Indian Overseas Bank (IOB) declared the introduction of its retail loans, namely Clean Loan, Consumption Loans-Sahayika, Educational Loans-VidyaJyoti, Vidya Jyothi, Vehicle Loans - Phushpaka, Commercial Cash Credit Against Jewellery and IOB Passion, on its digital channel on Thursday. IOB's retail loans are also available on the IOB website, online banking, and mobile banking app, according to the release. Non-customers can only apply for these loans via the bank's website, whereas IOB customers can apply through any of these channels.
Customers will be able to apply for housing loans and home loans under the PMAY schemes, as well as transfer their home loans from other banks to IOB, according to the bank. Following the submission of the application and approval of the loan's terms and conditions, an in-principle sanction letter with a reference number will be generated and sent to the applicant via SMS/e-mail, according to IOB. Customers will then need to visit the nearest branch with the necessary documents and the in-principle sanction letter to get the loan. The loan will be disbursed after the branch verifies the borrower's documents along with background research.