IOB Personal Loan Interest Rate

Indian Overseas Bank Personal Loan Interest Rates Feb 2017

Last Updated 25th Feb 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 @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 

I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry

Factors affecting IOB Personal Loan Interest Rates

IOB Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - IOB Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, Indian Overseas Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IOB has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - Indian Overseas Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.
IOB Personal Loan
IOB Personal Loan Interest Rates
MyLoanCare IOB Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However IOB offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. IOB interest rate varies with your net monthly income.
Employer Category - Indian Overseas Bank classifies various organisations into different categories. IOB rates varies based on the company your work for.
IOB Personal Loan Eligibility
Eligibility of personal loan in IOB 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.
  • 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 month must be with your current company. 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
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
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 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. -97,880 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 charges 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 Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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 - Feb 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
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.