IOB Personal Loan Interest Rate Calculator - Jan 2017

Indian Overseas Bank Personal Loan Interest Rates

Last Updated 24th Jan 2017
Salaried Self Employed
Interest Rate 12.70% - 15.25% Check Special Offer 14.90% - 15.25%
Lowest EMI Rs. 2,260 per lakh Rs. 2,374 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 60 months
Loan Amount Min Rs. 50,000 and Max Rs. 1,500,000 Min Rs. 50,000 and Max Rs. 1,000,000
Processing Fee Rs. 204 per lakh Rs. 204 per lakh
Age Min 21 years and Max 58 years Min 21 years and Max 58 years
Prepayment Charges Allowed after 1 EMI's, Allowed after 1 EMI's,
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Indian Overseas Bank Personal Loan

Indian Overseas Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Indian Overseas Bank:
  • Nil prepayment charges
  • High loan amount
  • Multiple repayment options
    • Indian Overseas Bank has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • Indian Overseas Bank has over 3,388 branches in India where you can avail service
    • Indian Overseas Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Indian Overseas Bank depends upon
    • Loan amount: Personal loan rate in Indian Overseas Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Indian Overseas Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Indian Overseas Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Sahayika Loan
    • Personal Loan to Pensioners

    IOB Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. IOB offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity. Self employed individuals with age of atleast 21 years and maximum 58 years at the time of loan maturity can apply for personal loan from Indian Overseas Bank
    • Income: Indian Overseas Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Indian Overseas Bank asks for net monthly income of minimum Rs. 20,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Indian Overseas Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 12 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Indian Overseas Bank eligibility. If you are working with a reputed company, probability of getting personal loan from Indian Overseas Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Indian Overseas Bank gives you personal loan depending upon your income. Indian Overseas Bank gives you an amount ranging from Rs. 50,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    IOB Personal Loan EMI

    Personal Loan EMI of Indian Overseas Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Indian Overseas Bank is Rs. 2,260 per lakh loan amount at lowest personal loan interest rate of 12.70%. Personal Loan EMI of Indian Overseas Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for IOB Personal Loan

    Personal loan Indian Overseas Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 0 months payslip, 1 years Form 16, 0 months bank statement showing salary credit and any EMI debit

    Personal loan Indian Overseas Bank documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan IOB

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Indian Overseas Bank allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- Indian Overseas Bank asks for a processing fee of Rs. 204 per lakh of loan amount with applicable service tax

    IOB Personal Loan Top up, Transfer

    • Indian Overseas Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Indian Overseas Bank
    • You can avail additional top-up personal loan from Indian Overseas Bank, subject to your eligibility
    Illustration on Personal Loan Indian Overseas Bank
    Maximum Annual Percentage Rate (APR) 13.1% to 15.65%
    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: Rs. 100,000
    • Time period: 12 months to 60 months
    • Indian Overseas Bank Personal Loan Interest Rate: 12.70% to 15.25%
    • Processing Fee payable to Indian Overseas Bank: Upto Rs. 2,000. Current offer for processing fee is Rs. 204 per lakh
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,260 for a 60 months Rs. 100,000 loan at 12.70% (lowest rate, longest time period) to Rs. 9,038 for a 12 months Rs. 100,000 loan at 15.25% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 13.1% to 15.65%
    • Total cost payable over loan tenure: Rs. 10,452 for 12 months loan to Rs. 37,599 for 60 months loan
    Indian Overseas Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Indian Overseas Bank.

    Compare Personal Loan Interest Rates of IOB with other banks

    Frequently Asked Questions on IOB Personal Loan

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

    Indian Overseas Bank offers an interest of 12.70% to 15.25% on personal loan.

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

    If you apply for a personal loan from Indian Overseas Bank, your lowest EMI per lakh will be Rs. 2,260.

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

    You can repay your personal loan from Indian Overseas Bank in a flexible period of minimum 12 months to maximum 60 months.

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

    Indian Overseas Bank offers you personal loan if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 1,500,000.

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

    Indian Overseas Bank charge a processing fee of Rs. 204 per lakh with applicable service tax.

    Is age an eligibility factor to get personal loan from Indian Overseas Bank?

    Yes, age is an important eligibility factor to get Indian Overseas Bank personal loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

    Are there any prepayment charges on Indian Overseas Bank personal loan?

    You can take personal loan from Indian Overseas Bank with Nil prepayment charges.

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

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
IOB Personal Loan News - Jan 2017
27th Jun 16 Indian Overseas Bank Posts Rs 939 Crore Loss for March Quarter
Indian Overseas Bank reported a net loss of Rs 936.19 crore for the quarter ended March due to a sharp spike in bad loans, compared to a net profit of Rs 35.50 crore during the March quarter of 2014-15.. On an annual basis, Indian Overseas Bank reported an overall loss of Rs 2,897.33 crore in the during FY16 compared to a profit of Rs 454.33 crore during FY15
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