IOB Bank Personal Loan
Indian Overseas Bank offers you a variety of personal loan options starting from 10.85% per annum with amounts up to 15 lakh and a repayment tenure of up to 7 years. Personal loans do not require collateral and can be availed without a guarantor. However, this does attract higher interest rates as compared to other loans available in the market.
Features of Indian Overseas Bank Personal Loan
Indian Overseas Bank (IOB) offers personal loans with several attractive features tailored specially for you. Here are some key advantages:
Competitive interest rates
The interest rates on personal loans offered by IOB are competitive with other banks. This can help you compare and ultimately save money on EMIs.
Flexible repayment options
IOB offers flexible repayment options for their personal loans. This will allow you to choose a repayment schedule that best suits their financial circumstances and goals.
Quick disbursal
IOB offers efficient loan processing for your personal loan application. You can enjoy quick loan disbursement and get access to the funds instantly.
Minimal documentation
The personal loan application process requires minimal documentation. This can save you time and effort, making the application process less cumbersome.
Online application
For added convenience, you can enjoy an online application process for personal loans. With this, you can apply for a personal loan from the comfort of your home, saving you time and trips to the bank.
Indian Overseas Bank Personal Loan Details
| Interest Rate | Floating Rates- 10.85% – 13.00% p.a. Fixed Rates- 14.00% p.a. |
| Loan Amount | Up to ₹15 lakh |
| Tenure | Up to 7 years |
| Processing Fees | Up to 0.75% |
| Minimum Gross Income | ₹75,000 |
Source: Paisabazaar
Indian Overseas Bank Personal Loan Fees & Charges
As a part of your personal loan application, the bank charges certain fees and charges which you are required to pay.
IOB personal loan
| Loan Amount | Processing Charges |
|---|---|
| Up to ₹5 lakh | 0.40% |
| Above ₹5 lakh | 0.50% |
Clean loan, IOB Royal
| Loan Amount | Processing Charges |
|---|---|
| Up to ₹5 lakh | 0.50% |
| Above ₹5 lakh | 0.75% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Indian Overseas Bank Personal Loan Interest Rates
IOB personal loan floating interest rates
Personal loan category A
| Credit Score | Interest Rate (p.a.) |
|---|---|
| 775 and above | 10.85% |
| 700 and above but less than 775 | 11.35% |
| 600 and above but less than 700 or -1 and/or No credit history | 11.85% |
Personal loan category B
| Credit Score | Interest Rate (p.a.) |
|---|---|
| 775 and above | 11.35% |
| 700 and above but less than 775 | 11.85% |
| 600 and above but less than 700 or -1 and/or No credit history | 12.35% |
Personal loan category C
| Credit Score | Interest Rate (p.a.) |
|---|---|
| 775 and above | 11.85% |
| 700 and above but less than 775 | 12.35% |
| 600 and above but less than 700 or -1 and/or No credit history | 12.85% |
IOB Personal Loan to HNIs
| Loan Tenure | Maximum Quantum | Interest Rate (p.a.) |
|---|---|---|
| Less than 4 years | Up to ₹15 lakh | 12.50% |
| Above 4 years | Up to ₹15 lakh | 13.00% |
IOB Personal Loan Top-up
| Loan Amount | Credit Score | Interest Rate (p.a.) |
|---|---|---|
| ₹7.5 lakh | 775 and above | 12.50% |
| ₹7.5 lakh | 700 and above but less than 775 | 13.00% |
IOB Personal Loan Fixed Interest Rates
| Scheme | Interest Rate (p.a.) |
|---|---|
| Personal Loan | 14.00% |
| Personal Loan Top-up | 14.00% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Indian Overseas Bank Personal Loan Eligibility
In order to be eligible for a personal loan from Indian Overseas Bank, you must meet the following criteria:
Age:
Applicants must be at least 25 years old.
Income:
Applicants must have a minimum gross income of ₹75,000.
Occupation:
Applicants must be permanent employees in any of the following categories:
Public Sector Undertakings (PSUs)
Reputed private companies, firms, or enterprises
Government agencies
LIC agents
Indian Overseas Bank Personal Loan Document Required
Your documents play an important role in your personal loan application process.
Application form
Duly filled application form with passport-sized photographs
Identity proof
One of the following:
Passport
PAN Card
Voter Identity Card
Driving License
Aadhar Card
Address proof
One of the following:
Ration Card
Bank Account Statement
Passport
Driving License
Electricity Bill
Telephone Bill
Sale Deed/Property purchase agreement (for owned properties)
Aadhar Card
Income proof
The specific documents required for income proof may vary depending on the loan scheme and applicant type. Possible options include:
Bank Account Statement
Salary Slips
Income Tax Returns (ITR)
Form 16
Additional documents
Any other documents that may be required by the bank.
Please note that these are general requirements, and the specific documents needed may vary depending on individual circumstances. It is always advisable to contact IOB directly or visit their website for the most accurate and up-to-date information.
Indian Overseas Bank Personal Loan EMI Calculator
The Indian Overseas Bank (IOB) Personal Loan EMI Calculator is an online tool that allows you to estimate your monthly loan repayments. The EMI calculator works on factors including your loan amount, interest rate, and repayment tenure, you can get a precise breakdown of your potential monthly EMIs. This helps you make informed financial decisions and assess if the loan aligns with your budget.
Indian Overseas Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Indian Overseas Bank Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
Bank of Maharashtra | 10% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Source: Paisabazaar; rates as of 21 October 2024