Indian Overseas Bank Personal Loan Key Features
|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 IOB Personal Loan
- 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.
- 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.
- 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.
- 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.
- 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 Rates, Fees, and Other Charges
Indian Overseas Bank Personal Loan interest rates could be higher than other loaning schemes, and this is due to the fact they there is no collateral which 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 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.
|Interest Rate||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|
Indian Overseas Bank Personal Loan Documents
Duly filled application form
Proof of Identity
> Driving License
> Aadhar Card
> Voter ID Card
Proof of Address
Rent Agreement (Min. 1 year of stay)
Passport (Proof of permanent residence)
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 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|
|Min Income||Rs 18000/month|
For Salaried Applicant
- First of all, the age of the applicant should be more than 21 years.
- On the other hand, the maximum age to avail of this loan is 60 years.
- After that he/she should be earning Rs. 18000 per month at least.
- Also, the applicant should have the work experience of 3 years at least.
- Likewise, the borrower is required to be working with the current employer for at least six months.
- Furthermore, the salary needs to come to a bank account.
- 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
- Firstly, if the applicant is self-employed than his/her age should be 25 years at least.
- In addition to this, 65 is the maximum age for a self-employed applicant to avail of this loaning scheme.
- The business needs to be running for about two years.
- Moreover, the business should be filing the ITR of 2.5 Lacs for the last three years at least.
- Finally, His/her CIBIL needs to be more than 700.
Personal Loan EMI Calculator for Indian Overseas Bank
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||Upto 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 full-fill 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 Personal loans and turn your dreams into reality.
Why choose Dialabank for Availing IOB Personal Loan?
- With dialabank taking a loan is just a few clicks away.
- We provide loans ranging from a personal loan to gold loan to even auto loans you name it we have it.
- Thus, all your financial services under one Roof.
- We have our Loan calculator you can use it and find how much EMI you need to pay according to your requirement.
- Bad credit? We still have a loan for you just give us a call and get it done.
- Indian Overseas Bank Personal Loan is a financial platform where you can check and compare loans from different banks.
- You will get personalized service on the phone from our trained relationship manager.
- Lastly, our services are free of cost.
- 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
How to Apply for Indian Overseas Bank Personal Loan Online
- Firstly, you need to visit our website Dialabank.
- Once you reach there, all you need to do is fill the personal loan form with your necessary details along with your phone number.
- It is required that you provide your working phone number as our Relationship manager will call you.
- 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.
- Our Relationship Manager will provide you with information about different loaning schemes available in your area.
- Also, we make sure you’ll get the best in the market loan to value ratio and lowest interest rates.
- Likewise, with our help, your loan gets sanctioned in less than 48 hours.
- For more information, feel free to call us at 9878981166 anytime we are always delighted to hear from you.
Indian Overseas Bank Personal Loan Status
1. Proceed to the Loan Application Status page on the IOB’s Official Website
2. Enter essential credentials such as loan application no, registered mobile no, etc. to view your refreshed IOB personal loan application
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 installments 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 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 apply for Indian Overseas Bank Personal Loan?
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 on the basis of 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 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 installments 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.