4,80,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

IOB Personal Loan Interest Rate

Current Indian Overseas Bank Personal Loan Interest Rate

Last Updated 15th Jun 2021

Interest Rate 10.80% - 10.80%
Tenure Upto 60 months
Processing Fee Rs. 204 Per Lakh
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Minimum Income ₹ 20,000
Eligible Age 21 to 58 years
Part Prepayment Charges Allowed after paying 1 EMIs with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from, Nil prepayment charges of the outstanding loan amount.
  • Today’s Indian Overseas Bank personal loan interest rate starts at 10.80%.
  • Indian Overseas Bank offers the lowest personal loan rate of 10.80% to borrowers who are existing customers of the bank or are working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Indian Overseas Bank Personal Loan Rates and Charges

  • Indian Overseas Bank offers personal loans to salaried individuals at a minimum rate of 10.80%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Indian Overseas Bank personal loan rates and charges. As listed below:
Indian Overseas Bank Personal Loan Rates and Charges
Interest Rate 10.80% to 10.80%
Part Prepayment Charges Allowed after paying 1 with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees Rs. 204 Per Lakh

Interest rates on Indian Overseas Bank Personal Loans Schemes

As on today, Indian Overseas BankPersonal loan interest rates are in the range of 10.80% to 10.80%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Indian Overseas Bank personal loan remains unchanged at 10.80% as on 07 Jun, 2021. The last revision on Indian Overseas Bank Personal Loan was announced on 07 Jun, 2021 when the rate was 10.80%. Indian Overseas Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Indian Overseas Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Indian Overseas Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Indian Overseas Bank HDFC Bank SBI
Rate of Interest Starting from 10.80% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee Rs. 204 Per Lakh Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 15 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 1 EMI's, Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Indian Overseas Bank Personal Loan Balance Transfer Interest Rates

Indian Overseas Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Indian Overseas Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Indian Overseas Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Indian Overseas Bank Personal Loan?

You can get the lowest Indian Overseas Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Indian Overseas Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Indian Overseas Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Indian Overseas Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Indian Overseas Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Indian Overseas Bank personal Loan interest rate?

Today, the lowest interest rate on Indian Overseas Bank Personal Loan is 10.80%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Indian Overseas Bank personal loan?

You can reduce the interest to be paid on Indian Overseas Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Indian Overseas Bank provides discounted personal loan offers

Is Indian Overseas Bank personal a floating rate loan or fixed-rate loan?

Indian Overseas Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Indian Overseas Bank personal loan rate drop in 2021?

Presently, Indian Overseas Bank offers personal loans at an interest rate starting at 10.80%. There has been no change in personal loan rates of Indian Overseas Bank for a long time and continue to stand at 10.80%.

How do I check my eligibility to get a personal loan at a low rate from Indian Overseas Bank?

The lowest rate on Indian Overseas Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Indian Overseas Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Indian Overseas Bank?

The lowest personal rate offered by Indian Overseas Bank on a personal loan is 10.80%.

What is the interest rate 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.

Can I ask for a reduction in the Indian Overseas Bank personal loan interest rate?

You can ask for a reduction in your Indian Overseas Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Indian Overseas Bank?

No, there is no need for any collateral or security while availing a personal loan from Indian Overseas Bank. Indian Overseas Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Indian Overseas Bank early?

If you want to prepay your entire personal loan from Indian Overseas Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Indian Overseas Bank personal loan scheme availed by you, before making any decision.

How does Indian Overseas Bank calculate the interest on a personal loan?

The interest for Indian Overseas Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Indian Overseas Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Indian Overseas Bank personal loan interest calculation.
  • Reducing rate method:  As per the Indian Overseas Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 7.05%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 9.75%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
IOB Personal Loan News - Jun 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
Loader
Please wait while your information is being processed...