An Indian Overseas Bank Personal Loan can help you manage different personal expenses with interest rates starting from 10.25% p.a. Eligible borrowers can get a loan amount of up to ₹30 Lakhs with a repayment tenure of up to 84 months or 7 years.
You can check your eligibility before applying to understand the loan amount and terms you may qualify for.
Indian Overseas Bank Personal Loan Details
Here are the main details of an Indian Overseas Bank Personal Loan:
| Feature | Details |
| Interest Rate | Starting at 10.25% p.a. |
| Loan Amount | Up to ₹30 Lakhs |
| Repayment Tenure | Up to 84 months (7 years) |
| Minimum Income | ₹10,000 per month (Category B & C) / ₹75,000 per month (HNI) |
| Processing Fee | Up to 0.50% of loan amount + GST |
| Minimum CIBIL Score | 600 & above |
Indian Overseas Bank Personal Loan Interest Rates & Charges
Your credit score and overall financial profile can affect the interest rate offered to you. A higher credit score and good repayment history may help you qualify for a lower rate.
IOB Personal Loan interest rates start from 10.25% p.a. The rates and processing charges vary depending on the loan scheme.
| Indian Overseas Bank Personal Loan Scheme | Interest Rates (p.a.) | Processing Fees |
| IOB Personal Loan (General) | Starting from 10.25% p.a. | Up to 0.50% of loan amount + GST |
| IOB Passion | 11.20% to 11.40% p.a. | Up to 0.50% of loan amount + GST |
| Special Personal Loan HNI / VIP | Starting from 10.25% p.a. | 0.50% of loan amount + GST |
| Personal Loan Top-Up Scheme | RLLR + 2.15% onwards | Same as standard personal loan charges |
| Personal Loan to LIC Agents | As per bank guidelines | As per bank service charges |
Note: The current rates may vary marginally and are inclusive of prepayment charges of 2-4% and penal interest of 2% p.m. for IOB Personal Loans.
Not sure of your credit score? Check now for free!
Types of Indian Overseas Bank Personal Loans
Indian Overseas Bank offers different personal loans based on the borrower’s needs, income, profession, and existing banking relationship.
IOB Personal Loan
- Can be used for general domestic or personal financial needs.
- Loan amount of up to ₹30 Lakhs for eligible salaried employees.
- Low processing fees with minimal documentation.
- Interest rates start from 10.25% p.a.
- Repayment tenure of up to 84 months.
IOB Passion
- Provides financial support for individuals pursuing creative or professional goals.
- Maximum loan amount of up to ₹5 Lakhs.
- Interest rates start from 11.20% p.a.
- Maximum repayment tenure of up to 60 months.
Special Personal Loan HNI / VIP
- Available for High Net-Worth Individuals and self-employed professionals.
- Loan amount of up to ₹30 Lakhs.
- Minimum monthly income requirement of ₹75,000.
- Repayment tenure ranges from 12 to 84 months.
Personal Loan Top-Up Scheme
- Available for existing personal loan borrowers who have completed 12 months of regular repayment.
- Loan amount of up to 25 times the salary or ₹7.50 Lakhs, with total exposure capped at ₹30 Lakhs.
- Repayment tenure of up to 60 months.
Personal Loan to LIC Agents
- Available for active LIC agents with at least 5 years of experience.
- Loan amount of up to 10 times the average monthly commission, capped at ₹10 Lakhs.
- Maximum repayment tenure of up to 60 months.
- No prepayment charges.
Indian Overseas Bank Personal Loan EMI Calculator
If you are planning to take an Indian Overseas Bank Personal Loan, calculating your EMI in advance can help you understand your monthly repayment amount.
The EMI depends on:
- Loan amount
- Interest rate
- Repayment tenure
You can use the Buddy Loan EMI Calculator to estimate your monthly EMI. Enter the loan amount, interest rate, and tenure to get an instant estimate.
