Indian Overseas Bank Personal Loan

⋆ Interest Rate 9.99% ⋆

Check Special Offers During COVID-19

      I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

      Why us?

      Rates as low as 9.99%*
      Loans Up to 30 Lacs
      Same Day Disbursal
      Doorstep Service
      Unbiased Experts Advice

      Indian Overseas Bank Personal Loan Key Features Jan 2021

      iob personal loan eligibility calculator Details
      Age 21 – 60 (at loan maturity)
      CIBIL score Minimum 750 or above
      Indian Overseas Bank Personal Loan Interest Rate 9.99% per annum
      Lowest EMI per lakh Rs 2148
      Tenure 12 to 84 months
      Indian Overseas Bank Personal Loan Processing Fee 1% of the loan amount
      Prepayment Charges Allowed after 12 Months (2 – 4 %)
      Part Payment Charges Allowed after 12 Months (2 – 4 %)
      Minimum Loan Amount ₹50,000
      Maximum Loan Amount ₹ 15 Lakh

      Each Feature Explained in Detail Below

      Benefits of Indian Overseas Bank Personal Loan

       

      1. Secure Loan Tenure: Pay off your Indian Overseas Bank Personal Loan at your ease. You can apply for loans starting from Rs 50,000 to Rs 7,50,000, and repay it at your ease by opting for tenures ranging from 12 months to 36 months.
      2. Balance transfer option: Why should you continue to pay a higher interest rate on your existing personal loan? You have the option of transferring your Indian Overseas Bank Personal Loan at the low-interest rates. You also have the option of getting an additional investment, as per your eligibility when you move your existing loan from any other bank to IOB.
      3. Current customer advantage: The bank provides an extra benefit to its current customers. Existing customers can avail of the Indian Overseas Bank Personal Loan without providing income papers.
      4. Easy documentation: Here, you can avoid multiple documentation processes. It is easy to apply for a Personal Loan, as the documentation process is simple and friendly.
      5. Quick approval process: You don’t have to wait too long to get a personal loan anymore. At IOB, we are prepared to meet your urgent financial needs.

      Indian overseas bank personal loan interest rate, Fees, and Other Charges

      iob personal loan interest rate could be higher than other loaning schemes, and this is due to the fact they there is no collateral that banks can take as a security against the loan amount. On the other hand, Indian Overseas Bank provides personal loans at a starting interest rate of 9.99% annually. As a result, you don’t have to worry about the vast amount that needs to be paid monthly.

      The tenure period of a personal loan starts from 12 months (1 year) to 60 months (5 years). In addition to this, you can pay the Indian Overseas Bank Personal Loan amount before the tenure ends and save a couple of bucks by using a foreclosure scheme. The foreclosure charges range from 2-3% of the total loan amount.

      Category Details
      iob personal loan interest rate 2021 9.99% per annum
      Processing Charges 1% of the loan amount
      Min ₹ 1000 and Max ₹ 25000
      Prepayment  No prepayment is allowed until 12 EMIs are paid
      Preclosure No foreclosure is allowed until 12 EMIs are paid
      Prepayment Charges 13-24 months: 4% of loan principal outstanding
      25-36 months: 3% of loan principal outstanding
      >36 months: 2% of loan principal outstanding
      Stamp Duty As per state laws
      Cheque Bounce Chgs ₹ 550/chq +  GST
      Floating Rate of Interest Not Applicable
      Overdue EMI Interest 2% p.m.(on overdue amount)
      Amortisation Schedule Chgs Rs 200 + GST

      iob personal loan documents required

      Particular
      Document
      Form
      Duly filled application form
      Proof of Identity

      Copy of 

      > Passport

      > Driving License

      > Aadhar Card

      > Voter ID Card

      Proof of Address

      Rent Agreement (Min. 1 year of stay)

      Utility Bills

      Passport (Proof of permanent residence)

      Ration card

      Proof of Income

      > ITRs : Last two Assessment years

      > Salary Slip: Last 6 months

      > Bank Statement: Last 3 months

      India Overseas Bank Personal Loan Eligibility

      There are some Eligibility Criteria regulated by the bank to provide Indian Overseas Bank Personal Loan. You need to qualify the iob personal loan eligibility criteria if you want finance to meet your requirement. As Indian Overseas Bank Personal Loan an unsecured loan, the eligibility criteria differ for both salaried and self-employed applicants. Given below are the conditions that you need to full fill.

