Indian Overseas Bank Personal Loan Interest Rates | Documents | Eligibilty

Indian Overseas Bank offers Clean loan (Personal loan) at lowest interest rates 2018. Get details on eligibility, Documents list, processing fees & EMI for loan at deal4loans.com

Eligibility :
Employees in Government, Public Sector Undertakings, reputed private enterprises, firms, companies etc. and confirmed in service. The take home pay, after deduction of the proposed loan installment should be more than 50% of the gross pay. LIC agents are also eligible to apply for the loan subject to conditions.

₹ 273,923 crores worth of Personal Loan Applications received! (last updated on 16 December 2018)

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Loan Amount

Employment Status

City

Purpose: For any purpose including any social / financial commitment.

  1. Ten times of salary or Rs.15.00 lac whichever is lower, if your employer undertakes to deduct the loan installment from salary and remit to us or the salary is routed through the loan granting branch.
  2. For others, it is 5 times of salary or Rs.1.00 lakh whichever is lower.
  3. For LIC agents, the maximum loan is up to 10 times average monthly commission or Rs.10.00 lakh  whichever is lower.

Repayment:
In a maximum of 60 months in case the loan is for 10 month salary and 36 months in case the loan is for 5 months salary..

Indian Overseas Bank Personal Loan Interest Rates 2018

Clean Loan – Salaried Employee 13.50%
IOB Royal 13.50%
IOB Personal Loan/ Special Personal Loan to HNIs/VIPs 11.75%
Women Borrowers 11.25%
Sahayika-loan 12.25%
Akshay – loan against life policies of LIC and private insurers approved by IRDA 11.75%

Documents required:

Application form, Salary certificate of applicant and guarantor with deduction particulars, undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit in case of necessity.

Processing Fee: 
One time processing fee of Rs. 204/- per lakh or part thereof(subject to change).

Indian Overseas Bank Personal Loan EMI Calculator

You Can Calculate Personal Loan EMI with this Calculator by Just Enter your Loan Amount, Interest Rates and Loan Period/Tenure.

Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

Other conditions:
1. The employee should have a S.B. account in the branch from where the loan is proposed to be availed.
2. Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned.
3. Undertaking letter from the employer undertaking to deduct from salary, loan installment every month and remit to bank to be produced.
4. Letter from the employer, undertaking to recover the dues from the terminal benefits of the employee in case of death, retirement or resignation to be produced.

Indian Overseas Bank Personal Loan EMI Calculation

Below personal loan emi table is given on the basis of loan amount of Rs. 1.00 lakh at 11.75% rate of interest at different tenures.

If you take personal loan for 5 years at interest rate of 11.75% p.a. then for Rs. 1.00 lakh loan amount
emi will be Rs. 2212/-, if loan amount is Rs. 2.00 lakh emi would be Rs. 4424/-, like-wise for Rs. 3.00 lakh emi will be 6635/-, for Rs. 8847/-, for Rs. 5 lakh emi would be Rs. 11,059/-.

Loan Amount Tenure In Years Interest Rate Monthly EMI
100000 1 11.75% ₹8,873.19
100000 2 11.75% ₹4,695.68
100000 3 11.75% ₹3,309.50
100000 4 11.75% ₹2,621.13
100000 5 11.75% ₹22,11.83

If you take personal loan for 5 years at interest rate of 11.75% p.a. then for Rs. 1.00 lakh loan amount
emi will be Rs. 2212/-, if loan amount is Rs. 2.00 lakh emi would be Rs. 4424/-, like-wise for Rs. 3.00 lakh emi will be 6635/-, for Rs. 8847/-, for Rs. 5 lakh emi would be Rs. 11,059/-.

Indian Overseas Bank Personal Loan Branch Address

Branch Address IFSC Code Address
Bangalore IOBA0000011 7, SRI SAILAM, 1ST MAIN RD, GANDHI NAGAR, BANGALORE, 560009
Bangalore IOBA0000012 Door No 6/1. Ground Floor, Infcantry Road, Bangalore 560 001. Karnataka
Bangalore IOBA0000136 5, K.H.RD., SHANTI NAGAR, BAG 2776, BANGALORE-560027
Chennai IOBA0000002 12, SARDAR PATEL RD(GUINDY RD), ADYAR, CHENNAI, 600020
Chennai IOBA0000038 R.K.R.BLDGS., 292, ARCOT RD, KODAMBAKKAM, CHENNAI, 600024
Hyderabad IOBA0000030 GROUND FLOOR, DOOR NO.5-1-664, 665, 679 SURABHI ARCADE, BANK STREET HYDERABAD KOTI, HYDERABAD 500001
Hyderabad IOBA0000336 D.NO.15-1-475/1, 1ST FLOOR, NEAR MAHAVEER BHAVAN, OLD FEEL KHANA, BEGUM BAZAR, HYDERABAD – 500 012.
Delhi IOBA0000017 5, N.S.MARG, DARYAGANJ, P.B.NO.1139, DELHI-110002
Delhi IOBA0000035 10222/10223, GURUDWARA RD., P.B.2511, KAROL BAGH, N.DELHI-5
Delhi IOBA0000065 MALHOTRA BLDGS., JANPATH, QUEENSWAY, BAG.145, NEWDELHI-110001
Mumbai IOBA0000051 378 LADY JAMSHEDJI RD., MAHIM, P.B.6456, MUMBAI-16
Mumbai IOBA0000209 C-201, II Floor, Waterford Building, C D Barfiwala Lane (Juhu Lane) Andheri West.
Pune IOBA0000153 272, Shaniwarpeth, Opp: Omkareshar Temple, PUNE, 411030, Maharashtra.
Nagpur IOBA0000302 PLOT NO 124 MAHARAJ BAGH ROAD RAMDASPETH RAMDASPETH , NAGPUR 440010

Download Clean Loan Application Form.PDF (91kb)