Multiple banks. Different interest rates. Call it a "conflict of interest".
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    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 25 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    About Indian Overseas Bank Personal Loan

    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.

    IOB Personal Loan Interest Rates 2017

    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%

    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 (in rupees) Interest paid (in rupees) Balance amount (in rupees)
    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.
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  • IOB Personal Loan Interest Rates Reviews

    • 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? 0
      , chennai
      Reviewed on May 29, 2017
    • IOB Personal Loan
      "Satisfactory Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from Indian Overseas bank. It happened quite long back. They voluntarily provided me a personal loan as I bank with them for more than fifteen years. I do not remember about the rate of interest but they processed the loan very fast and disbursed it in the given time.
      Was this review helpful? 1
      , vellore
      Reviewed on May 08, 2017
    • IOB Personal Loan
      "Tedious process"
      0.5 2.0/5 "Expected more"
      I had taken a personal loan from IOB and the process was very tedious. I had to take four days leave from my work for the verification and other procedures. The only good thing is the interest rate and processing charges was normal when compared to the private banks.
      Was this review helpful? 0
      , pondicherry
      Reviewed on Apr 26, 2017
    • IOB Personal Loan
      "Simply superb"
      0.5 4.0/5 "Great!"
      IOB Personal loan process is simply superb Its very good based on my company they had offered this loan. They had got all my transaction details based on which they had offered this loan. Interest rate is good and processing fee charged by them was rs 1000
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 12, 2017
    • IOB Personal Loan
      "Very good and satisfied"
      0.5 4.0/5 "Great!"
      Indian Overseas Bank was good in interest rate, Earlier I was taken personal loan with them. Being an existing customer so they charged very low interest rate and no processing fee. I am really satisfied with the service. IOB worked fast and helped to getting my disbursement on 3 days, First day they collected the loan application form, second day they asked working surety and on third day they disbursed.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 03, 2016
    • IOB Personal Loan
      "Fast process "
      0.5 5.0/5 "Blown Away!"
      The service provided was really good with Indian overseas bank related to the personal loan application.They are taking 2-3days of time for the loan process.The easy documents verification and processing fee is also less which is good.They give on-time service to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on May 03, 2016
    • IOB Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have got the key loan with the Indian overseas bank and the interest rate was around 13.5%, also I can say its the kind of personal loan. The loan amount got disbursed to my account within two days of time. Customer service is okay with them and there are no issues with them as such.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 29, 2016
    • IOB Personal Loan
      "Good and fast process "
      0.5 4.0/5 "Great!"
      Through online i completed the process of the personal loan with IOB bank . I just filled the form and hand over it to the branch manger.Within 3-4 days the loan was processed. Interest rate charged was 13% .As i provided all the documents so there was no much verification.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 04, 2016
    • IOB Personal Loan
      "Fine.."
      0.5 2.0/5 "Expected more"
      Last 4 years personal loan from Indian overseas bank. That was closed and I have received NOC letter also. Their process was quiet slow and huge formalities also. Loan amount offered by them was 2lakhs. Charges were good. But the thing is, service and fine if they respond properly.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 18, 2015
    • IOB Personal Loan
      "Very quick Procesing!"
      0.5 4.0/5 "Great!"
      Indian Overseas Bank took only 1.5 days to disburse my loan amount. They collected KYC details of mine along with the guarantorâ??s KYC details. They are quick in disbursing the personal loan amount. I would suggest them to advertise more to attract more customers.
      Was this review helpful? 4
      , kolkata
      Reviewed on Nov 24, 2015
    • IOB Personal Loan
      "Its fine"
      0.5 3.0/5 "Satisfactory"
      I am an account holder of IOB, its much better than other bank. Response was quick they have offered the loan within a weeks time . Documentation process was smooth. I am very much satisfied with the interest offered by IOB. Customer care is not up to the mark and it has to change.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 24, 2015
    • IOB Personal Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      This loan I have taken through the company from Indian Overseas Bank.They have taken around 5-7days to process the application.They have not applied any preclosure charges in the loan.The interest applied was same like other banks based on the personal loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 11, 2015
    • IOB Personal Loan
      "Nil processing charge for me..."
      0.5 5.0/5 "Blown Away!"
      My requirement was just one lakh so IOB has processed the loan immediately. Interest rate was very less for the personal loan. As we calculate for 24 months I just need to pay 16k extra. Overall per month the interest will be like 0.8%. IOB is helping middle class families. For me the processing charge was nil and now Indian Overseas Bank is charging something but that is less.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 23, 2015
    • IOB Personal Loan
      "Quick Processing!"
      0.5 5.0/5 "Blown Away!"
      The processing time was quick with Indian Overseas Bank, when I applied for personal loan with them. The interest rate is 9% and they disbursed the loan amount within a day. Partpayment options are flexible with them. Since I hold a savings account with them, it was very easy to take the loan with them.
      Was this review helpful? 6
      , cuddalore
      Reviewed on Sep 18, 2015
    • IOB Personal Loan
      "Comparatively best..."
      0.5 5.0/5 "Blown Away!"
      Comparatively the rate 11% is very less for the personal loan and I got it from Indian Overseas bank. They never hide anything regarding the loan as they were accurate. Amount was sanctioned before the committed time as I was told for 5 days but got it in 3 days. In comparison to private banks, Indian Overseas bank is very good because they are sanctioning the loan.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Sep 09, 2015
    • IOB Personal Loan
      "Wondeful"
      0.5 4.0/5 "Great!"
      I got the personal loan with the Indian Overseas bank with the rate of interest as 13%. The processing charges are also less with them. Services are also good with them. I need to pay the EMI for 36 months.Within a week of time I got the loan to be disbursed in to my account. Documentation is also nominal with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 02, 2015
    • IOB Personal Loan
      "Easy to get loan only for the employee"
      0.5 4.5/5 "Excellent!"
      I took a personal loan from IOB bank i got the salaried account with the bank. I have taken the loans with the bank many times as it is very easy to get with very less documents of just pay slip and id proof. All the other formalities is completed by the company and the loan s disbursed within 1 week. The interest rate offered is 14% without any processing fee only they use to charge extra amount for the pre closure of the loan.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 03, 2015
    • IOB Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am holding a IOB Personal loan the process is neither good nor bad. It is a government bank and it is very much secured. I have been holding this account for the past 15 years, they are offering loan based on my account.it is a pre approved loan and the loan process is very slow.
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 18, 2015
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