IOB launches retail loans on digital platform

Indian Overseas Bank (IOB) on Thursday announced the launch of its retail loans such as home, personal and clean loans across the bank’s digital platform. The launch was presided over by the bank’s MD & CEO Partha Pratim Sengupta.

In a press release, IOB said its retail loans are now available in IOB website, internet Banking and mobile banking app. While IOB customers can apply for these loans on any of these platforms, non-customers can apply only through the bank website.

Also read: IOB appoints EY as its digital consultant

Applicants may apply for housing loans and home loans under the PMAY schemes (subsidy linked home loans) and applicants will also have the option to switch over their home loans from other Banks to IOB, the bank said.

“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,” IOB said, adding that applicants can then visit the 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.

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