By Dominick Rodrigues
Mumbai: Indian Overseas Bank has launched Retail Loans (home loan, personal loan & clean loan) on digital platform. The launch was presided by Partha Pratim Sengupta, Managing Director & CEO, Indian Overseas Bank in the presence of Executive Directors A. K. Srivastava and Mrs. Srimathy S.
The loans are now being made available through various channels, i.e. the bank website (www.iob.in), Internet Banking and the Mobile Banking App. IOB customers can apply for these loans through the bank website, mobile banking and internet banking, while non-customers may apply only through the bank website.
Applicants can apply for Housing Loans and Home Loans under the PMAY schemes (subsidy linked home loans) and will also have the option to switch over their home loans from other Banks to IOB. Applicants may also apply for Two & Four Wheeler Loans and Personal Loans in easy steps, while Personal Loan to HNIs are also being offered at a discounted interest rate.
On submission of the application after accepting the terms & conditions of the loan, an In-principle sanction letter having a reference number will be generated and will be intimated to applicants through SMS / e-mail. Applicants can then visit IOB’s nearest branch to avail the loan with the required documents and the in-principle sanction letter.
The branch will disburse the loan after verifying the details entered by the borrower, due diligence, appraisal of the loan and execution of documents. The Digital Loan Initiative is a step towards providing enhanced banking experience to the customers, according to a IOB release.
IOB is a leading public sector bank headquartered in Chennai (India) and has the distinction of simultaneously commencing operations in three branches at Karaikudi, Chennai and Yangon (Myanmar), besides in Penang and Singapore with over 3219 domestic branches, 3136 ATMs and 4 overseas branches.
