IOB Personal Loan Calculator

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.

• 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 10.00% to 11.00%.
• 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.

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 10.00%. 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 10.00%.

• 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 10.00%. 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.

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 ₹ 4.50 Lakh for 2 years from Indian Overseas Bank at an interest rate of 10.00%. EMI calculated for this loan amount is ₹ 20,765 and the total annual EMIs to be paid annually is ₹ 2,49,183. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 4.50 Lakh over the 2 years

In the above illustration, on a Indian Overseas Bank Personal Loan of₹ 4.50 Lakh, taken at the lowest interest rate of 10.00, EMI paid is ₹ 20,765 and an annual total of EMIs is ₹ 2,49,183, the interest component is ₹ 35,377 while the principal component is ₹ 2,13,806 in year 1 of loan disbursement. You repay only 47.51% of the total principal after paying 12 EMIs during the first year.

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 10.00%.
n = Tenure in month. This can range up to 60months in case of Indian Overseas Bank.

• 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.

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 10.00%

The following table shows Indian Overseas Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 10.00%.

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.