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Indian Overseas Bank is a major public sector bank based in Chennai. It has about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and 8 branches and offices overseas as of 30th September 2014. Founded on 10th February 1937, Indian Bank Overseas services include an ISO-certified in-house Information Technology department, which has developed the software that is used by its branches to provide online banking services to its customers. The Bank takes pride in its 100% networking status as well as 100% CBS status for its branches.
About Indian Overseas Bank
Indian Overseas Bank financial also has a network of about 3300 ATMs all across the country. As far as international presence is concerned, the Bank has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok. It also has representative offices in Guangzhou, Vietnam, and Dubai. IOB is also part-owner of a joint venture bank in Malaysia.
The Bank was nationalized by the Government of India in 1969. And following this, it emphasized more on opening of branches in rural India. Presently there are 11 Directors on the Board of the Bank. When it comes to joint ventures/tie ups, Indian Overseas Bank financial services has entered into Non Life Insurance Business with Universal Sompo General Insurance (USGI) Company Limited with equity participation of 19% along with Allahabad Bank, Karnataka Bank, and Dabur investments. Indian Overseas Bank banking services has also extended itself further, by a tie-up with Apollo Munich Health Insurance to provide health and personal accident products to its customers.
Vision and Mission
According to the vision statement of the Bank 2013-2020, it aims to be amongst the top five nationalized banks in terms of the volume of business and sustained profitability. It also seeks to attain global recognition, led by high standards f governance and ethics. The Bank focuses on emerging as the “Most Preferred Banking Partner” to unlock value to all its stakeholders. The core values of IOB are customer centricity, honest, integrity, fairness, and transparency, innovation and risk appetite, Green banking, etc. It endeavours to build leaders for the banking industry, equipped with a team of skilled and dedicated employees.
The mission statement 2013-2020 lays down that the Bank would strive to deliver the best of competitive products with regard to quality, range, utility, and cost effectiveness. Optimization of HR resources, expansion of IT infrastructure, and engineering of CRM (Customer Relationship Management) are also the chief goals of the Bank. It stresses immensely on a policy-oriented and rule-driven culture, wherein the evolving needs of the customers are met efficiently. It also attempts to streamline the process of service delivery from time to time, besides encouraging a problem-solving climate so as to resolve customers’ grievances. IOB believes in adopting a multi disciplinary approach to propel itself to further growth and evolve as “banks with the Bank”.
Indian Overseas Bank Loans
Indian Overseas Bank Home Loan : IOB Subha Gruha has been designed for the purpose of buying, building or renovating flat/house. Indian Overseas Bank loan scheme has it that the applicant should not be more than 55 years of age. However, individuals at the age of 60 may be considered, given that their legal heirs join with them. Also, the loan must be liquidated before attaining 70 years of age. In accordance with the Indian Overseas Bank home loan eligibility, salaried individuals with a permanent job who have completed a minimum of 2 or 3 years of service, or self-employed professionals, with a minimum period of 3 years of activity in the related field, can avail this loan. The quantum of loan is 75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. Up to 30% of the loan is given for the purchase of plot. The amount depends on the borrower’s age and repayment capacity. The home loan is repayable in equated monthly installments for a maximum period of 30 years.
Indian Overseas Bank Personal Loan : the purpose of this loan is multifarious, and may involve the purchase of consumer durables, such as electronic items, wooden/metal furniture, etc. Any individual with a regular income of more than Rs. 5000/- is eligible for this loan, with the maximum age limit being 60 years. The quantum of loan is 10 times the gross salary or 90% of the cost of the article, whichever is less, but it should not exceed Rs. 5 lacs. Indian Overseas Bank Personal Loan EMI is 60 for repayment, excluding holiday period.
Under the home improvement scheme of IOB, any salaried individual in confirmed service, with a take-home pay of not less than50% of gross salary or a businessman/professional with at least 3 years of activity are eligible for this loan. The applicant should own a residential house or flat. This scheme has been exclusively tailored for repairs, renovation, up gradation, modifications, etc. to the existing house/flat. The minimum loan amount is Rs. 25,000 while the maximum amount is Rs. 15 lakhs.
The Bank also has an NRI Home Loan scheme, which offers a maximum of 80% of the cost of a new house, and an amount of up to Rs. 15 lakhs for renovation. The NRI should have a valid Indian Passport, or, in case he/she is a PIO, he/she should hold passport or other countries excluding Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan. The monthly salary of the borrower should not be less than the Indian equivalent of Rs. 10,000.
Indian Overseas Bank Loan Against Property : Loan Against Property from Indian Overseas Bank is offered to HNIs ( High net worth individual)/self-employed professionals like doctors, CAs, engineers, architects, and salaried employees of select Public and Private limited companies, state and local bodies, professors of colleges/Universities, high end IT employees, etc. The applicant should be minimum 20 years of age, earning a minimum salary/income of Rs. 75,000 monthly. He/she should have completed a minimum of 2 years of service in the same organization. Loan Against Property from Indian Overseas Bank may serve as assistance for any social/financial commitment, acquiring assets, etc. The quantum of loan is up to Rs. 25 lacs. It is repayable in EMIs for a maximum period of 7 years. No holiday period is included under this scheme.