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IOB Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Indian Overseas Bank

Last Updated 17th Nov 2021

  • Indian Overseas Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Indian Overseas Bank.
  • Avail top up from Indian Overseas Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Indian Overseas Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Indian Overseas Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 11.50% Check Best Offers
Processing Fee Rs. 204 Per Lakh
Lowest EMI per lakh ₹ 2,199
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Indian Overseas Bank Personal Loan Balance Transfer

Indian Overseas Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Indian Overseas Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Indian Overseas Bank balance transfer ranges from 11.50% to 15.25%, while the repayment tenure ranges between 12 Months to 60 Months.

Indian Overseas Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Indian Overseas Bank keeping in mind the interest rate of the current Bank and Indian Overseas Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Indian Overseas Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Indian Overseas Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Indian Overseas Bank

The benefits of transferring the Personal loan to Indian Overseas Bank are as follow:

  • Indian Overseas Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Indian Overseas Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Indian Overseas Bank and avail better facilities.
  • Indian Overseas Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Indian Overseas Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Indian Overseas Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Indian Overseas Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Indian Overseas Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Indian Overseas Bank?

Steps for the balance transfer to Indian Overseas Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Indian Overseas Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Indian Overseas Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Indian Overseas Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Indian Overseas Bank personal loan balance?

You can check your personal loan balance of Indian Overseas Bank in below-mentioned ways: (i) By visiting the Indian Overseas Bank branch. (ii) By calling the customer care of the Indian Overseas Bank. (iii) By logging on to the Indian Overseas Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Indian Overseas Bank loan application?

You can check the status of your Indian Overseas Bank loan application in two ways. (i) Net banking: You are required to login into Indian Overseas Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Indian Overseas Bank: You can also visit the Indian Overseas Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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IOB Personal Loan News - Dec 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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