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    Indian Overseas Bank Car Loan EMI Calculator

    Indian Overseas Bank (IOB) is one of India's top private banks with over 3,300 branches spread across the country and 6 branches operating overseas. The bank offers a pocket-friendly car loan scheme to its large customer base. The interest rates offered by Indian Overseas Bank are susceptible to market rates. If you are opting for a car loan from Indian Overseas Bank, calculate your EMIs on car loan and have an accurate estimate of the total amount you will spend on your car by using the IOB car EMI calculator.

    How to use BankBazaar’s Indian Overseas Bank Car Loan EMI Calculator to understand your car loan repayment

    The EMI Calculator that is available on the main website of BankBazaar can be used to calculate the EMI which an individual has to pay to clear a car loan which was taken from Indian Overseas Bank. An EMI Calculator is simple to use and understand which makes it a user-friendly tool. When an individual uses the Indian Overseas Bank Car Loan EMI Calculator, they get a detailed analysis of the EMI that has to be paid along with an amortization table. This table or graph makes it visually appealing to help the user understand the loan repayment procedure and its timetable.

    Calculate your Car Loan EMI

    IOB Car Loan EMI Calculator – How does it work?

    When an individual uses the EMI Calculator available on the BankBazaar website, a few details will be have to be entered into the tool. This helps to accurately calculate the EMIs which he/she will have to pay towards the repayment of their loan:

    • An individual can choose the loan amount which they require by using the cursor to select the loan amount that they are looking for
    • The user will also have to provide the interest rates which are offered by Indian Overseas Bank
    • The user will have to drag the pointer that is available under the “Loan Tenure” tab to select the repayment period of the loan amount
    • A user will also have to enter particular details like the processing fees levied on the car loan by the bank
    • A loan applicant may or may not choose to make a prepayment towards their loan. The website provides two options which comes under the “Prepayment” tab:
    • If you select the option "Yes", you will have to be provide the following details to ensure that you get the most accurate answer pertaining to your EMI option:
      • How the prepayment applies
    • Prepayment fee
    • Prepayment frequency
    • Prepayment amount
    • If do not plan on making any prepayment towards your car loan, you can select the "No" option by clicking the "Calculate" button. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.

    After this, you have to select the "Calculate" button which provides a detailed breakup of the total loan amount which is payable. Details of your loan amount along with the amortization table will be provided on this webpage.

    Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Indian Overseas Bank Car Loan EMI Calculator. Let us consider the interest rate currently offered by Indian Overseas Bank as 9.15% (floating) and a non-refundable processing fee as 2% of the total loan amount. The example below assumes that no prepayments are made towards the loan.

    Loan amount (Rs.) Processing Fee (Rs.) Interest rate (Mean) EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 Lakh 2% 9.15% 45,754 31,870 24,956 20,831 18,100 16,165
    15 Lakh 2% 9.15% 68,630 47,804 37,434 31,247 27,150 24,248
    20 Lakh 2% 9.15% 91,507 63,739 49,913 41,662 36,200 32,331
    25 Lakh 2% 9.15% 1,14,384 79,674 62,391 52,078 45,250 40,413
    30 Lakh 2% 9.15% 1,37,261 95,609 74,869 62,494 54,300 48,496
    35 Lakh 2% 9.15% 1,60,138 1,11,544 87,347 72,909 63,350 56,579
    40 Lakh 2% 9.15% 1,83,014 1,27,478 99,825 83,325 72,400 64,661

    Features and Benefits of Indian Overseas Bank Car Loan EMI Calculator

    The Indian Overseas Bank Car Loan EMI Calculator performs complicated calculations in a matter of seconds and this is the primary reason why this tool is so helpful. Some of the key features include:

    • You can use this tool at no extra charge
    • You can use the tool to calculate the EMI which you will have to repay during the loan repayment tenure even after considering any prepayments which you will make
    • The Indian Overseas Bank Car Loan EMI Calculator which is available on the BankBazaar website is easy to understand as it displays the breakup of the amortization schedule and the amount payable in an attractive graphical format
    • You can use the tool a number of times until you find a suitable loan amount with an affordable EMI option
    • The customer support team is very quick to respond to any queries or problems that you might face when using the Indian Overseas Bank Car Loan EMI Calculator which is available on the BankBazaar website

    Indian Overseas Bank Car Loan EMI Calculator FAQs

    1. Where can I find the Indian Overseas Bank EMI Calculator?
    2. You can find the Indian Overseas Bank EMI Calculator on the “Financial Tools” tab on the official website of BankBazaar.

    3. Will I get charged for using the Indian Overseas Bank EMI Calculator?
    4. No. The Indian Overseas Bank EMI Calculator available on the BankBazaar website is free of charge and you can use it any number of times until you find an affordable loan.

    5. What is the formula employed for calculating car loan EMI?
    6. EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

      Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.

      This formula does not take into account the prepayments that you make towards the loan.

    7. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
    8. Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when prepayments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Indian Overseas Bank Car Loan EMI Calculator for the same.

    9. What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
    10. A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.