      CIBIL score 750 and Above
      Age 21-60 years
      Min Income Rs 18000/month
      Occupation Salaried/Self-employed

      For Salaried Applicant

      1. First of all, the age of the applicant should be more than 21 years.
      2. On the other hand, the maximum age to avail of this loan is 60 years.
      3. After that he/she should be earning Rs. 18000 per month at least.
      4. Also, the applicant should have work experience of 3 years at least.
      5. Likewise, the borrower is required to be working with the current employer for at least six months.
      6. Furthermore, the salary needs to come to a bank account.
      7. Most importantly, the credit history of the applicant should be up to the mark; in other words, it has to be equal or above 700.

      For Self-employed Applicant

      1. Firstly, if the applicant is self-employed then his/her age should be 25 years at least.
      2. In addition to this, 65 is the maximum age for a self-employed applicant to avail of this loaning scheme.
      3. The business needs to be running for about two years.
      4. Moreover, the business should be filing the ITR of 2.5 Lacs for the last three years at least.
      5. Finally, His/her CIBIL needs to be more than 700.

      India Overseas Bank Personal Loan Overdraft Facility

      An individual overdraft is a credit office that licenses you to pull out an all-out as and when required. You can similarly repay the got out absolutely at whatever point the condition is ideal. Thusly, it is maybe the most preferred credit decisions that profited to meet changing individual supporting necessities unbounded.

      Apply for an overdraft office as Indian Overseas bank Personal Loan. The adaptable improvement office has all the gigantic features of an unreliable overdraft credit.

      Indian Overseas Bank’s Personal Loan foreclosure charges

      Indian Overseas Bank lets you foreclose your personal loan with 2% to 4% foreclosure charges.

      Indian Overseas Bank Personal Loan pre-closure charges

      Indian Overseas Bank provides you with the foreclosure facility on your personal loan without any charges. You can pay back your personal loan when you have the required funds.

      Indian Overseas Bank Personal Loan closure procedure

      1. Visit the bank with the complete set of documents (as mentioned above).
      2. You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
      3. Pay the pre-closure amount.
      4. Sign the required documents, if any.
      5. Take acknowledgment of the balance amount you have paid.

      iob personal loan EMI calculator for Indian Overseas Bank

      EMI Calculator

      IOB Personal Loan Comparison with Other Banks

      Bank Interest Rate Tenure Loan Amount & Proc Fee
      Indian Overseas Bank 9.99% 12 to 84 months Up to Rs. 15 lakh / Up to 0.75% of the loan amount
      HDFC Bank 11.25% to 21.50% 12 to 60 months Up to Rs. 40 lakh / Up to 2.50% of the loan amount
      Bajaj Finserv Starting from 12.99% 12 to 60 months Up to Rs. 25 lakh / Up to 3.99% of the loan amount
      Axis Bank 15.75% to 24% 12 to 60 months Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
      Citibank Starting from 10.99% 12 to 60 months Up to Rs. 30 lakh / Up to 3% of the loan amount
      ICICI Bank 11.50% to 19.25% 12 to 60 months Up to Rs. 20 lakh / Up to 2.25% of the loan amount

      Pre Calculated EMI for Indian Overseas Bank Personal Loan

      Loan principal @ interest Tenure
      1 year 2 years 3 years 4 years 5 years
      5 lakh @ 11% Rs. 44,190 Rs. 23,303 Rs. 16,369 Rs. 12,922 Rs. 10,871
      7 lakh @ 11.25 % Rs. 61,948 Rs. 32,706 Rs. 23,000 Rs. 18,176 Rs. 15,307
      10 lakh @ 12% Rs. 88,848 Rs. 47,073 Rs. 33,214 Rs. 26,333 Rs. 22,244

      About Indian Overseas Bank Personal Loan

      Are you thinking about taking a loan but can’t decide which one is the right option for you? Getting confused between different loaning schemes and can’t make up your mind? Do you want to send your daughter abroad for her higher education but your pocket doesn’t allow you? Fear not now you can fulfill all your requirements with the help of the Indian Overseas Bank.

