Indian Overseas Bank Personal Loan EMI Calculator

Indian Overseas Bank Personal Loan EMI Calculator

Equated Monthly Installments (EMIs) square measure the monthly add of cash that the receiver is required to pay so as to reimburse a loan taken from a bank or non-banking financial organization (NBFC) or maybe a credit union. The Indian Overseas Bank Personal Loan EMI calculator may be a convenient tool to assist you to complete this messed-up analysis in an instant.

So you’ll be able to prefer the easy-to-use and perceive Dialabank personal loan EMI calculator to review your loan EMIs free of any additional charge, rather than going for a bank-specific EMI calculator.

You need to merely confirm a few of key consumer loan boundaries, for example, loan amount, funding price, and place of residence to get the best EMI results. To gain the foremost fitting EMI for yourself, you’ll be able to conjointly attempt completely different variations of those loan criteria.

How does the Indian Overseas Bank Personal Loan EMI Calculator Function?

• Loan Amount: this is applicable to the principal of personal loans granted from the Indian Overseas Bank. a better loan volume typically ends up in a better EMI. For sums as low as Rs. 50,000 and as high as Rs. 15 Lacs, Indian Overseas Bank may be used for obtaining personal loans issued.
• Loan Tenure: The span over that a private loan is paid off is known as loan tenure. For Indian Overseas Bank’s personal loan, the residency without delay varies from 12 to 60 months. much speaking, a lot of restricted residencies prompts higher EMIs, nonetheless, it encourages you to avoid wasting cash on absolutely the premium payout of the loan.
• Premium Rate: Indian Overseas Bank’s personal loan interest rate shifts from 10.2% to 22.50% per annum, a better rate of interest normally converts into higher EMI payouts over the loan tenure.

Indian Overseas Bank Personal Loan EMI Calculator Formula

The formula won’t calculate personal loan EMIs depends on methodology/tactic of interest calculation particularly – the flat rate technique and therefore the reducing balance method allow us to perceive the two ways of EMI calculation within the following section:

• Flat Rate Method: During this method, the EMI stays as before for the duration of the loan beginning. this is mostly the result of the non-public loan interest is charged on the complete loan chief add nonheritable by the candidate. For EMI calculations exploitation this approach, the formula is as follows:

EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months

For instance, Mr M took a loan of Rs. 10 lakh at a flat rate of interest of 15% for a period of 24 months.

Interest for 1st year = 15% p.a., Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh

Interest for 2nd year = Rs. 1.5 lakh

Total payable rate = Rs. 3 lakh

EMI payouts for Mr. M per month = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,167

• Reducing Balance Method: During this strategy, the EMI instalment amount carries on to reduce over the loan tenure. This is because the personal loan interest is charged on the additional loan amount and not on the whole loan amount initially quoted. Therefore, this method helps you to save money on your principal amount by only paying the remaining interest, based on the formula below:

EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where,

P = loan principal;

R = rate of interest per month;

N = loan repayment duration in months.

For example, Mr N took a loan of Rs. 10 lakh at a reducing balance interest rate of 15% p.a for a period of 24 months/2 years.

Monthly interest rate = Annual rate/ 12 = 15/12 = 1.25% every month

EMI payout for Mr. N per month = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,487

Indian Overseas Bank Personal Loan EMI Calculator Method:

Indian Overseas Bank uses the reducing balance method for the EMI calculation of its personal loan. The following table shows the possible Indian Overseas Bank Personal Loan EMI Calculator with various combinations of the loan amount, interest rate, and repayment tenure.

Loan Amount (Rs.)	Interest Rate (p.a.)	Tenure (months)	EMI (Rs./month)
50,000	15%	48	1,392
3 lakh	12%	36	9,964
7 lakh	14%	24	33,609
12 lakh	15%	72	23,374
15 lakh	10.2%	60	32,614

EMI Calculation Methods: Flat Interest Rate vs. Reducing Balance Interest Rate

The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:

How to pay for the Indian Overseas Bank Personal Loan EMI Calculator?

The various modes of payment for the Indian Overseas Bank personal loan EMI calculator are listed below:

• Standing Instruction (SI): This method allows the bank to directly deduct the payable EMI from your Indian Overseas Bank account on due dates. This facility can be availed of by the applicant by simply filling out the NACH e-mandate form. As an alternative, the applicant can fill out Indian Overseas Bank’s standing instruction request form and process it to set up an SI.
• Electronic Clearing Service (ECS): The ECS feature can be used to clear out the monthly instalments directly by the applicant from their non-IOB account on due dates. This facility can be availed of by the applicant by either filling out the IOB ECS mandate form or by applying online for ECS Debit Clearing by the applicant.
• Post Dated Cheques (PDCs): Another option to repay the Indian Overseas Bank personal loan EMIs is by paying the money through a post-dated cheque, ODC for short. These cheques are deposited in favour of “Indian Overseas Bank Ltd Loan Account Number <your loan account number>” at the retail service centre of Indian Overseas Bank.

