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Compare Indian Overseas Bank vs Muthoot Personal Loan

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Bank
Interest Rate
Interest Rate
10.00% - 11.00%
14.00% - 24.00%
Processing Fees
Processing Fees
Upto 3% of the loan amount
2.5-3.5%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 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
₹ 2,125
₹ 2,327
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
26 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 10,000
Current Work Experience
Current Work Experience
12 Months
NA
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 Muthoot

Loan Amount Indian Overseas Bank Muthoot
₹ 1 Lakh ₹ 2,125 ₹ 2,327
₹ 5 Lakh ₹ 10,624 ₹ 11,634
₹ 10 Lakh ₹ 21,247 ₹ 23,268
₹ 12 Lakh ₹ 25,496 ₹ 27,922

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

Indian Overseas Bank offers lower Personal Loan EMI at Rs. 2125 for 60 Months compared to Muthoot with a minimum EMI of Rs. 2327 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 Muthoot Personal Loan?

It is important to make a detailed comparison of Indian Overseas Bank and Muthoot 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 Muthoot at 14.00%. 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 Muthoot charges a processing fee of Upto 2.5-3.5%.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Muthoot 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 Muthoot a better option for Personal Loan.
  • Muthoot 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 Muthoot 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 Muthoot?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 10.00% on loans compared to Muthoot, which offers a Personal Loan at 14.00%.

Know more about Indian Overseas Bank Personal Loan

Know more about Muthoot Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

Compare Muthoot Personal Loan With Other Banks

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Personal Loan News - Sep 2022
  • 2022-09-12 : Union Bank of India hikes interest rates - home, car EMIs set to rise
    Union Bank of India has increased its marginal cost-based lending rate (MCLR) in the range of 0.05 per cent to 0.35 per cent, which would make the loans from the bank more expensive. MCLR rates for overnight and one-month tenures to 7.00 per cent and 7.15 per cent, thus increasing them by 5 bps. For the three-month tenure, the rates are the same as before and are at 7.25 per cent.
  • 2022-09-09 : HDFC Bank to introduce 10-second personal loan service
    India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
  • 2022-09-07 : Kotak Mahindra Bank Goes Live with Client Onboarding via Face Authentication
    The bank has become the first to enable client onboarding via face authentication and does not require an additional device except the mobile phone.
  • 2022-09-07 : HDFC Bank Expands Personal Loan in 10 Seconds
    The bank will offer Personal Loan in 30 seconds to all, including self-employed and non-existing customers of HDFC Bank.
  • 2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
    HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.
*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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