      With this Loaning scheme, you can get the required amount in no time. As it’s an unsecured loan, you don’t have to worry about providing any collateral against the bank. But, on the other hand, your CIBIL score or Credit score needs to be suitable to avail Indian Overseas Bank Personal Loan loaning scheme. In case you don’t have enough CIBIL you can always go for a gold loan as your second best option. Avail on Personal loans and turn your dreams into reality.

      Why choose Dialabank for Availing IOB Personal Loan?

      1. With databank taking a loan is just a few clicks away.
      2. We provide loans ranging from a personal loan to gold loan to even auto loans you name it we have it.
      3. Thus, all your financial services under one Roof.
      4. We have our Loan calculator you can use it and find how much EMI you need to pay according to your requirement.
      5. Bad credit? We still have a loan for you just give us a call and get it done.
      6. Indian Overseas Bank Personal Loan is a financial platform where you can check and compare loans from different banks.
      7. You will get personalized service on the phone from our trained relationship manager.
      8. Lastly, our services are free of cost.
      9. Yes, don’t get shocked but you don’t need to pay us a thing.

      Types of Indian Overseas Bank Personal Loans

      1. IOB Personal Loan: This unsecured personal loan can help people buy any consumer-durable products of their choosing, including electronics, accessories, furniture, etc.

      • Quantum of the loan: 10 times of the salary or 90% of the cost of the article whichever is less up to the limit of Rs. 5 lakhs
      • Repayment tenure of loan: Up to 60 months
      • Safety: Hypothentication of material bought using the credit and an appropriate 3rd party guarantee is needed

      2. IOB Royal: IOB Royal Personal Loan is offered to meet different socio/economic, financial requirements

      • Quantum of the loan: Up to Rs 15 lakhs
      • Repayment tenure of loan: From 12 – 84 months

      3. IOB Passion: This loan helps all the artistic people to follow their creative passion and buy primary material like musical instruments, sports-kit, drawing stuff, or pay for their coaching institutes.

      • Quantum of the loan: 90% of the cost of the article consisting of coaching fees etc., but should not exceed Rs. 3 lakhs
      • Repayment tenure of loan: Up to 60 months
      • Safety: Hypothecation on purchase of articles out of loan or an appropriate 3rd party guarantee or collateral-security

      4. Clean Loan: This loan is offered for any reason including specific personal monetary commitments

      • Quantum of the loan:
      If your employer deducts the EMI from salary and remit to the bank or the pay is directed through the loan granting branch 10 times of salary or Rupees 15 lakhs (whichever is lower)
      For other individuals 5 times of salary or Rupees 1 lakh (whichever is lower)
      For the LIC agents Up to 10 times average commission(monthly) or Rs.10 lakh (whichever is lower)
      • Repayment tenure of loan:
      If the loan is for ten months’ salary Up to 60 months
      If the loan is for five months’ salary Up to 36 months
      • Safety: Third-party individual guarantee of 2 people required. The salary of the guarantors being at least equal to that of the borrower

      Home Renovation Loan

      For customers who plan to have their house renovated, Indian Overseas Bank provides home improvement loans. This personal loan will finance critical repairs or assist the borrower in bringing into their home new appliances, fixtures, and furniture. Four of the Indian Overseas Bank Home Renovation Loan’s key features are:

      • For Indian Overseas Bank, the home improvement loan interest rate starts at as low as 11.25 percent.
      • For a credit amount of up to Rs. 20 Lakh, individuals can apply to renovate their house.
      • Indian Overseas Bank’s home improvement loan includes minimal paperwork that makes the whole loan process hassle-free.
      • Usually, after the bank accepts the application, the loan amount is credited to the account within 72 hours.

