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Compare Personal Loan - Standard Chartered Bank vs Indian Overseas Bank

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Bank
Parameters
Interest Rate
Interest Rate
11.50% - 18.00%
11.00% - 15.00%
Processing Fees
Processing Fees
1.00%
upto 3% of the loan amount
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 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
₹ 2,199
₹ 2,174
Part Payment Charges
Part Payment Charges
Allowed after 12 months at 2%
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at 5% charges before 12 months, 4% charges after 12 months
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
23 to 58 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 20,000
Current Work Experience
Current Work Experience
3 Months
12 Months
Total Work Experience
Total Work Experience
36 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0
4.4/5.0
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Compare EMI of Standard Chartered Bank and Indian Overseas Bank Personal Loan

Loan Amount Standard Chartered Bank Indian Overseas Bank
₹ 1 Lakh ₹ 2,199 ₹ 2,174
₹ 5 Lakh ₹ 10,996 ₹ 10,871
₹ 10 Lakh ₹ 21,993 ₹ 21,742
₹ 12 Lakh ₹ 26,391 ₹ 26,091

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

Indian Overseas Bank offers lower Personal Loan EMI at 2174 on a Personal Loan for 60 Months as compared to Standard Chartered Bank with a minimum EMI of 2199 for 60 Months. Average customer ratings for Indian Overseas Bank is currently at 4.4/5.0 which makes it a good choice for taking a Personal Loan.

How does Indian Overseas Bank Personal Loan compare with Standard Chartered 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 11.00%, which is lower than the lowest interest rate of Standard Chartered Bank at 11.50%. Hence, Indian Overseas Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Standard Chartered Bank charges a processing fees of 1.00% while Indian Overseas Bank charges a processing fees of upto 3% of the loan amount.
  • Standard Chartered Bank offers Personal Loan upto an amount of ₹ 50 Lakh while Indian Overseas Bank offer Personal Loan upto an amount of ₹ 15 Lakh. Standard Chartered 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. Indian Overseas Bank and Standard Chartered Bank gives the option to close the loan after 1 months at Nil prepayment charges and 5% charges before 12 months, 4% charges after 12 months. This makes Indian Overseas Bank a better option for Personal Loan.
  • Standard Chartered Bank allows part payment on Personal Loan after 12 months at 2%, while Indian Overseas Bank does not offer part payment facility on Personal Loan. This makes Standard Chartered Bank a better option for Personal Loan.
  • Indian Overseas Bank with an average customer ratings of 4.4 is equally comparable to Standard Chartered Bank with an average customer rating of 4.4. 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 Standard Chartered Bank?

As per the current rates, Indian Overseas Bank offers a lower interest rate of 11.00% on Personal Loan when compared to Standard Chartered Bank which offers a Personal Loan at 11.50%.

Know all about Personal Loan

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Know more about Indian Overseas Bank Personal Loan

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Personal Loan News - Jun 2021
  • 2021-06-23 : Capital India Home Loan plans to double asset book to Rs 250 crore this fiscal
    Capital India Home Loan aims to double its asset book to over Rs 250 crore by the end of the current fiscal year. The housing finance company that deals in Home Loan, Commercial Property Loan, Loan Against Property, Business Loan, Top-up Loan, Personal Loan, and Consumer Loan had a loan book of about Rs 135 crore in the financial year ended March 31, 2021. The loan book is expected to touch Rs 250 crore by March 2022.
  • 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.
*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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