Steps to pay an overdue EMI Online

If you missed an EMI payment dues of your Indian Overseas Bank personal loan, then you can pay the overdue EMI by following the given steps:

Step 1: Visit the Indian Overseas Bank EMI payment portal for overdue.

Step 2: Provide your Indian Overseas Bank loan account details.

Step 3: To make the payment, enter authentication details.

Step 4: You will receive an online confirmation code for your payment. Do not forget to note the transaction reference number.

Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges

Note: The charges may vary periodically and GST is applicable as per the regulations of the Government.

Factors Affecting the Indian Overseas Bank Personal Loan EMI Calculator

Given below are the various characteristics that influence the performance of the Indian Overseas Bank Personal Loan EMI Calculator:

• Amount of the Loan: This amount varies between Rs. 50,000 and Rs. 15 Lacs. It is a given that as the loan amount increases, so does the monthly payable EMI.
• Loan Duration: The time frame throughout which the loan can be endured is called loan tenure/duration. If you wish to increase the tenure, then it implies that the EMI needed to be paid also increases as the period draws out. Therefore, the tenure directly influences the EMI needed to be paid by the applicant.
• The Interest Rate: The interest rate is the sum of money that is an add-on to the loan amount issued, which needs to be paid monthly. This interest rate is influenced by the credit score and capability of the applicant to repay the loan. So along with the tenure, as the credit score varies, so does the rate of interest. 

Benefits of Using an Indian Overseas Bank Personal Loan EMI Calculator

The EMI calculator computes the numbers that are input and then produces the best monthly EMI that the applicant can afford to pay as the result. Its various advantages are:

• Better future financial planning: As we know the fixed EMIs over the loan tenure beforehand, so we can manage our budget accordingly and hence we will be more sound money-wise.
• Free of cost: The EMI calculator can be used any number of times and for all purposes without any cost. it can be used by the applicant at any place and at any time during the day, it is just a click away.
• No restriction on the type of Bank: It does not depend on whether you are using the EMI calculator for a specific bank or not, it just requires the numbers and it gives out the desired result instantly.
• Saves your Precious time: You don’t have the need to wait for long hours to wait for the calculations to be over. All you need are your loan amount, the duration of the loan you need and the affordable interest rate.
• Dependable and Consistent: The EMI Calculator is a device that can be easily used and trusted, there can be no malfunctions and it always gives out the best possible results for all the parties.

FAQs for the Indian Overseas Bank Personal Loan EMI Calculator

✅ What is Indian Overseas Bank Personal Loan?

Indian Overseas Bank Personal Loan is a credit scheme that you can avail to fulfil all your desires and needs. You are not required to submit any security in exchange for the Loan and a loan tenure of up to 72 months makes the repayment easy and burden-free.

✅ How does Indian Overseas Bank Personal Loan work?

Indian Overseas Bank’s Personal Loan is an unsecured loan that one can avail of by submitting their basic KYC documents and Income-proof with the Indian Overseas bank. After the verification of your documents, the Indian Overseas bank will give you the money to your indicated bank account. You can use this money for any of your expenses.

✅ What is the Indian Overseas Bank Personal Loan Interest rate?

The Indian Overseas Bank Personal Loan interest rate starts at 10.2% per annum. The interest rate depends on the borrower’s credentials.

✅ How can I get an Indian Overseas Bank Personal Loan?

Just visit the Indian Overseas Bank branch with your documents and apply for a personal loan with your banker. You can also achieve a Personal Loan by using online with Dialabank to avail of secure processing and personalized assistance.

✅ How to apply for a Personal Loan in Indian Overseas Bank?

One can avail of a personal loan with Indian Overseas Bank by merely visiting your branch with the essential documents. You don’t need any collateral in exchange for the loan, and the loan amount can be used to meet any personal need.

✅How to use the Indian Overseas Bank Personal Loan EMI Calculator?

You can use Dialabank’s Indian Overseas Bank Personal Loan EMI Calculator through the following steps:

Step 1: Specify the loan amount, tenure and interest rate using the sliders.

Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.