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Indian Overseas Bank Personal Loan EMI Calculator, Jul 2021

Last Updated 16th Jul 2021

  • Personal loan EMI in Indian Overseas Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Indian Overseas Bank Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,164 per lakh on IOB Bank personal loan as calculated using the lowest interest rate of 10.80% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on IOB Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,829₹ 3,264₹ 2,164
₹ 5 Lakh₹ 44,144₹ 16,322₹ 10,821
₹ 10 Lakh₹ 88,288₹ 32,644₹ 21,643

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Personal Loan EMI Calculator IOB

Indian Overseas Bank Personal Loan EMI is a fixed amount of money paid by you to Indian Overseas Bank based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Indian Overseas Bank personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator IOB. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Indian Overseas Bank Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Indian Overseas Bank personal loan which can range between 10.80% to 10.80%.
  • Compare Indian Overseas Bank personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Indian Overseas Bank with that of leading banks in India using the same loan amount of upto ₹ 15 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on Indian Overseas Bank personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from IOB over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at IOB or balance transfer to another bank.

Indian Overseas Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Indian Overseas Bank Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Indian Overseas Bank Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 10.80%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Indian Overseas Bank personal loan plan for you.Personal Loan EMI is calculated for IOB for different loan amounts and tenures at the rate of 10.80%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,652 ₹ 3,264 ₹ 2,164
3 Lakh ₹ 13,955 ₹ 9,793 ₹ 6,493
5 Lakh ₹ 23,258 ₹ 16,322 ₹ 10,821
10 Lakh ₹ 46,515 ₹ 32,644 ₹ 21,643

Factors Affecting Indian Overseas Bank Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Indian Overseas Bank gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 15 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Indian Overseas Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Indian Overseas Bank is 10.80%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Indian Overseas Bank. So, your EMI will be lower if you take a 60months loan from Indian Overseas Bank as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Indian Overseas Bank Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Indian Overseas Bank10.80% ₹ 8,829 ₹ 44,144 ₹ 88,288
Standard Chartered Bank 11.50% ₹ 8,862 ₹ 44,308 ₹ 88,615
Fullerton India 11.99% ₹ 8,884 ₹ 44,422 ₹ 88,844
IDBI Bank 12.00% ₹ 8,885 ₹ 44,424 ₹ 88,849
Canara Bank 12.40% ₹ 8,904 ₹ 44,518 ₹ 89,036

Indian Overseas Bank Personal Loan Amortization Calculator

Indian Overseas Bank Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Indian Overseas Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from Indian Overseas Bank at an interest rate of 10.80%. EMI calculated for this loan amount is ₹ 6,493 and the total annual EMIs to be paid annually is ₹ 77,914. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 15,682 ₹ 23,275 ₹ 38,957 ₹ 2,76,725
2022 ₹ 27,436 ₹ 50,478 ₹ 77,914 ₹ 2,26,247
2023 ₹ 21,706 ₹ 56,208 ₹ 77,914 ₹ 1,70,039
2024 ₹ 15,326 ₹ 62,588 ₹ 77,914 ₹ 1,07,451
2025 ₹ 8,222 ₹ 69,692 ₹ 77,914 ₹ 37,759
2026 ₹ 1,198 ₹ 37,759 ₹ 38,957 -₹ 0

In the above illustration, on a Indian Overseas Bank Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 10.80, EMI paid is ₹ 6,493 and an annual total of EMIs is ₹ 77,914, the interest component is ₹ 30,078 while the principal component is ₹ 47,836 in year 1 of loan disbursement. You repay only 15.95% of the total principal after paying 12 EMIs during the first year.

Indian Overseas Bank Personal Loan Interest Calculator Formula

Indian Overseas Bank calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Indian Overseas Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.Indian Overseas Bank personal loan amount can range from ₹ 50,000 to ₹ 15 Lakh.

r = Rate of interest per month. The current Indian Overseas Bank Personal Loan rate is 10.80%.
n = Tenure in month. This can range up to 60months in case of Indian Overseas Bank.

