हिंदी में पढ़े
Disclaimer: Indian Overseas Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Indian Overseas Bank for personal loans. No offers/services from Indian Overseas Bank are being provided by Paisabazaar for personal loans. For further information about Indian Overseas Bank for personal loans, users are required to reach out directly to Indian Overseas Bank.
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Indian Overseas Bank Personal Loan Highlights |
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| Interest rate | Floating Rates- 10.85% – 13.00% p.a.
Fixed Rates- 14.00% p.a. |
| Loan Amount | Up to Rs 15 lakh |
| Tenure | Up to 7 years |
| Processing Fees | Up to 0.75% |
| Minimum Gross Income | Rs 75,000 |
Note: Rates as of 27th November 2024
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Table of Contents
Indian Overseas Bank Personal Loan Interest Rates
IOB Personal Loan Floating Interest Rates
Personal Loan Category A
| Credit Score | Interest Rate (p.a.) |
| 775 and above | 10.85% |
| 700 and above but less than 775 | 11.35% |
| 600 and above but less than 700 or -1 and/or No credit history | 11.85% |
Personal Loan Category B
| Credit Score | Interest Rate (p.a.) |
| 775 and above | 11.35% |
| 700 and above but less than 775 | 11.85% |
| 600 and above but less than 700 or -1 and/or No credit history | 12.35% |
Personal Loan Category C
| Credit Score | Interest Rate (p.a.) |
| 775 and above | 11.85% |
| 700 and above but less than 775 | 12.35% |
| 600 and above but less than 700 or -1 and/or No credit history | 12.85% |
IOB Personal Loan to HNIs
| Loan Tenure | Maximum Quantum | Interest Rate (p.a.) |
| Less than 4 years | Up to Rs 15 lakh | 12.50% |
| Above 4 years | Up to Rs 15 lakh | 13.00% |
IOB Personal Loan Top-up
| Loan Amount | Credit Score | Interest Rate (p.a.) |
| Rs 7.5 lakh | 775 and above | 12.50% |
| Rs 7.5 lakh | 700 and above but less than 775 | 13.00% |
IOB Personal Loan Fixed Interest Rates
| Scheme | Interest Rate (p.a.) |
| Personal Loan | 14.00% |
| Personal Loan Top-up | 14.00% |
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Compare Personal Loan Interest Rates of Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Also know the banks and NBFCs for best personal loans in India
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Indian Overseas Bank Personal Loan Processing Fees and Charges
IOB Personal Loan
| Loan Amount | Processing Charges |
| Up to Rs 5 lakh | 0.40% |
| Above Rs 5 lakh | 0.50% |
Clean Loan, IOB Royal
| Loan Amount | Processing Charges |
| Up to Rs 5 lakh | 0.50% |
| Above Rs 5 lakh | 0.75% |
Also check the processing fees for personal loans charged by other lenders
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Types of Indian Overseas Bank Personal Loans
Personal Loan to HNI (IOB Royal)
Purpose: Personal loan scheme offered to fulfil the socio-economic financial needs
Loan Amount: Up to Rs 15 lakh
Tenure: 1-7 years
IOB Personal Loan
Purpose: For any purpose including financial or social commitments
Loan Amount:
- If the employer shares an undertaking that the loan amount shall be deducted from the salary and remitted to the bank or the salary is given through the loan granting branch- 10 times of salary or Rs 15 lakh, whichever is lower
- For Others- 5 times the salary or Rs 1 lakh, whichever is lower
- For LIC agents- Up to 10 times average monthly commission or Rs 1 lakh, whichever is lower
Tenure:
- If the loan is for 10 months’ salary- Up to 5 years
- If the loan is for 5 months’ salary- Up to 3 years
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Eligibility Criteria for Indian Overseas Bank Personal Loan
For Personal Loan to HNI (IOB Royal)
- Minimum age: 25 years
- Minimum Gross Income: Rs 75,000
Eligibility for IOB Personal Loan
- Permanent employees working with Public Sector Undertakings, reputed private companies, firms or enterprises and Government employees
- LIC agents are also eligible
Also check the personal loan eligibility criteria set by other personal loan lenders
Check Your Free Credit Score to know personal loan eligibility Check Now
Documents Required for Loan Application
- Duly filled application form with passport-sized photographs
- Photo identity proof (any one document): Passport, Pan Card, Voter Identity Card, Driving License, Aadhar Card
- Address proof(any one document): Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhar Card
- Income proof: Bank Account Statement, Salary Slips, ITR, Form 16, etc.(depending on scheme and applicant type)
- Any other document required by the bank
Additional documents for IOB Personal Loan
- Salary certificate of applicant and guarantor with deduction particulars
- Undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit (if necessary)
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EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Indian Overseas Bank Customer Care
Toll Free Numbers:
- 1800 890 4445
- 1800 425 4445
Know more about Indian Overseas Bank Customer Care and Grievance redressal process in detail
FAQs
Q. Do you need any security or guarantors while applying for Indian Overseas Bank Personal Loan?
A. Personal Loan applicants qualifying for IOB Royal are not required to furnish any security, margin or guarantor. Such applicants should have a minimum gross income of Rs 75,000. However, other applicants of unsecured personal loan are required to provide two, third party guarantors. The salary of each such guarantor should be at least equal to that of the borrower.
Q. Can I choose between a fixed or floating rate for the personal loan?
A. Indian Overseas Bank offers personal loans only at floating rate of interest.
Q. Does Indian Overseas Bank offer preferential interest rates to personal loan applicants having higher credit score?
A. Yes, Indian Overseas Bank offers an interest rate concession of 1% to personal loan applicants having credit score of 800 & above.
Q. What is the minimum credit score required to avail personal loan from Indian Overseas Bank?
A. Indian Overseas Bank has not specified any cut-off credit score for personal loan applicants. However, personal loan applicants with credit score of 750 and above usually have higher chances of availing personal loans.
Q. Would my monthly income play any role in determining my personal loan amount eligibility?
A. Lenders determine the loan amount eligibility of a personal loan applicant based on his repayment capacity. Indian Overseas Bank requires the EMIs of its personal loan applicants to remain within 50% of their gross pay.