Compare Indian Overseas Bank vs IIFL Personal Loan

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Cashe Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank PNB Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Cashe Axis Finance
Interest Rate	Interest Rate 10.00% - 11.00%	11.75% - 28.00%
Processing Fees	Processing Fees upto 3% of the loan amount	2.5%-6%
Loan Amount	Loan Amount ₹ 50,000 to ₹ 15 Lakh	₹ 50,000 to ₹ 25 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,125	₹ 2,212
Part Payment Charges	Part Payment Charges Not Allowed	Not Allowed
Foreclosure Charges	Foreclosure Charges Allowed after 1 month at Nil prepayment charges	Allowed after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
Eligible Age	Eligible Age 21 to 58 Years	25 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 25,000
Current Work Experience	Current Work Experience 12 Months	6 Months
Total Work Experience	Total Work Experience 36 Months	36 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.8/5.0

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Compare Personal Loan EMI of Indian Overseas Bank and IIFL

Loan Amount	Indian Overseas Bank	IIFL
₹ 1 Lakh	₹ 2,125	₹ 2,212
₹ 5 Lakh	₹ 10,624	₹ 11,059
₹ 10 Lakh	₹ 21,247	₹ 22,118
₹ 12 Lakh	₹ 25,496	₹ 26,542

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

Indian Overseas Bank offers lower Personal Loan EMI at Rs. 2125 for 60 Months compared to IIFL with a minimum EMI of Rs. 2212 for 60 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 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 10.00%, which is lower than the lowest interest rate of IIFL at 11.75%. 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 IIFL charges a processing fee of Upto 2.5%-6%.
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 has an average customer rating of 4.8. In contrast, has an average customer rating of , based on which it is clear that IIFL has a high customer service focus, an easy process and a quick turnaround.

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 10.00% on loans compared to IIFL, which offers a Personal Loan at 11.75%.

Know more about Indian Overseas Bank Personal Loan

Know more about IIFL Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

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Personal Loan News - Jun 2022

2022-05-13 : Punjab National Bank Increases Personal Loan Rates
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.
2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
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
Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
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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