      Holiday Loan

      With minimal disruption, the Indian Overseas Bank Holiday Loan will help you plan for your dream trip. This Indian Overseas Bank personal loan would cover a variety of holiday expenses, including booking a flight ticket, lodging at a hotel, guided tours, etc. The Indian Overseas Bank vacation loan’s key features are:

      • The holiday loan interest rates start at 11.25 percent p.a.
      • A sum of up to Rs 20 Lakh can be easily used so that your dream holiday will not be ruined by a financial crisis.
      • Simplified and Minimal paperwork helps efficiently and effectively finance your holiday.
      • Fast processing and credit disbursement, which is credited directly to your account.

      Fresher Funding

      For individuals with a daily income, often unsecured personal loans are targeted, but the Fresher Funding of Indian Overseas Bank is different. This Indian Overseas Bank loan option is intended to assist beginners, i.e. recent graduates who are pursuing their first job. The following are some main features of the Indian Overseas Bank Fresher Funding personal loan:

      • Amount of borrowings of up to Rs 1.5 lakh
      • The nominee should have been at least 21 years of age.
      • The interest rate for Fresher Funding depends on the loan borrower’s profile, applicant’s credit history/score, age and venue.

      NRI Personal Loan

      Indian Overseas Bank offers an exclusive loan to NRIs only, understanding the hopes and dreams of NRIs. An Indian citizen must be the primary loan candidate and the co-applicant NRI must be a related relative. The following features include Personal Loan for NRIs

      • Indian Overseas Bank makes private loans available with flexible end-use NRIs of up to Rs. 10 lakh.
      • NRI Personal Loans’ interest rates start at 15.49 percent p.a.
      • The loan is for a period of up to 36 months.

      Indian Overseas Bank Personal Loan Apply Online

      Indian Overseas Bank Personal Loan

      1. Firstly, you need to visit our website Dialabank.
      2. Once you reach there, all you need to do is fill the personal loan form with your necessary details along with your phone number.
      3. It is required that you provide your working phone number as our Relationship manager will call you.
      4. Now once you are done with this all, you need to sit back and relax one of our RM will soon be in touch with you.
      5. Our Relationship Manager will provide you with information about different loaning schemes available in your area.
      6. Also, we make sure you’ll get the best in the market loan to value ratio and lowest interest rates.
      7. Likewise, with our help, your loan gets sanctioned in less than 48 hours.
      8. For more information, feel free to call us at Indian overseas bank personal loan contact number 9878981166 anytime we are always delighted to hear from you. 

      Personal Loan Verification Process

      • You will receive a phone call from the lender’s representative for verification and arranging document pickup after your application form is forwarded to the lender via Dialabank.
      • If the records are checked, you will receive another call from the agent concerning the final loan bid.
      • If you comply with the terms and conditions, the loan will be disbursed within a few working days to your account.

       Check your Indian Overseas Bank Personal Loan Status

       

      • Proceed to the Loan Application Status page on the IOB’s Official Website
      • Enter essential credentials such as loan application no, registered mobile no, etc. to view your refreshed IOB personal loan application

      How to Login to Indian Overseas Bank Portal

      • Go to the Online Banking Site of the Indian Overseas Bank
      • Enter your Password’ and ‘Username ID’
      • In the Start In the area, select ‘Accounts’ and then click ‘Login’ to finish the online banking login.

      How to check Indian Overseas Bank Personal Loan Statement?

      • On the Indian Overseas Bank website.
      • Go to the Download e-Statement page from the ‘Service Type’ column select ‘Download Loan Statement’, then select ‘Next’.
      • “Fill out information such as Loan Account Number, PAN, Verified Mobile, etc. on the following page and click “Next” to view/download your Personal Loan Statement from the Indian Overseas Bank.

