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Compare Personal Loan - Indian Overseas Bank vs IIFL

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Bank
Parameters
Interest Rate
Interest Rate
11.00% - 15.00%
16.00% - 19.99%
Processing Fees
Processing Fees
upto 3% of the loan amount
3%
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
₹ 2,174
₹ 2,432
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 EMI of Indian Overseas Bank and IIFL Personal Loan

Loan Amount Indian Overseas Bank IIFL
₹ 1 Lakh ₹ 2,174 ₹ 2,432
₹ 5 Lakh ₹ 10,871 ₹ 12,159
₹ 10 Lakh ₹ 21,742 ₹ 24,318
₹ 12 Lakh ₹ 26,091 ₹ 29,182

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

Indian Overseas Bank offers lower Personal Loan EMI at 2174 on a Personal Loan for 60 Months as compared to IIFL with a minimum EMI of 2432 for 60 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 IIFL 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 11.00%, which is lower than the lowest interest rate of IIFL at 16.00%. 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 upto 3% of the loan amount while IIFL charges a processing fees of 3%.
  • IIFL offers Personal Loan upto an amount of ₹ 25 Lakh while Indian Overseas Bank offer Personal Loan upto an amount of ₹ 15 Lakh. 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 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 ratings of 4.8, while has an average customer rating of , based on which it is clear that IIFL has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers 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 11.00% on Personal Loan when compared to IIFL which offers a Personal Loan at 16.00%.

Know all about Personal Loan

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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*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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