How to use Indian Overseas Bank Personal Loan EMI Calculator

  • Indian Overseas Bank personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Indian Overseas Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

Indian Overseas Bank Personal Loan EMI for ₹ 1 Lakh

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 10.80%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00010.80% 1₹ 8,829
₹ 1,00,00010.80% 2₹ 4,652
₹ 1,00,00010.80% 3₹ 3,264
₹ 1,00,00010.80% 4₹ 2,575
₹ 1,00,00010.80% 5₹ 2,164

Indian Overseas Bank Personal Loan EMI for ₹ 3 Lakh

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 10.80%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00010.80% 1₹ 26,487
₹ 3,00,00010.80% 2₹ 13,955
₹ 3,00,00010.80% 3₹ 9,793
₹ 3,00,00010.80% 4₹ 7,725
₹ 3,00,00010.80% 5₹ 6,493

Indian Overseas Bank Personal Loan EMI for ₹ 5 Lakh

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 10.80%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00010.80% 1₹ 44,144
₹ 5,00,00010.80% 2₹ 23,258
₹ 5,00,00010.80% 3₹ 16,322
₹ 5,00,00010.80% 4₹ 12,874
₹ 5,00,00010.80% 5₹ 10,821

Indian Overseas Bank Personal Loan EMI for ₹ 10 Lakh

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 10.80%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00010.80% 1₹ 88,288
₹ 10,00,00010.80% 2₹ 46,515
₹ 10,00,00010.80% 3₹ 32,644
₹ 10,00,00010.80% 4₹ 25,748
₹ 10,00,00010.80% 5₹ 21,643

How to Pay Indian Overseas Bank Personal Loan EMI?

There are various online & offline methods to pay your Indian Overseas Bank Personal Loan EMI. To repay your Indian Overseas Bank EMI online, you can log in to your net banking account or else you can also use the mobile banking of Indian Overseas Bank. Indian Overseas Bank also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Indian Overseas Bank branch.

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FAQs

Why should I calculate IOB loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Indian Overseas Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

What is the lowest EMI per lakh offered by Indian Overseas Bank on a personal loan?

Indian Overseas Bank offers a personal loan at a 10.80% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,164. However, Indian Overseas Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre-close Indian Overseas Bank personal loan?

You can pre-close your Indian Overseas Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on Indian Overseas Bank ?

Indian Overseas Bank offers you an option of prepayment after 1 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Indian Overseas Bank?

Yes, Indian Overseas Bank charges a certain amount of processing fee to process your loan application. Currently, Indian Overseas Bank charges a processing fee of upto 3% of the loan amount on a Personal Loan.

Will I get a personal loan from Indian Overseas Bank if I have a bad credit score?

No, for taking a loan from Indian Overseas Bank, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Indian Overseas Bank personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Indian Overseas Bank Bank?

At the current rate of 10.80%, EMI on Indian Overseas Bank personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,07,743, ₹ 2,19,543 and ₹ 2,56,939 respectively.

Can I have a co-applicant while applying for a Personal loan with Indian Overseas Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Indian Overseas Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Indian Overseas Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your Indian Overseas Bank Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Indian Overseas Bank loan EMI?

You can pay the Indian Overseas Bank personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

