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Compare Indian Overseas Bank vs Federal Bank Personal Loan

Download Comparison
Bank
Interest Rate
Interest Rate
10.00% - 11.00%
10.49% - 17.99%
Processing Fees
Processing Fees
upto 3% of the loan amount
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 50,000 to ₹ 10 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,125
₹ 2,560
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 58 Years
21 to 55 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 50,000
Current Work Experience
Current Work Experience
12 Months
36 Months
Total Work Experience
Total Work Experience
36 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Personal Loan EMI of Indian Overseas Bank and Federal Bank

Loan Amount Indian Overseas Bank Federal Bank
₹ 1 Lakh ₹ 2,125 ₹ 2,560
₹ 5 Lakh ₹ 10,624 ₹ 12,799
₹ 10 Lakh ₹ 21,247 ₹ 25,599
₹ 12 Lakh ₹ 25,496 ₹ 30,718

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

Indian Overseas Bank offers lower Personal Loan EMI at Rs. 2125 for 60 Months compared to Federal Bank with a minimum EMI of Rs. 2560 for 48 Months. In addition, average customer ratings for Indian Overseas Bank is currently at /5.0, making it a good choice for taking a Personal Loan.

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

It is important to make a detailed comparison of Indian Overseas Bank and Federal Bank 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 10.00%, which is lower than the lowest interest rate of Federal Bank at 10.49%. Hence, Indian Overseas Bank is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Indian Overseas Bank charges a processing fee of upto 3% of the loan amount, while Federal Bank charges a processing fee of Upto 0.5%, Min Rs. 500.
  • Indian Overseas Bank offers Personal Loan upto an amount of ₹ 15 Lakh, while Federal Bank offers Loan upto an amount of ₹ 10 Lakh. Therefore, 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 the foreclosure facility. Federal Bank gives the option to close the loan after Zero months at Nil prepayment charges and Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank allows part payment on Personal Loan after Zero months at Nil charges, while Indian Overseas Bank does not offer a part payment facility. This makes Federal Bank a better option for instant loan requirements.
  • with an average customer rating 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 a lower interest rate on Personal Loan – Indian Overseas Bank or Federal Bank?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 10.00% on loans compared to Federal Bank, which offers a Personal Loan at 10.49%.

Know more about Indian Overseas Bank Personal Loan

Know more about Federal Bank Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

Compare Federal Bank Personal Loan With Other Banks

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Personal Loan News - Jun 2022
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    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
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    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Indian Bank Revises Personal Loan Rates
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    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*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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