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Last Updated on 15/06/2017
IOB Passion

Purpose

To purchase of basic materials to pursue in one`s passion like sports kits, music instruments, painting materials etc. and payment of coaching fees etc.

Eligibility :

Category A:Any individual with a proven skill in any specific field like sports, arts ,paints, music etc who has taken it hasCAREERand are in need of an financial assistance to tone their skills to excel in it.

The age of the individual should be between 10-25 Years.

Category B:Any individual who wants to pursue asHOBBYand the age of the individual should be between 25-50 years

Quantum of loan 

90% of the cost of article including Coaching fee etc .,but not to exceed Rs.3.00 lacs.

Margin

10% on cost of the article.

Rate of interest 

Please click Retail credit interest rates

Repayment

Maximum Repayable is 60 equated monthly installments without holiday period.

No Pre payment charges

Security 

Hypothentication on purchase of articles out of loan or a suitable 3rdparty guarantee or collateral Security

Processing Charges:

Please Click here for Processing Charges.

While all efforts have been made to update the information, constituents are requested to contact the nearest branch for further details.