      Indian Overseas Bank Personal Loan Restructuring (COVID-19)

      A 6-month moratorium on numerous term loans was reported to minimise the effects of the COVID-19 pandemic to a great extent. After the 6-month moratorium was completed, Indian Overseas Bank declared an RBI-mandated one-time gain from the restructuring of Indian Overseas Bank’s personal loan. This system is structured to provide continued relief to borrowers who are still unable to begin repayment of their daily EMI due to the continuing financial hardship of the pandemic.

      An additional moratorium of up to 2 years or an extension to the current repayment period to mitigate monthly EMI payments is needed for the loan settlement procedure initiated by Indian Overseas Bank. It should be observed that the restructuring of the personal loan of Indian Overseas Bank would give rise to additional interest rates in excess of those of the original loan. This relief mechanism should therefore be used only as a last resort.

      Indian Overseas Bank Customer Care

      Benefits of Applying for Personal Loan at Dialabank

      • Several lenders are available: You can search personal loan deals from 30+ lenders on a single platform and save time and effort. Also, anytime, anywhere, you can access Dialabank
      • Knowledge of your eligibility: You can understand whether you are eligible to apply for a loan from a specific lender along with the maximum amount of loan you are eligible for through Dialabank.
      • Check EMI: You can check EMI during the tenure by using Dialabank’s Personal Loan EMI Calculator and can lend a loan sum according to your repayment ability.
      • End-to-end assistance: You get end-to-end assistance from the dedicated customer service team of Dialabankar on your personal loan.

      Important Aspects

      • Checking your credit score as a good credit score would allow you to use a personal loan more easily and at low interest rates.
      • Make sure you meet the eligibility requirements and verify that before submitting your personal loan application, you have all the necessary documentation
      • To boost your chances of acceptance for a personal loan, reduce unpaid debt to the lowest amount possible.
      • You have to use the Dialabank Personal Loan EMI Calculator to review the EMI and borrow just what you need, not overly.

      FAQs About Indian Overseas Bank Personal Loan

      What is Indian Overseas Bank Personal Loan?

      Indian Overseas Bank Personal Loan is an unsecured loan that can be used to meet your daily financial needs. You can use a Personal Loan to finance all your expenses from a vacation to a medical emergency.

      How does Indian Overseas Bank Personal Loan work?

      Personal Loans from Indian Overseas Bank is unsecured, and thus you are not required to submit any security with the bank. The rate of interest is usually high as compared to secured loans, but if you have a right CIBIL score banks may offer you lower rates of interest. The repayment of Personal Loans can be made in monthly instalments called EMIs.

      What is the Personal Loan rate of interest in Indian Overseas Bank?

      The personal loan rate of interest in Indian Overseas Bank starts at 9.99% per annum. You can compare rates of interest of different Banking and Non-Banking Financial Companies on Dialabank and apply for the Personal Loan that best caters to your needs.

      How can I get an Indian Overseas Bank Personal Loan?

      You can get an Indian Overseas Bank Personal Loan by visiting your branch with your documents and contacting your banker regarding Personal Loans. Once the banker verifies your documents and approves your application, you will get the fund in your bank account.

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

      Apply for a Personal Loan with Indian Overseas Bank by contacting the nearest branch in person with your documents. You may also contact Dialabank and compare the Personal Loan offers of different banks to choose the one that suits you the best.

      Why iob personal loan online apply?

      Indian Overseas Bank Personal Loan can be used for several financial needs such as a wedding, payment of bills, daily expenses, etc. Being unsecured, you can are not required to submit any alternative security to avail of emergency wholesome funds with a Personal Loan. Indian Overseas Bank offers extremely competitive rates and trouble-free processing of your loan.

      How much EMI on Indian Overseas Bank Personal Loan?

      The Personal Loan EMI for your own loan varies based on your loan amount, loan tenure, and rate of interest. You can use Dialabank’s EMI calculator to calculate your estimated EMIs within seconds.

      How much CIBIL score required for Indian Overseas Bank Personal Loan?

