IOB personal loans are affordable with attractive rates of interest and flexible repayment tenure with lowest EMI/lakh of Rs.2,212.
The interest rate on the Indian Overseas Bank personal loan is currently 11.75% p.a. You can check the EMI you will have to pay based on the loan amount, repayment tenure, and rate of interest by using the Personal Loan EMI Calculator available on the BankBazaar’s website.
Example – Consider that you have taken a personal loan of Rs.3 lakh from Indian Overseas Bank at an effective interest rate of 11.75% p.a. If the processing fee on your loan is 0.40%, the repayment details for different tenures are as follows:
|Rs.3 lakh @11.75% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||14,087||9,929||6,635|
|Total Interest Payable (Rs.)||38,089||57,426||98,130|
|Processing Fee (Rs.)||1,200||1,200||1,200|
|Total Amount Payable (Rs.)||3,39,289||3,58,626||3,99,330|
Before using this tool, basic information pertaining to the financials of the loan such as the proposed loan amount, tenure (in years & months), applicable interest rate and the processing fee component (in percentage) should be available.
After obtaining these details, follow 4 Easy steps below to get the IOB Personal Loan EMI amount and repayment table.
In less than a second, you have the EMI amount displayed on the screen followed by charts and graphs providing a detailed breakup of the charges involved in the loan along with the repayment table for reference.
Provides the EMI Value
The most basic function of this tool is to offer the exact installment amount you will be paying into your IOB Personal Loan each month. It not only helps in planning your monthly budget, but also to choose the loan terms such as the tenure and negotiate the rate with the bank.
This table offers a detailed breakup of the monthly installment payable and contains the principal and interest rate components until the end of repayment schedule. The information obtained from this table can also help in making key decisions such as pre-closure of an existing loan.
Breakup of finance charges
The breakup obtained from the pie chart will tell you how much interest charges you will be paying overall. On the basis of this information, you can go ahead and negotiate the rates with the bank to get them reduced.
The calculations are done on the basis of reducing balance principal and is nearly accurate. There can be minor differences depending on the method employed by the bank.
Please refer to the loan terms and use the calculator by providing the required details. The repayment table will give you a clearer picture of the financials. Depending on the number of instalments you’ve paid, you can check, compare the incidence of interest charges on the balance outstanding and decide accordingly.
Yes, this tool comes handy for calculating the EMI for loan deals from other banks as well.
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