Indian Overseas Bank Personal Loan


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.

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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

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
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.

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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

IOB Passion

Special Personal Loan HNI VIP

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.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

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%

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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

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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 the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (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 DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take the next step? Apply for a Personal loan now!

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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