Now you can get a personal loan from Indian Overseas Bank with low-interest rates starting at 10.80%. Apply online through Buddy Loan for a loan amount of up to Rs. 15 Lakhs, with flexible repayment tenure extending to 60 months. You can check your eligibility for Indian Overseas Bank personal loan right now.
Indian Overseas Bank Personal Loan Details
Now get a quick approval with an attractive interest rate on IOB personal loan from the comfort of your home. Here are the highlights of Indian Overseas Bank personal loan interest rates and other important details:
| Interest rate | Starting at 10.80% p.a. |
| Loan amount | Up to ₹15 Lakhs |
| Tenure | Up to 5 years |
| Minimum Salary | ₹15,000 per month |
| Processing Fee | Up to 0.75% |
Table of Contents: Indian Overseas Bank Personal Loan
- ⇾Indian Overseas Bank Personal Loan Interest Rates
- ⇾Types of Indian Overseas Bank Personal Loan
- ⇾Indian Overseas Bank Personal Loan EMI Calculation
- ⇾Comparison of Indian Overseas Bank Personal Loan Vs Other Providers
- ⇾Indian Overseas Bank Personal Loan Eligibility
- ⇾Features of Indian Overseas Bank Personal Loan
- ⇾Indian Overseas Bank Personal Loan Documents Required
- ⇾How to Apply for Indian Overseas Bank Personal Loan with Buddy Loan
- ⇾FAQs
IOB Personal Loan Interest Rates & Charges
A good credit score and strong financial portfolio are sure to fetch lower interest rates and vice-versa. However, IOB personal loan offers low-interest rates starting from 10.80% p.a.
Here are the interest rates for various types of Indian Overseas Bank personal loans schemes:
| Indian Overseas Bank Personal Loan Scheme | Interest Rates (p.a.) | Processing Fees |
|---|---|---|
| IOB Personal Loan | 11.90% p.a. | Up to 0.50% of loan amount + GST |
| IOB Passion | 11.40% p.a. | Up to 0.50% of loan amount + GST |
| IOB Special Personal Loan HNI VIP | 11.90% p.a. | 0.50% of the loan amount+ Taxes |
Types of Indian Overseas Bank Loan & Features
Indian Overseas Bank offers a variety of personal loans to cater to all of your different needs with its various types of Indian Overseas Bank personal loans. Now you can apply for simple and hassle-free loans.
IOB Personal Loan
- Loan for any personal usage
- Loan amount up to 5 lakhs
- Low processing fees
- Interest rates start from 11.90% p.a.
IOB Passion
- Loan to finance your passion
- Loan amount up to 5 lakhs
- Interest rates range from 11.20% p.a.
- The maximum repayment period is 60 months.
Special Personal Loan HNI VIP
- Loan for high net worth individuals (HNIs) for the purchase of household goods.
- Loan amount is up to Rs. 25 lakhs
- Minimum monthly income of Rs. 75,000
- The maximum repayment period is 72 months
IOB Personal Loan EMI Calculator
If you are planning to go for Indian Overseas Bank personal loan, start with calculating your Equated Monthly Installment (EMI). It can be calculated on the basis of the loan amount, interest rate, and tenure, and get an instant estimate of your monthly installment.
You can use Buddy Loan EMI Calculator to find out your monthly EMI and make an informed decision. All you need to do is enter the loan amount, interest rate, and tenure, and get an instant estimate of your monthly installment.
Amount (₹) :
Interest Rate (%):
Months to Pay :
Comparison of IOB Personal Loan Vs Other Banks
The table below shows compares Indian Overseas Bank Personal Loan rates with other banks:
| Loan Lender | Interest Rates (p.a) | Processing Fees |
|---|---|---|
| Indian Overseas Bank | 10.80% onwards | Up to 1.50% |
| HDFC | 11.00% onwards | Up to 2.50% |
| ICICI | 10.75% onwards | Up to 2.50% |
| Citibank | 9.99% . To 16.49% | 0.25% to 3.00% |
| Axis | 10.25% onwards | 1.5% to 2% |
| IndusInd | 11.00% | 2.5% onwards |
| Yes Bank | 10.99% per annum onwards | 2.50% (one-time fee) |
| Shriram City | 11.49% To 23% | 2.50% |
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Indian Overseas Bank Personal Loan Eligibility
To avail an IOB personal loan, one must meet the eligibility criteria set by the bank. The IOB personal loan eligibility is determined on the basis of income, monthly expenses, and existing financial liabilities (loans, EMIs, credit card dues). Given below are the general eligibility criteria.
- Age limit is between 25 to 60 years
- Must be an Indian resident
- Minimum monthly income should be ₹5,000
Scheme-Wise IOB Personal Loan Eligibility
IOB Personal Loan
- Net monthly income: At least Rs. 5,000
- Eligible for LIC agents and permanent employees of central and state governments, central and state PSUs, or reputed private companies, firms, and enterprises.
- Maximum age is 60 years.
- EMI/NMI Ratio: More than 50%
IOB Passion
- Eligible for individuals who need financial assistance to pursue a passion.
- Age of the borrower should be between 10 to 50 years
- Must be an Indian resident.
Special Personal Loan HNI VIP
- Loan available even if you don't have an existing account with Indian Overseas Bank.
- Minimum net monthly income: Rs. 75,000
- Age of the borrower should be between 25 to 60 years.
- Must have a good credit score.
- Must be a resident of India.
Documents Required for IOB Personal Loan
Here is a table for Indian Overseas Bank Personal Loan documents required 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, 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, Check-off letter from the employer
Features of Indian Overseas Bank Personal Loan
Here are the exclusive features and benefits of an Indian Overseas Bank personal loan
Instant Loan Approval
Get your loan approved super fast.
Up to 5 Year Tenure
Enjoy an extended repayment tenure.
Multipurpose
Can be used for a variety of purpose.
Affordable Interest Ratses
Starting from 10.80% p.a.
No Collateral
Get fund without risking your assets
Zero Hidden Charges
No hidden charges and extra penalties
4 Easy Steps to Apply for Indian Overseas Bank Personal Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for Indian Overseas Bank personal loan on Buddy Loan:
Step 1 - Visit - buddyloan.com or Download & install Buddy Loan app
Step 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the following personal details where required:
- Email Address
- employment type: Salaried/ self-employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Cross verify the given information and submit the application.
Ready to take next step ?
Frequently Asked Questions On indian overseas bank personal loan
Yes, Indian Overseas Bank offers instant loans. In order to meet the financial needs of its customers, it offers a variety of types of personal loans.
A personal loan from Indian Overseas Bank depends on factors such as income, employment type, and credit history. Check Indian Overseas Bank Personal Loan Eligibility for more details.
The personal loan amount from Indian Overseas Bank can be a maximum of Rs. 15 lakhs.
IOB personal loan interest rates start from 10.80% p.a. The interest rate depends on factors like the loan amount, repayment tenure, and the borrower’s credit score.
Indian Overseas Bank offers personal loans such as IOP Personal Loan, IOB Passion Loan, and IOB Special Personal Loan HNI VIP.
Indian Overseas Bank personal loans can take a few business days to get approved once all the required documents and information are submitted.
The documents required for an Indian Overseas Bank personal loan include identity proof, income proof, address proof, and other related documents such as a check-off letter from the employer.
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