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Compare IIFL vs Indian Overseas Bank Personal Loan

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Bank
Interest Rate
Interest Rate
24.00% - 24.00%
10.80% - 10.80%
Processing Fees
Processing Fees
2%
upto 3% of the loan amount
Loan Amount
Loan Amount
₹ 50,000 to ₹ 25 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,877
₹ 2,164
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
25 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 20,000
Current Work Experience
Current Work Experience
6 Months
12 Months
Total Work Experience
Total Work Experience
36 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.8/5.0
4.8/5.0
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Compare Personal Loan EMI of IIFL and Indian Overseas Bank

Loan Amount IIFL Indian Overseas Bank
₹ 1 Lakh ₹ 2,877 ₹ 2,164
₹ 5 Lakh ₹ 14,384 ₹ 10,821
₹ 10 Lakh ₹ 28,768 ₹ 21,643
₹ 12 Lakh ₹ 34,522 ₹ 25,971

Which is a better bank for Personal Loan – Indian Overseas Bank or IIFL?

Indian Overseas Bank offers lower Personal Loan EMI at Rs. 2164 for 60 Months compared to IIFL with a minimum EMI of Rs. 2877 for 60 Months. In addition, average customer ratings for Indian Overseas Bank is currently at 4.8/5.0, making it a good choice for taking a Personal Loan.

How does Indian Overseas Bank Personal Loan compare with IIFL Personal Loan?

It is important to make a detailed comparison of Indian Overseas Bank and IIFL on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Indian Overseas Bank Loan is 10.80%, which is lower than the lowest interest rate of IIFL at 24.00%. Hence, Indian Overseas Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, IIFL charges a processing fee of 2%, while Indian Overseas Bank charges a processing fee of Upto upto 3% of the loan amount.
  • IIFL offers Personal Loan upto an amount of ₹ 25 Lakh, while Indian Overseas Bank offers Loan upto an amount of ₹ 15 Lakh. Therefore, IIFL can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and IIFL gives the option to close the loan after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST. This makes Indian Overseas Bank a better option for Personal Loan.
  • IIFL with an average customer rating of 4.8 is equally comparable to Indian Overseas Bank with an average customer rating of 4.8. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Personal Loan – Indian Overseas Bank or IIFL?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 10.80% on loans compared to IIFL, which offers a Personal Loan at 24.00%.

Know more about IIFL Personal Loan

Know more about Indian Overseas Bank Personal Loan

Compare IIFL Personal Loan With Other Banks

Compare Indian Overseas Bank Personal Loan With Other Banks

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Personal Loan News - Sep 2021
  • 2021-09-22 : Axis Bank Introduces Festive Offer on Personal Loan
    Axis Bank offers the lowest personal loan rate of 10.25% as a festive offer. The rates are applicable for a loan amount of 15 Lakhs and above.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-09 : Gold Loan Soars High in 12 Months
    In the last 12 months, gold loans and credit cards have seen significant growth. Gold loans outstanding has increased by 77.4% and personal loans have jumped by 11.2% till July 2021.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
*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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