IOB introduces retail loans on digital platforms

Reported by: |Updated: May 4, 2021

Indian Overseas Bank has announced the launch of retail loans (home loan, personal loan and clean loan) on digital platforms. Partha Pratim Sengupta, Managing Director and CEO of the bank, formally launched the product. These loans are now available through various channels – the bank website, internet banking and the mobile banking app. People can also apply for housing loans under the PMAY schemes (subsidy linked home loans). They will also have the option to switch over their home loans from other banks to IOB. Besides two and four-wheeler loans and personal loans are also available under this category. On submission of the application after accepting the terms and conditions of the loan, an in-principle sanction letter having a reference number will be generated and the applicants will be informed through an SMS or an email. Applicants may then visit IOB’s nearest branch to avail the loan with the required documents and the in-principle sanction letter.