Indian Overseas Bank does not categorise any loan scheme as a consolidation loan. Nevertheless, it offers quite a few loans that you can use to consolidate your debts. Here are some of the loan schemes offered by Indian Overseas Bank that you can avail of:
Loan #1: Indian Overseas Bank Clean Loan to Salaried Class (Personal Loan)
This will help you get funds to meet your urgent financial needs including medical and personal expenses, travel-related expenses, etc. if you earn a salary. This loan can be repurposed into a consolidation loan to pay off your high-interest credit card debts and loans. To be eligible you need to be a permanent employee of a Public Sector Undertaking, Central Government or State Government unit, or a reputed national and multinational company with at least three years of service.
Loan #2: Indian Overseas Bank IOB Swarnalakshmi Loan (Loan Against Gold Jewellery for Women)
This loan is meant for women and helps them get funds for personal expenses by pledging their gold jewellery. This secured loan can be used to meet any financial needs such as marriage in the family, medical emergencies, etc. and to consolidate high-interest debt. The maximum loan amount one can get is Rs. 5 lakh and this loan must be repaid within 12 months.
Loan #3: Indian Overseas Bank IOB Gold Loan (Loan Against Gold)
Unlike the Swarnalakshmi Loan for women, this scheme is for everyone and you can get the necessary funds by pledging not only your gold jewellery but also gold coins sold by banks. You can use this loan for consolidating your high-interest debt as well as to take care of any financial needs such as medical emergencies, overseas travel expenses, and so on. The maximum loan amount sanctioned under this loan is Rs. 25 lakh.
Loan #4: Indian Overseas Bank Loan Against Property
This loan helps borrowers access funds by pledging their property with the bank to meet any important financial needs. Like the others on the list, this loan can also be repurposed into a consolidation loan to pay off high-interest debts.
Loan #5: Indian Overseas Bank Reverse Mortgage Loan
This loan is especially meant to help senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into a liquid cash flow through an annuity used to pay off debt, to meet living expenses, take care of personal needs, medical expenses or pay for home renovation, repair and extension expenses.
Loan #6: Indian Overseas Bank Mortgages Liquirent (Loan Against Rent from Business Tenant)
This loan is for you if you own a property and receive rent from the same. The property must be situated in metro, urban or semi-urban areas. It must be rented or leased to credit-worthy establishments. These establishments can include government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc.
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