Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Indian Overseas Bank (IOB) Personal Loan Interest Rates

    Indian Overseas Bank offers personal loans at great rates. The interest rate as of 2018 for salaried employees ranges between 12.70% and 15.25% p.a. The interest rate for self-employed applicants ranges from 12.70% to 15.25% p.a.

    We found 1 Indian Overseas Bank (IOB) Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.55% Floating
    1.01% to 1.10% One time fee
    1L - 15L
    1-5 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Indian Overseas Bank (IOB) Personal Loan Interest Rates is Rated as "Excellent!" by 42 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN
    IOB Personal Loan Interest Rates 2018
    Particulars Salaried Self-Employed
    Interest rate 12.70% to 15.25% p.a. 12.70% to 15.25% p.a.
    Loan Amount (Min-Max) Rs.50,000 to Rs.15 lakhs Rs.50,000 to Rs.15 lakhs
    Loan Tenure 1 to 5 years 1 to 5 years
    Lowest EMI Rs.2,260 per Rs.1 lakh (calculated at lowest interest rate and maximum loan tenure). Rs.2,260 per Rs.1 lakh (calculated at lowest interest rate and maximum loan tenure).
    Processing Fee Rs.204 per Rs.1 lakh loan amount Rs.204 per Rs.1 lakh loan amount
    Age 21 to 58 years 21 to 58 years
    Prepayment Charges Nil (no prepayment prior to 12 EMIs) Nil (no prepayment prior to 12 EMIs)
    Pre-Closure Charges 2.23% 2.23%

    Indian Overseas Bank offers two types of personal loans, Clean Loan and Consumption loans- Sahayika. Clean loan is given to government employees, public sector undertaking employees, private firm employees and LIC agents to meet their social or financial commitment. Consumption loans- Sahayika is given to confirmed permanent employees of a reputed organisation, to a professional, self-employed and businessman. Borrower must submit a security or have a third party personal guarantor.

    Indian Overseas Bank Personal Loan interest rates

    Indian Overseas Bank personal loan interest rates depends the borrower’s on income, borrower’s credit history, the RBI rates, inflation etc. Indian Overseas Bank personal loan interest rate for the year 2015 varies from 13.65 percent to 14.90 percent. The interest rates is offered to a borrower in such a way that he is not burdened with the EMI payment.

    How to calculate interest or EMI on Indian Overseas Bank Personal Loan?

    EMI or Equated Monthly Instalment is the amount that the borrower has to pay to the bank each month towards the interest and the principal loan amount. The principal amount and interest is divided by the tenure in which the loan has to be repaid. The formula to calculate the EMI is:

    EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]

    BankBazaar.com makes the EMI calculation easy by providing free online EMI Calculator. It also gives you the amortization table that will contain details of how much of the EMI amount is going towards the principal amount payment and how much of it covers the interest amount.

    For example, Mr. Jack has taken a personal loan for Rs.1 lakh from Indian Overseas Bank. The interest rate he is being offered is 13.65 percent for a tenure of 5 years. By the end of the fifth year, he would have paid Rs.38,523 towards total interest and his loan EMI is Rs.2,309. He will be paying 27.8 percent towards the interest and 72.2 percent towards the principal loan amount. His amortization table will look as follows:

    Year Principal paid (Rs.) Interest paid (Rs.) Balance amount (Rs.)
    Year 1 14,968 12,736 85,032
    Year 2 17,144 10,561 67,888
    Year 3 19,636 8,068 48,251
    Year 4 22,491 5,214 25,760
    Year 5 25,760 1,944 0

    Factors affecting Indian Overseas Bank Personal Loan interest rates

    Indian Overseas Bank personal loan interest rate varies for every applicant due to various factors. Some major factors affecting the interest rates are as follows:

    • Loan tenure:

      If the loan tenure is shorter, the interest rate is higher compared to loans with a longer tenure.

    • Repayment capacity:

      Indian Overseas Bank checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. The bank will make sure that the EMI amount will not exceed 40 percent of the borrower’s income. The bank also looks into his income, his assets and his creditworthiness before finalising on an interest rate. The applicant’s CIBIL report is checked before the bank finalises on giving the loan and before deciding the interest rate that is to be offered to him.

    • Borrowing class:

      Young applicant’s will not be so stable at their job and would be shifting jobs till they find one that works best for them. Banks usually stay away from people who do not have a constant flow of income. Indian Overseas Bank offers personal loan to government employees, public sector undertaking employees, private firm employees, LIC agents, confirmed permanent employees of a reputed organisation, professional, self-employed and businessman.

    • Relationship with the bank:

      Indian Overseas Bank offers special offers, interest rates and charges to those who have been having a long term relationship with the bank. You may even get a discount on the processing charges or might get a reduced interest rate. The bank also gives special interest rates to the women borrower’s as well.

    The interest rates and processing charges are charged at the sole discretion of the bank and are subject to change.

    How CIBIL score affects Indian Overseas Bank Personal Loan interest rates?

    CIBIL Score and credit report plays a major role in deciding an applicant’s interest rate. CIBIL report consists of your repayment history and shows how efficiently you have made the payments and how responsibly you have handled the credit. Banks usually accept application of individuals having an ideal score of 750 and above. Those with a lower score will be termed risky and the bank might offer personal loan at a higher rate of interest. Check your credit score before applying for a loan so if the score is low, you can fix it and then apply for a fresh loan.

