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

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

Loan Amount	Cashback
Rs. 12 lakh and above	Rs. 2,500
Rs. 8 lakh - less than Rs. 12 lakh	Rs. 1,500
Rs. 6 lakh - less than Rs. 8 lakh	Rs. 1,000
Rs. 4 lakh - less than Rs. 6 lakh	Rs. 500
Less than Rs. 4 lakh	Rs. 200