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IOB Personal Loan

Online Indian Overseas Bank Personal Loans

Last Updated 17th Nov 2021

  • Indian Overseas Bank Personal Loan interest rate starts from 10.80%. Check Best Offers
  • The processing fee charged on IOB personal loan is upto 3% of the loan amount.
  • IOB also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your IOB personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • IOB has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

IOB Personal Loan Details

  • Interest Rate on IOB personal loan ranges from 10.80% to 10.80%.
  • Lowest EMI per lakh works out to be ₹ 2,164 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by IOB are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 15 Lakh
  • IOB Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by IOB on personal loan is upto 3% of the loan amount
  • Indian Overseas Bank allows personal loan foreclosure and part prepayment after 1 months with charges of Nil prepayment charges.
  • Schemes of Indian Overseas Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on IOB Personal Loan?

There are various factors that impact your chances to get the best offers on IOB Personal Loan, as listed follows:

  • Loan Amount - Indian Overseas Bank offers loans between ₹ 50,000 and ₹ 15 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Indian Overseas Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Indian Overseas Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for IOB personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Indian Overseas Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.80%
  • Credit Score - Indian Overseas Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

IOB Personal Loan Documents

You require the following documents to avail personal loan from IOB

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of IOB Personal Loan Schemes

Indian Overseas Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Sahayika Loan
  • Indian overseas bank Sahakiya loan is a personal loan offered to eligible individuals to meet their financial commitments. The maximum loan amount that can be borrowed is Rs 10 lakhs. The repayment schedule can be set up to a maximum period of 60 months.

    How to Apply for IOB Personal Loan?

    The step-by-step procedure to get a personal loan online from Indian Overseas Bank is mentioned below:

    • Visit the official website of IOB Or contact your nearest Indian Overseas Bank branch.
    • Now, fill personal, professional and financial details as required by the lender and submit the form.
    • Once you have submitted the application form, Indian Overseas Bank will check your eligibility and provide you with information about the eligible amount you can avail.
    • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
    • Finally, your documents will be processed by Indian Overseas Bank, and on successful approval of the loan, the funds will be disbursed to your Indian Overseas Bank account immediately.

    You can also apply for Indian Overseas Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

    • Visit the nearest Indian Overseas Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
    • The Indian Overseas Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
    • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Indian Overseas Bank Personal Loan application.
    • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
    Illustration on Personal Loan IOB
    Maximum Annual Percentage Rate (APR) 10.84% to 10.84%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: ₹ 1,00,000
    • Time period: 12 Months to 60 Months
    • Indian Overseas Bank Personal Loan Interest Rate: 10.80% to 10.80%
    • Processing Fee payable to: Upto ₹ 200
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 2,164 for 60 Months ₹ 1,00,000 loan at 10.80% (lowest rate, longest time period) to ₹ 8,829 for 12 Months ₹ 1,00,000 loan at 10.80% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 10.84% to 10.84%
    • Total cost payable over loan tenure: ₹ 1,06,146 for 12 Months loan to ₹ 1,30,057 for 60 Months loan

    Personal Loan from Other Banks in India

    FAQs

    How much time will the Indian Overseas Bank take to take a decision on my personal loan?

    Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

    Why should I take a personal loan from Indian Overseas Bank ?

    Below-mentioned is the reason why you must avail a personal loan from Indian Overseas Bank.(1) Nil prepayment charges on personal loan (2) High loan amount (3) Multiple repayment options

    How much interest is charged by Indian Overseas Bank on personal loan?

    Personal loan interest rates in Indian Overseas Bank are 10.80% to 10.80%. Indian Overseas Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

    What is the lowest EMI per lakh on personal loan from Indian Overseas Bank ?

    If you apply for loan from Indian Overseas Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,164 which corresponds to lowest interest rate of 10.80% and longest tenure of 60 years.

    What is the minimum and maximum tenure of personal loan in Indian Overseas Bank?

    Indian Overseas Bank personal loan has a minimum tenure of 12 months to maximum 60 months.

    How much personal loan amount I can borrow from Indian Overseas Bank?

    Indian Overseas Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 15 Lakh

    Can I add my spouse's income while applying for personal loan from Indian Overseas Bank?

    Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from IOB . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

    How can I get Indian Overseas Bank personal loan?

    You can get a personal loan from Indian Overseas Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with IOB’s application process.

    How can I check my Indian Overseas Bank personal loan status?

    You can check the status of your loan online and offline. Once you have applied for a personal loan from Indian Overseas Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Indian Overseas Bank's website. In case you are unable to track your application online, you can get Indian Overseas Bank loan assistance at Indian Overseas Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

    What is the importance of credit score if I wish to avail a Indian Overseas Bank personal loan ?

    It is important to have a good credit score if you wish to apply for a personal loan from Indian Overseas Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

    Is there security or collateral needed to get a personal loan from Indian Overseas Bank?

    No, Indian Overseas Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

    Can I close my Indian Overseas Bank personal loan after 1 year?

    You can close your personal loan from Indian Overseas Bank after 1 months by paying charges: Nil prepayment charges

    Can I negotiate with Indian Overseas Bank on the personal loan interest rate?

    Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

    How to pay your Indian Overseas Bank personal loan EMI?

    You can pay your Indian Overseas Bank personal loan EMI by using ECS facility or through Standing Instruction.Indian Overseas Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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    IOB Personal Loan News - Nov 2021
    • 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.
    • 2020-11-09 : IOB posts ₹148-crore net profit in Q2
      Indian Overseas Bank reported a net profit of Rs 148 crore for the second quarter. Net profit grew 22.3% from Rs 121 crore in the June quarter of this fiscal. Total income backed by retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans rose 8.1% to Rs 5,431. Interest income increased to Rs 4,363 crore from Rs 4,276 crore a year ago. Further, bank average cost of deposit which include fixed and recurring deposits reduced to 4.89% from 5.41%, while net interest margin improved to 2.18% for the quarter as against 1.86 per cent in the year-ago period.
    • 2020-08-21 : Indian Overseas Bank reported Rs. 120.69 crore net profit in Q1FY21
      Indian Overseas Bank reported a net profit of Rs.120.69 crores for the period ended June 30, 2020, as against a net profit of Rs.143.79 crores for the period ended March 31, 2020. In addition to this, the bank posted a total income of Rs.5233.63 crores backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Total deposits which include Fixed and recurring deposits increased to Rs 2.26 lakh crore as on June 30, 2020, as against Rs 2.21 lakh crore by June last year.
    • 2020-02-12 : Indian Overseas Bank posted a Q3 loss of Rs. 6,075 crores.
      Indian Overseas Bank reported a Q3 loss of Rs 6,075 crores which was Rs 346 crores in the same period a year ago. Further, driven partially by Home Loans and Personal Loans total income stood at Rs. 5,197 crores and interest income stood at 2,867 crores.
    • 2019-10-01 : Indian Overseas Bank offers repo-linked loans from today
      After RBI directed banks to link their lending rates with external benchmarks, Indian Overseas Bank is set to offer loans linked with repo rate. As per the update, the Bank will provide retail and MSME loans at repo rate+2.85% as the spread. Further, the Bank will also offer the benefit of 0.25% to small borrowers by charging Mudra Loans up to Rs 50,000 at 8.25%. This will be in effect from October 1, 2019.
    *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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