Indian Overseas Bank Personal Loan Vs Other Banks
The table below compares Indian Overseas Bank Personal Loan rates and processing fees with other lenders:
| Loan Lender | Interest Rates (p.a) | Processing Fees |
| Indian Overseas Bank | 10.25% onwards | Up to 0.75% |
| HDFC | 9.99% onwards | Up to ₹6,500 |
| ICICI | 9.99% onwards | Up to 2.5% |
| Axis | 9.99% onwards | Up to 2% |
| IndusInd | 10.49% onwards | Up to 3.5% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| Shriram City | 11% onwards | Up to 5% |
Note: The interest rates mentioned above are subject to change at the lender’s discretion.
Indian Overseas Bank Personal Loan Eligibility
To apply for an IOB Personal Loan, you need to meet the eligibility requirements set by the bank.
Eligibility can depend on your income, monthly expenses, existing loans, EMIs, credit card dues, and overall repayment capacity.
The general eligibility requirements include:
- Age: Between 21 and 60 years or up to the age of superannuation.
- Residential Status: Applicant must be an Indian resident.
- Monthly Income: Minimum monthly gross salary starts from ₹10,000 for salaried private firm employees.
Indian Overseas Bank Personal Loan Documents Required
You need to submit certain documents when applying for an Indian Overseas Bank Personal Loan.
- Identity Proof: PAN Card, Voter ID, Driving License, Passport.
- Income Proof: Latest salary slip, Form 16, last 6 months’ audited account statement, and ITR returns for the last 2 years.
- Address Proof: Landline Bill, Electricity Bill, Ration Card, Voter ID, Passport.
- Other Documents: Duly signed loan application form, passport-sized photographs, processing fee cheque, and check-off letter from the employer.
Features of Indian Overseas Bank Personal Loan
Here are the key features and benefits of an Indian Overseas Bank personal loan:
- High Loan Quantum: Borrowers under Category A, Category B, and High Net-Worth Individuals (HNIs) can get loan amounts up to ₹30 Lakhs, while Category C applicants can obtain up to ₹15 Lakhs.
- Low Interest Rates: Personal loan interest rates start as low as 10.25% p.a., making EMIs affordable for borrowers.
- Flexible Repayment Tenure: Choose comfortable repayment schedules extending from 12 months up to 84 months (7 years).
- No Collateral Requirement: High Net-Worth Individuals and Category A salaried borrowers require no physical security or collateral, operating via simple standing instructions, ECS, or post-dated cheques.
- Multi-Purpose Fund Use: Funds can be used for any domestic expenses, medical emergencies, higher education, travel, or weddings (excluding speculative activities).
- Roll-Over / Top-Up Facility: Existing borrowers can avail a new loan roll-over to close existing dues after successfully paying 50% of loan EMIs (or 30% for confirmed government and PSU employees).
- Customized Loan Variants: Specialized schemes are available for various applicant profiles, including LIC agents, HNIs, and existing loan top-up applicants.
How to Apply for Indian Overseas Bank Personal Loan with Buddy Loan
Follow these steps to apply for an Indian Overseas Bank Personal Loan through Buddy Loan:
- Step 1: Visit buddyloan.com or download and install the Buddy Loan app on Android or iOS.
- Step 2: Open the Personal Loan Application Page. Enter your mobile number and verify it using the OTP received.
- Step 3: Enter the loan amount you need and your personal email address. Then select the Personal Loan option.
- Step 4: Choose your employment type — Salaried, Self-Employed, or Student — and select the salary mode as bank or cash.
- Step 5: Enter your work details, including company name, years of service, and designation.
- Step 6: Enter your personal details, including full name, PAN, address, date of birth, and gender.
- Step 7: Enter your communication address and income details, and click the Submit button.
Indian Overseas Bank Personal Loan Customer Care Number
You can contact Indian Overseas Bank for personal loan queries, application status, or complaint-related support through the following channels:
| Support Channel | Contact Details |
| Toll-Free Helpline | 1800 890 4445 / 1800 425 4445 |
| Customer Service Desk | 044-28525496 / 044-28591029 / 044-28519568 / 044-28587353 |
| Digital Complaints Line | 044-24371120 |
| Cyber Fraud Complaints | Helpline 1930 / Email: cybercell@iob.bank.in |
Ready to take the next step? Apply for a Personal loan now!
Download the Buddy Loan App Now!
One solution to each of your financial needs at your fingertip.
Scan to download now
