal Pradesh Rural Bank
Aryavart BankAssam Gramin Vikash Bank
Au Small Finance Bank LimitedAxis Bank
Bandhan Bank LimitedBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda U.p. Bank
Baroda Up Gramin BankBharatiya Mahila Bank Limited
Bihar Gramin BankCanara Bank
Capital Small Finance Bank LimitedCatholic Syrian Bank Limited
Central Bank Of IndiaCentral Madhya Pradesh Gramin Bank
Chaitanya Godavari Grameena BankChhattisgarh Rajya Gramin Bank
City Union Bank LimitedCorporation Bank
Dakshin Bihar Gramin BankDcb Bank Limited
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankEllaquai Dehati Bank
Equitas Small Finance Bank LimitedEsaf Small Finance Bank Limited
Export Import Bank Of IndiaFederal Bank
Fincare Small Finance Bank LtdGramin Bank Of Aryavart
Hdfc BankHimachal Pradesh Gramin Bank
Icici Bank LimitedIdbi Bank
Idfc First BankIndian Bank
Indian Overseas BankIndusind Bank
Jammu And Kashmir Bank LimitedJammu And Kashmir Grameen Bank
Jharkhand Gramin BankJharkhand Rajya Gramin Bank
Karnataka Bank LimitedKarnataka Gramin Bank
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKotak Mahindra Bank Limited
Langpi Dehangi Rural BankLaxmi Vilas Bank
Madhya Bihar Gramin BankMadhya Pradesh Grameen Bank
Madhyanchal Gramin BankMaharashtra Gramin Bank
Malwa Gramin BankManipur Rural Bank
Meghalaya Rural BankMizoram Rural Bank
Nagaland Rural BankNarmada Jhabua Gramin Bank
North East Small Finance Bank LimitedOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Prathama U.p. Gramin BankPuduvai Bharathiar Grama Bank
Punjab And Sind BankPunjab Gramin Bank
Punjab National BankPurvanchal Gramin Bank
Rajasthan Marudhara Gramin BankSaptagiri Grameena Bank
Sarva Haryana Gramin BankSarva Up Gramin Bank
Saurashtra Gramin BankSouth Indian Bank
State Bank Of Bikaner And JaipurState Bank Of Hyderabad
State Bank Of IndiaState Bank Of Mysore
State Bank Of PatialaState Bank Of Travancore
Suryoday Small Finance BankSutlej Kshetriya Gramin Bank
Syndicate BankTamil Nadu Grama Bank
Tamilnad Mercantile Bank LimitedTelangana Grameena Bank
The Nainital Bank LimitedTripura Gramin Bank
Uco BankUjjivan Small Finance Bank Limited
Union Bank Of IndiaUnited Bank Of India
Utkal Grameen BankUtkarsh Small Finance Bank
Uttar Banga Kshetriya Gramin BankUttar Bihar Gramin Bank
Uttarakhand Gramin BankVananchal Gramin Bank
Vidharbha Konkan Gramin BankVijaya Bank
Yes BankZila Sahakari Bank Ltd
Disclaimer: The Personal Loan Interest Rates keep on changing. You are advised to check Personal loan interest rates with respected banks before making a decision.      Source: Bank Websites