Indian Overseas Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-4445/ 044-2851 9639
Ahmedabad 1800-425-4445/ 044-2851 9639
Ambala 1800-425-4445/ 044-2851 9639
Anand 1800-425-4445/ 044-2851 9639
Aurangabad Bihar 1800-425-4445/ 044-2851 9639
Bangalore 1800-425-4445/ 044-2851 9639
Bhilai 1800-425-4445/ 044-2851 9639
Bhilwara 1800-425-4445/ 044-2851 9639
Bhiwadi 1800-425-4445/ 044-2851 9639
Bhopal 1800-425-4445/ 044-2851 9639
Bhubaneswar Cuttack 1800-425-4445/ 044-2851 9639
Bikaner 1800-425-4445/ 044-2851 9639
Chandigarh 1800-425-4445/ 044-2851 9639
Chennai 1800-425-4445/ 044-2851 9639
Cochin 1800-425-4445/ 044-2851 9639
Coimbatore 1800-425-4445/ 044-2851 9639
Dehradun 1800-425-4445/ 044-2851 9639
Delhi 1800-425-4445/ 044-2851 9639
Durg 1800-425-4445/ 044-2851 9639
Faridabad 1800-425-4445/ 044-2851 9639
Gandhinagar 1800-425-4445/ 044-2851 9639
Ghaziabad 1800-425-4445/ 044-2851 9639
Goa 1800-425-4445/ 044-2851 9639
Greater Noida 1800-425-4445/ 044-2851 9639
Gurgaon 1800-425-4445/ 044-2851 9639
Guwahati 1800-425-4445/ 044-2851 9639
Gwalior 1800-425-4445/ 044-2851 9639
Hyderabad 1800-425-4445/ 044-2851 9639
Indore 1800-425-4445/ 044-2851 9639
Jabalpur 1800-425-4445/ 044-2851 9639
Jaipur 1800-425-4445/ 044-2851 9639
Jalandhar 1800-425-4445/ 044-2851 9639
Jodhpur 1800-425-4445/ 044-2851 9639
Kanpur 1800-425-4445/ 044-2851 9639
Karnal 1800-425-4445/ 044-2851 9639
Kolhapur 1800-425-4445/ 044-2851 9639
Kolkata 1800-425-4445/ 044-2851 9639
Kota 1800-425-4445/ 044-2851 9639
Kozhikode 1800-425-4445/ 044-2851 9639
Lucknow 1800-425-4445/ 044-2851 9639
Ludhiana 1800-425-4445/ 044-2851 9639
Madurai 1800-425-4445/ 044-2851 9639
Meerut 1800-425-4445/ 044-2851 9639
Mehsana 1800-425-4445/ 044-2851 9639
Mohali Sas Nagar 1800-425-4445/ 044-2851 9639
Mumbai 1800-425-4445/ 044-2851 9639
Mussoorie 1800-425-4445/ 044-2851 9639
Nagpur 1800-425-4445/ 044-2851 9639
Nashik 1800-425-4445/ 044-2851 9639
Noida 1800-425-4445/ 044-2851 9639
Noida Extn 1800-425-4445/ 044-2851 9639
Panipat 1800-425-4445/ 044-2851 9639
Patna 1800-425-4445/ 044-2851 9639
Pondicherry 1800-425-4445/ 044-2851 9639
Pune 1800-425-4445/ 044-2851 9639
Raipur 1800-425-4445/ 044-2851 9639
Rajkot 1800-425-4445/ 044-2851 9639
Ranchi 1800-425-4445/ 044-2851 9639
Rohtak 1800-425-4445/ 044-2851 9639
Roorkee 1800-425-4445/ 044-2851 9639
Salem 1800-425-4445/ 044-2851 9639
Shimla 1800-425-4445/ 044-2851 9639
Sonipat 1800-425-4445/ 044-2851 9639
Surat 1800-425-4445/ 044-2851 9639
Trichy 1800-425-4445/ 044-2851 9639
Udaipur 1800-425-4445/ 044-2851 9639
Vadodara 1800-425-4445/ 044-2851 9639
Varanasi 1800-425-4445/ 044-2851 9639
Vijaywada 1800-425-4445/ 044-2851 9639
Vizag 1800-425-4445/ 044-2851 9639

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IOB Personal Loan News - Jul 2021
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2020-11-09 : IOB posts ₹148-crore net profit in Q2
    Indian Overseas Bank reported a net profit of Rs 148 crore for the second quarter. Net profit grew 22.3% from Rs 121 crore in the June quarter of this fiscal. Total income backed by retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans rose 8.1% to Rs 5,431. Interest income increased to Rs 4,363 crore from Rs 4,276 crore a year ago. Further, bank average cost of deposit which include fixed and recurring deposits reduced to 4.89% from 5.41%, while net interest margin improved to 2.18% for the quarter as against 1.86 per cent in the year-ago period.
  • 2020-08-21 : Indian Overseas Bank reported Rs. 120.69 crore net profit in Q1FY21
    Indian Overseas Bank reported a net profit of Rs.120.69 crores for the period ended June 30, 2020, as against a net profit of Rs.143.79 crores for the period ended March 31, 2020. In addition to this, the bank posted a total income of Rs.5233.63 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Total deposits which include Fixed and recurring deposits increased to Rs 2.26 lakh crore as on June 30, 2020, as against Rs 2.21 lakh crore by June last year.
  • 2020-02-12 : Indian Overseas Bank posted a Q3 loss of Rs. 6,075 crores.
    Indian Overseas Bank reported a Q3 loss of Rs 6,075 crores which was Rs 346 crores in the same period a year ago. Further, driven partially by Home Loans and Personal Loans total income stood at Rs. 5,197 crores and interest income stood at 2,867 crores.
  • 2019-10-01 : Indian Overseas Bank offers repo-linked loans from today
    After RBI directed banks to link their lending rates with external benchmarks, Indian Overseas Bank is set to offer loans linked with repo rate. As per the update, the Bank will provide retail and MSME loans at repo rate+2.85% as the spread. Further, the Bank will also offer the benefit of 0.25% to small borrowers by charging Mudra Loans up to Rs 50,000 at 8.25%. This will be in effect from October 1, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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