    Key things about Indian Overseas Bank Personal Loan interest rates

    Before applying for Indian Overseas Bank Personal Loan, you must know the following factors:

    • Fixed interest rate is when a fixed interest rate is set on the personal loan and you will be required to pay a fixed amount of interest throughout the tenure.
    • Floating interest rate will change as per the change in the bank’s base lending rate. The EMI will keep changing with the changing rate.
    • To avail Indian Overseas Bank Personal Loan, you must have a guarantor or provide security.
    • When the repo rate goes up, your interest rate will also go up.
    • Indian Overseas Bank offer personal loans to government employees, public sector undertaking employees, private firm employees, LIC agents, confirmed permanent employees of a reputed organisation, professional, self-employed and businessman.

    IOB Personal Loan Interest Rates Reviews

    • IOB Personal Loan
      "Very Quick Response"
      0.5 5.0/5 "Blown Away!"
      I have purchased the home loan with Indian Overseas Bank 1 year bank. I have selected this bank because of the lower interest rate. I have been paying the EMI of 12000 per month. I have selected the tenure period the tenure period for 60 months. I have received the proper response from IOB Services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • IOB Personal 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 high when compared to other banks. Tenure period for this loan is 3 years and the customer service was good.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jan 03, 2019
    • IOB Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience with this personal loan has been good and the loan amount of 2,00,000 has been sufficient. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 20, 2018
    • IOB Personal Loan
      "Need to reduce the interest rate"
      0.5 5.0/5 "Blown Away!"
      Previously i was working with IOB bank and the service was fine. I have taken a personal loan with them. The interest rate was very high which is 15% and there was a processing fee of 2%. I have applied the loan amount of Rs. 3 lakhs. Total tenure period of the loan is 1.5 years
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 19, 2018
    • IOB Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with IOB bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 19, 2018
    • IOB Personal Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have taken a small personal loan in Indian Overseas Bank in July 2018. The process was better and services are good. The rate of interest and charges are very low comparing to other banks. The loan duration is only for 10 months. I have taken 50K.
      Was this review helpful? 2
      , chandigarh
      Reviewed on Nov 29, 2018
    • IOB Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the personal loan from the INDIAN OVERSEAS BANK from last 3 years and it is yet to finish. I am paying my EMI on monthly basis through auto debit. I got the sufficient loan amount also the interest rate is 10.5% which is nominal. The processing fee is good.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 18, 2018
    • IOB Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the personal loan with the INDIAN OVERSEAS BANK around 3 years ago. The customer support service and the response is good with the Indian overseas bank. The rate of interest and the charges are average with the Indian overseas bank personal loan process.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jun 13, 2018
    • IOB Personal Loan
      "high rate of interest"
      0.5 5.0/5 "Blown Away!"
      I had a personal loan in INDIAN OVERSEAS BANK. They processed my Personal loan application and approve and sanctioned with in 48 hours. But rate of interest is quite high which is 14 % by comparing to other banks. The customer service is good and well responsive.
      Was this review helpful? 4
      , chennai
      Reviewed on Feb 02, 2018
    • IOB Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The INDIAN OVERSEAS BANK has approved my personal loan and disbursed my loan amount within 1 week time. The customer support is good with the INDIAN OVERSEAS BANK. They have collected the documents on time and they have disbursed the required loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • IOB Personal Loan
      "Good for personal loan"
      0.5 5.0/5 "Blown Away!"
      With IOB I had taken a personal loan. The rate of interest was 5%. As i am the staff of the particular bank we do have a special interest rates. documentation as like the government norms we have to produce all the documents. In short I would say this bank is good for personal loan.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 06, 2017
    • IOB Personal Loan
      "Good rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Indian Overseas Bank and it was Straight through process with no requirement of any documents as i have an account for the last 20 years. I also had an additional benefit as the rate of interest for my loan was a nominal one.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 24, 2017
    • IOB Personal Loan
      "Nice"
      0.5 3.5/5 "Pretty good"
      I have taken the personal loan with the Indian overseas bank and the customer service is better one, also the interest rate is around 11.4%, which is floating based. I would like to say that the customer service is an average one.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 17, 2017
    • IOB Personal Loan
      "Not too good"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with Indian Overseas bank and i would say that the experience has not been good. The service is not up to the mark and the process was delayed a lot. They do not have a quick response system and i am looking forward to transferring my personal loan to a different bank.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 14, 2017
    • IOB Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have also taken a personal loan from IOB and the process for the document collection and disbursement was completed in one week. The rate of interest and processing charges are normal. There is only eight months more for the loan to complete and it is a smooth process too.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 14, 2017
    • IOB Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The documentation process was good with Indian overseas bank. They have collected the required documents within 2 to 3dayas of time. The customer support is good with Indian overseas bank. The required loan amount has been approved and I am satisfied with it. The rate of interest was 11.99% which is nominal when compared with others.
      Was this review helpful? 0
      , anand
      Reviewed on Nov 06, 2017
    • IOB Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      IOB is better in the customer services. The response is good and there are no hassles in the communication. I have taken a personal loan and there was a good response and the disbursement was also on time. The after loan services was excellent.
      Was this review helpful? 0
      , thanjavur
      Reviewed on Nov 01, 2017
    • IOB Personal Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I am happy with IOB for offering me a personal loan. This is a earlier experience. The customer services and response was excellent as I got the loan within two days. The rate of interest was around 14%. The processing charges were very much normal and overall no hassle faced.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 11, 2017
    • IOB Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      One year back, I had taken personal loan from IOB. They had taken some time to process the loan and disburse it but it is really good. I had requested amount of Rs.3 lakhs they had sanctioned the entire amount. Interest is good ,reasonable and it is as per the market rate.
      Was this review helpful? 0
      , chennai
      Reviewed on May 30, 2017
    • IOB Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      I had taken the personal loan from Indian Overseas Bank about 5 years ago. The loan process was very simple even the interest rate is quite good. I was happy with the bank as they done the entire process in a good way and there were no issues absolutely.
      Was this review helpful? 1
      , chennai
      Reviewed on May 29, 2017
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