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IOB Personal Loan EMI Calculator - Oct 2017

Last Updated 23rd Oct 2017

Indian Overseas Bank Personal Loan Calculator

  • Get monthly EMI as low as Rs. 2,260 per lakh with Indian Overseas Bank now offering personal loans with loan tenure upto 60 months.
  • Lowest personal loan interest rate currently offered by Indian Overseas Bank is 12.70%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,740 for a 2 year loan and Rs. 2,668 for a 5 year loan.
  • Personal loan EMI in Indian Overseas Bank depends upon loan amount, repayment tenure and interest rate.
  • Apply personal loan online and get best personal loan rates.
  • Check the EMI for other tenures using the Indian Overseas Bank personal loan EMI calculator on this page.
Personal Loan EMI Calculator
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Personal Loan EMI Calculator IOB

Indian Overseas Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Indian Overseas Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Indian Overseas Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,260 per lakh for a 60 tenure and lowest rate of interest on personal loans at 12.70%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.70% interest rate

Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,740 Rs. 3,355 Rs. 2,260
300,000 Rs. 14,220 Rs. 10,065 Rs. 6,780
500,000 Rs. 23,701 Rs. 16,775 Rs. 11,300
1,000,000 Rs. 47,401 Rs. 33,550 Rs. 22,600
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 12.70% interest rate offered by Indian Overseas Bankfor different tenures
2 years 3 years 5 years
Indian Overseas Bank EMI for a loan amount Rs. 1 lakh at 12.70% 4,740 3,355 2,260
Total amount you pay back to the bank including principal and interest 113,760 120,780 135,600
Interest you have to pay over loan tenure 13,760 20,780 35,600

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1,00,000 loan from Indian Overseas Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,260. However, you pay an interest of Rs. 35,600 on a Rs. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 loan from Indian Overseas Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,740 and pay an interest of only Rs. 13,760 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Indian Overseas Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Indian Overseas Bank.If you apply for a higher loan amount, your monthly EMI will be high. Indian Overseas Bank gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 1,500,000.
  • Interest rate - Interest rates is the rate charged by Indian Overseas Bank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Indian Overseas Bank is 12.70%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in Indian Overseas Bank. Longer loan tenure means lower personal loan EMI. Generally, Indian Overseas Bank offers loan for a maximum tenure of 5 years.

Indian Overseas Bank Personal Loan calculator 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 above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 1,500,000

r = Rate of interest per month. Current rate is 12.70%

n = tenure in month. For Indian Overseas Bank, this can be 60 months

Tips to decide the right amount of EMI

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Indian Overseas Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Indian Overseas Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - Indian Overseas Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Indian Overseas Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Indian Overseas Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Indian Overseas Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.

Quick guide on Indian Overseas Bank personal loan

  • Purpose of Loan: Indian Overseas Bank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 1,500,000.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 12.70% to 15.25%.
    • Lowest EMI of Rs. 2,260 per lakh.
  • Processing Fees: Rs. 204 per lakh of loan amount.
  • Special schemes: Indian Overseas Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Indian Overseas Bank – How it works?

  • Indian Overseas Bank personal loan calculator calculates EMI considering 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 (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Indian Overseas Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on IOB EMI Calculator

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

It is advised to calculate personal loan EMI prior to 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 which 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 spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
What is the lowest EMI per lakh offered by Indian Overseas Bank on personal loan?

Indian Overseas Bank offers personal loan at 12.70% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,260. However, Indian Overseas Bank personal loan interest rate for salary account holders or existing customers can vary.

Can I prepay my Indian Overseas Bank personal loan?

Indian Overseas Bank offers you an option of prepayment after 1 months at Nil prepayment charges.

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

Personal Loan from Indian Overseas Bank charges a processing fee of Rs. 204 per lakh.

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

No, for taking a loan from Indian Overseas Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of disbursing the loan.

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 personal loan from Indian Overseas Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

Indian Overseas Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches

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

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.