      Indian Overseas Bank requires you to have a CIBIL score over 700.

      Minimum credit score needed for Indian Overseas Bank Personal Loan?

       Indian Overseas Bank requires a minimum credit score of 700 for their Loan products.

      How to calculate Indian Overseas Bank Personal Loan EMI?

      An iob personal loan calculator or EMI calculator can be used to calculate your Personal Loan EMIs using just the three parameters; loan amount, loan tenure, and rate of interest.

      What can I use Indian Overseas Bank Personal Loan for?

      It can be used to finance a wedding, an event, a vacation, or pay for your daily expenses, medical bills, etc. A Personal Loan can also be used to finance all your needs and financial emergencies.

      Can I prepay Indian Overseas Bank Personal Loan?

      Yes, you can prepay your Indian Overseas Bank’s Personal Loan by visiting the branch and applying for foreclosure with your loan officer. A prepayment fee may be charged, and your loan will be closed once all the payments are cleared.

      How to prepay Indian Overseas Bank Personal Loan?

      Prepayment of your Indian Overseas Bank Personal Loan can be done by visiting your loan branch with your loan documents. You will have to pay the entire outstanding amount along with any foreclosure charge as shall be applied by the bank.

      How to repay Indian Overseas Bank Personal Loan?

      Indian Overseas Bank’s Personal Loan can be quickly repaid in monthly instalments that comprise of your principal loan amount and interest.

      What documents are needed for Indian Overseas Bank Personal Loan?

      Your KYC documents(Aadhar Card, PAN Card, etc.) and Income proof(Bank Statement, Salary Slips, ITR files) are the only documents that are needed for your Personal Loan from Indian Overseas Bank. Any other material, as asked by the bank should be duly submitted.

      How to check Indian Overseas Bank Personal Loan status?

      If you wish to check your loan status, you can visit your loan branch in person or you can contact the customer care number to know the status of your personal loan.

      How to get Indian Overseas Bank’s loan top-up?

      Top up is the additional loan amount that can be taken from the existing bank of your recent loan or at the time of balance transfer from your new bank. IOB lets you avail of this facility if you have paid at least about 9 EMIs without any cheque bounces. You can get a minimum top-up of ₹50,000 and a maximum of your already sanctioned loan amount. You can check the online portal of IOB for more offers or contact Dialabank for any financial help.

      ✅ What happens if I don’t pay my Indian Overseas Bank’s Personal Loan EMIs?

      There will be a penal interest charged as applicable and would even face legal actions if defaulting continues.

      ✅ How to find Indian Overseas Bank’s Personal Loan account number?

      To get your loan account number you can contact the loan officer at the bank branch or by contacting the customer care number of Indian Overseas Bank.

      ✅What is the Indian overseas bank personal loan customer care number?

      Contact at 9878981166 for any queries.

      ✅What are the Indian Overseas Bank Personal Loan pre-closure charges?

      Indian Overseas Bank provides you with the foreclosure facility on your personal loan without any charges. You can pay back your personal loan when you have the required funds.

      ✅What is the Indian Overseas Bank Personal Loan closure procedure?

      1. Visit the bank with the complete set of documents (as mentioned above).
      2. You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
      3. Pay the pre-closure amount.
      4. Sign the required documents, if any.
      5. Take acknowledgment of the balance amount you have paid.

      ✅What are the Indian Overseas Bank’s Personal Loan foreclosure charges?

      Indian Overseas Bank lets you foreclose your personal loan with 2% to 4% foreclosure charges.

      ✅What is the Indian Overseas Bank Personal Loan Overdraft Facility?

      An individual overdraft is a credit office that licenses you to pull out an all-out as and when required. You can similarly repay the got out absolutely at whatever point the condition is ideal.

      ✅What is the Maximum Loan Tenure for Indian Overseas Bank Personal Loan?

      The maximum tenure duration for a personal loan from Indian Overseas Bank is 12-84 months.

      Table of Contents

      Menu