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INDIAN OVERSEAS BANK LAUNCHES RETAIL LOANS ON DIGITAL PLATFORM

INDIAN OVERSEAS BANK LAUNCHES RETAIL LOANS ON DIGITAL PLATFORM

Chennai, April 29, 2021: Indian Overseas Bank has announced the launch of Retail Loans (home loan, personal loan & clean loan) on digital platform.

The launch was presided by Mr. Partha Pratim Sengupta, Managing Director&CEO, Indian Overseas Bank in the presence of Executive Directors Mr. A. K. Srivastava and Mrs. Srimathy S.

The loans are now available through various channels, i.e. the bank website (www.iob.in), Internet Banking and the Mobile Banking App. IOB customers may apply for these loans through the bank website, mobile banking and internet banking, while non-customers may apply only through thebank website.

Applicants may apply for Housing Loans and Home 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. Applicants may also apply for Two &Four Wheeler Loans and Personal Loans in easy steps. 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 applicant through SMS/e-mail.Applicants may then visit IOB’s nearestbranch 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.

About Indian Overseas Bank

Founded on February 10, 1937 by M. Ct. M. Chidambaram Chettyar with the twin objectives of specialising in foreign exchange business and overseas banking, Indian Overseas Bank (IOB) has ever since created various milestones in Indian Banking Sector.

IOB is today a leading public sector bank headquartered in Chennai (India). The bank has the distinction of simultaneously commencing operations in three branches at Karaikudi, Chennai and Yangon (Myanmar). Since the bank aimed to encourage overseas banking and foreign exchange operations, it soon opened its branches in Penang and Singapore. Today, Indian Overseas Bank covers a vast domain in the banking sector with over 3219 domestic branches, 3136 ATMs and 4 overseas branches.

 

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