    Car Loan Reviews

    • IOB Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Indian overseas bank, the loan amount they have given me was sufficient, they have charged nominal rate of interest they have charged me up to 9 % which was nominal and there is zero processing fee , so far there service is have experience was good, they have not taken any hidden charges ,there overall service is good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 08, 2019
    • IOB Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with Indian Overseas bank, the loan amount was sufficient and the rate of interest was less when compared to other banks. It is a new car and they gave loan amount on the on-road price. Tenure period for this loan is 10 years and the customer service was good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 03, 2019
    • IOB Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very good and they had made the process simple and easy. The loan amount which they had provided had been good and the interest rate with them also had been normal compared with the market rate. There has not been any hassles faced with any of the banking services offered by them.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 07, 2018
    • IOB Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car loan with Indian Over seas bank, the loan amount is three lakhs,the rate of interest is nominal as compared to others. The tenure is five years i have recently closed my EMI. I was paying it through online, I have no additional charges charged on my account till date.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 06, 2018
    • IOB Car Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      My car loan was taken with IOB month back. I have taken 5 lakhs and the interest rate was 8.85% which was average in the market. The pre closer is after 1 year . The loan process was very easy and they have just taken 1 day for the whole process. My overall experience was excellent .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 14, 2017
    • IOB Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The INDIAN OVERSEAS BANK has approved and disbursed my car loan amount within a week time. The customer service is good with IOB. This loan has the tenure of 5year. The fore closure option is available . The rate of interest is nominal with IOB.
      Was this review helpful? 0
      , panchkula
      Reviewed on Sep 28, 2017
    • IOB Car Loan
      "Car loan "
      0.5 5.0/5 "Blown Away!"
      No documentation required, everything was done by IOB and all i had to do was just sign the car loan form and the rest was taken care by them. I had chosen this bank for the car loan because of the lower interest rate. The car dealer had a tie up this Bank and that is why it was too smooth. Prepayment options are there after 3 months .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 23, 2017
    • IOB Car Loan
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      I am happy with Indian overseas bank in terms of the car loan. Because my loan got approved and disbursed from IOB on time. They approved my loan in few days. The interest rate was 9%. I had taken the loan for personal purpose so the interest rate is very nominal for that loan amount I have applied for 5.5 lakhs and there was minimal processing fee charged aslo
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 09, 2017
    • IOB Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The interest rate was low when compared with other banks. The loan amount was high when compared with other banks. The manager was very helpful in regards to my car loan disbursement and the personal assistance was given by IOB bank manager in regards to my car loan disbursement.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 05, 2017
    • IOB Car Loan
      "Happy Service"
      0.5 5.0/5 "Blown Away!"
      I am happy with Indian overseas bank in terms of the car loan. Because my loan got approved and disbursed from IOB on time. They approved my loan in few days. The interest rate was 10.25%. I had taken the loan for commercial purpose so the interest rate is very nominal for the commercial purpose vehicle.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jun 10, 2017
    • IOB Car Loan
      "Good job done"
      0.5 4.0/5 "Great!"
      I am an existing customer of IOB bank, So I taken car loan from the same bank. It was really good there was no hidden charges with the interest rate of 10% it was nominal. Earlier I had submitted my documents they taken only one day to complete the process. I had submitted the quotation from dealer to the bank, Then IOB had realized the DD to the car dealer.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Dec 09, 2016
    • IOB Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I moved forward to take a car loan from the Indian Overseas bank where I hold my salary account. They asked for only few major documents and their officials verified and moved my documents fast. My branch manager is so good and helped me out well.
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 25, 2016
    • IOB Car Loan
      "Satisfactory..."
      0.5 5.0/5 "Blown Away!"
      Indian overseas bank offered me a car loan. They are explained me every thing. Their loan process was good and I got my loan within a day. Loan amount was offered by them was 7.90lkhs for that they offered good rate of interest rate and processing charges also fine.
      Was this review helpful? 0
      , raipur
      Reviewed on Feb 05, 2016
    • IOB Car Loan
      "Lesser rates applied "
      0.5 4.0/5 "Great!"
      It was good experience with indian overseas bank when I applied for a car loan.They are processing the loan in a days time.They are processing the loan through the dealer itself.I dont faced any complication on the loan process.The rates applied was quite lesser.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 07, 2016
    • IOB Car Loan
      "Good In Their Processing"
      0.5 3.0/5 "Satisfactory"
      I have taken my Car Loan from INDIAN OVERSEAS BANK. Their customer service is good, the interest rate which they offered is high but since they have given my required loan amount I have taken this from them. They have charged me rupees 7000 as an processing and stamp registration fees.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 31, 2015
    • IOB Car Loan
      "Nil processing fee and nil pre closure charge!!!"
      0.5 4.5/5 "Excellent!"
      Rate of interest is 10.75% but there are no processing and pre closure charge for car loan. Interest rate is floating rate so nil charges. Pre closure can be done post six months. They processed the loan as earlier. Indian Overseas bank as being nationalized bank they wonâ??t entertain their customers through telephone whereas they would give very good service if customer visits the branch directly. Overall, experience was good with the bank.
      Was this review helpful? 6
      , mysore
      Reviewed on Jan 19, 2015
    • IOB Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was very easy to apply my car loan with Indian overseas bank since I am an existing customer for my salary account. Interest rates was quite less compared with other banks. This was my first experience to explore . I am very much happy about the services
      Was this review helpful? 3
      , faridabad
      Reviewed on Sep 15, 2014
    • IOB Car Loan
      "Great experience"
      0.5 3.5/5 "Pretty good"
      When I approached IOB branch I was satisfied with the rate of interest offered by them. Moreover my salary account is with them for the past 10 years. They listed the documents needed. I made it ready and submitted the required documents to the manager of the bank. I am really impressed that the loan was sanctioned within a day. I had a friend working in IOB who made the process much easier and faster. Processing fees & charges are very nominal.
      Was this review helpful? 4
      , hosur
      Reviewed on Aug 05, 2014
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