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Indian Overseas Bank Personal Loan Closure

Indian Overseas Bank Foreclosure Charges

Last Updated 07th Jun 2021

  • Indian Overseas Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Indian Overseas Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Indian Overseas Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges
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Indian Overseas Bank Personal Loan Pre-Closure

Foreclosure of Indian Overseas Bank personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Indian Overseas Bank allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of Indian Overseas Bank personal loan pre closure are as follow:

  • Visit the Indian Overseas Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Indian Overseas Bank.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Indian Overseas Bank Personal Loan Part-Payment

Apart from foreclosing of Indian Overseas Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Indian Overseas Bank allows part payment after 1 Month at

Fee and Charges of Indian Overseas Bank Personal Loan Closure

Fees and charges associated with personal loan closure for Indian Overseas Bank Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges

Indian Overseas Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Indian Overseas Bank Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Indian Overseas Bank Personal loan are as follow:

  • Pay the last instalment of the Indian Overseas Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Indian Overseas Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Indian Overseas Bank Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Indian Overseas Bank Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Indian Overseas Bank.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Indian Overseas Bank allows part payment of personal loan after 1 Month at .

Can we close personal loans online for Indian Overseas Bank?

No, you cannot close the personal loans online for Indian Overseas Bank. Individuals are required to visit the Indian Overseas Bank Branch to close the personal loan.Below are the steps to close the Indian Overseas Bank personal loan:

  • Visit the nearest Indian Overseas Bank branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Indian Overseas Bank will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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IOB Personal Loan News - Jun 2021
  • 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.
  • 2019-09-18 : Indian Overseas Bank links its MSME and retail loans to repo rate
    With effect from October 1, 2019, Indian Overseas Bank is set to link its business and retail loans like housing and personal loans to the repo rate. The repo linked lending rate will enable convenient and affordable loans for borrowers. The repo rate will affect the floating interest rate on these loans.
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