MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Personal Loan - Indian Overseas Bank vs Canara Bank

Download Comparison
Bank
Parameters
Interest Rate
Interest Rate
10.80% - 10.80%
12.40% - 13.90%
Processing Fees
Processing Fees
Rs. 204 Per Lakh
0.50%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 1 Lakh to ₹ 3 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,164
₹ 2,653
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
21 to 58 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 15,000
Current Work Experience
Current Work Experience
12 Months
12 Months
Total Work Experience
Total Work Experience
36 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
Add Bank

Compare EMI of Indian Overseas Bank and Canara Bank Personal Loan

Loan Amount Indian Overseas Bank Canara Bank
₹ 1 Lakh ₹ 2,164 ₹ 2,653
₹ 5 Lakh ₹ 10,821 ₹ 13,265
₹ 10 Lakh ₹ 21,643 ₹ 26,531
₹ 12 Lakh ₹ 25,971 ₹ 31,837

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

Indian Overseas Bank offers lower Personal Loan EMI at 2164 on a Personal Loan for 60 Months as compared to Canara Bank with a minimum EMI of 2653 for 48 Months. Average customer ratings for Indian Overseas Bank is currently at /5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Indian Overseas Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own 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 Personal Loan is 10.80%, which is lower than the lowest interest rate of Canara Bank at 12.40%. Hence, Indian Overseas Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Indian Overseas Bank charges a processing fees of Rs. 204 Per Lakh while Canara Bank charges a processing fees of 0.50%.
  • Indian Overseas Bank offers Personal Loan upto an amount of ₹ 15 Lakh while Canara Bank offer Personal Loan upto an amount of ₹ 3 Lakh. Indian Overseas Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is foreclosure facility. Canara Bank and Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and Nil prepayment charges. This makes Canara Bank a better option for Personal Loan.
  • with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.

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

As per the current rates, Indian Overseas Bank offers a lower interest rate of 10.80% on Personal Loan when compared to Canara Bank which offers a Personal Loan at 12.40%.

Know all about Personal Loan

Know more about Indian Overseas Bank Personal Loan

Know more about Canara Bank Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

Compare Canara Bank Personal Loan With Other Banks

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Personal Loan News - Jun 2021
  • 2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 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.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
*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
Loader
Please wait while your information is being processed...