How do I repay IOB Personal loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

What is the maximum loan one can get from IOB?

IOB offers personal loans as high as Rs.15 lakh for successful applicants depending on their financial record and repayment history.

What is the tenure for IOB personal loan?

IOB offers personal loan with a tenure period ranging up to 60 months making it suitable for all loan seekers.

How does the bank determine my eligibility for a personal loan?

Customers who are interested in applying for a personal loan with Indian Overseas Bank will have to fill in and submit the loan application form along with the required set of documents which will be assessed by the bank to determine your eligibility for a personal loan. .

How much money can I borrow through a personal loan from Indian Overseas Bank?

The amount of money you can borrow through a Personal loan from Indian Overseas Bank will depend on your ability to repay. The bank will not grant you an amount in excess of 40% of your monthly income so that EMI payments can be made on time.

Do my chances of availing a personal loan increase if I have a co-applicant?

Customers who do not meet all eligibility criteria or those who have a poor credit history can opt for co-applicants as it not only increases their chances of availing a loan, but also exposes them to higher loan amounts and lower interest rates.

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IOB Personal Loan

Indian Overseas Bank offers personal loans at attractive interest rates to its customers. The repayment tenure can go up to seven years. The process to apply for a personal loan is simple and can be completed online.

Interest rates starting at 10.50% p.a.

Repayment period is 7 years

Low processing charges

Quick approval

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Different Personal Loans Offered by Indian Overseas Bank

Personal Loan

Personal Loan Top-Up Scheme

Personal Loan to NHI (Royal Loans)

Personal Loan Cash Credit

Pre-approved Personal Loan

Personal Loan to LIC Agents

CC Loans to LIC Agents

CC Loans to NHI

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What are the Interest Rates on IOB Personal Loan?

The interest rates for different personal loans offered by the bank are mentioned in the table below:

Type of Personal Loan	Rate of Interest
Personal Loan – Individuals	10.50% p.a. - 13.90% p.a.
Cash Credit	11.00% p.a. - 14.40% p.a.
Pre-Approved Personal Loan	10.50% p.a. - 13.25% p.a.
Personal Loan Top-Up Scheme	10.50% p.a. - 13.25% p.a.
Personal Loan to LIC Agents	10.85% p.a. - 13.50% p.a.
Personal Loan to NHI (Royal Loans)	10.85% p.a. - 13.50% p.a.
CC Loans to LIC Agents	11.35% p.a. - 14.00% p.a.
CC Loans to NHI	11.35% p.a. - 14.00% p.a.

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Documentation needed to Apply for an IOB Personal Loan

Signed application form with photograph

Copy of passport, voter ID card and driving license

Processing fee cheque

Last 3 months bank statement/6 months bank passbook

Documentation for salaried applicants: Latest salary slip, Current dated salary certificate with the latest Form 16

Documentation for self-employed applicants: Latest Bank statement, Latest ITR or Form 16

How do I Calculate EMI for IOB Personal Loan?

Calculating the Equated Monthly Instalment, or EMI, is a very simple task with BankBazaar’s dedicated personal loan calculator tool.

Select the respective “Loan Amount” and “Tenure”. The maximum loan amount that can be calculated is 30 lakhs, and the tenure has a cap of 5 years.

The next box, marked as “Fee”, will ask users to enter the relevant interest rate % that they are going to pay. Default interest rates will already be filled, so users just have to change the figure provided in the Fee field.

Once all the details have been filled, clicking the “Calculate” button will take users to a list of comprehensive information regarding the IOB Personal Loan such as monthly EMI, total due interest, as well as amortization details (monthly/yearly), for their reference.

All the information displayed at the end of the process allow users to plan their loan repayments with ease and according to hard data.

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on IOB Personal Loan

How do I repay IOB Personal loan?
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
What is the maximum loan one can get from IOB?
IOB offers personal loans as high as Rs.15 lakh for successful applicants depending on their financial record and repayment history.
What is the tenure for IOB personal loan?
IOB offers personal loan with a tenure period ranging up to 60 months making it suitable for all loan seekers.
How does the bank determine my eligibility for a personal loan?
Customers who are interested in applying for a personal loan with Indian Overseas Bank will have to fill in and submit the loan application form along with the required set of documents which will be assessed by the bank to determine your eligibility for a personal loan.
How much money can I borrow through a personal loan from Indian Overseas Bank?
The amount of money you can borrow through a Personal loan from Indian Overseas Bank will depend on your ability to repay. The bank will not grant you an amount in excess of 40% of your monthly income so that EMI payments can be made on time.
Do my chances of availing a personal loan increase if I have a co-applicant?
Customers who do not meet all eligibility criteria or those who have a poor credit history can opt for co-applicants as it not only increases their chances of availing a loan, but also exposes them to higher loan amounts and lower interest rates.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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IOB Personal Loan

What are the Interest Rates on IOB Personal Loan?

Documentation needed to Apply for an IOB Personal Loan

How do I Calculate EMI for IOB Personal Loan?

Comparison of IOB Personal Loan with Other Options

FAQs on IOB Personal Loan