Indian Overseas Bank Personal Loan Interest Rates 2024
Indian Overseas Bank offers Clean loan (Personal loan) at lowest interest rates. Get details on eligibility, Documents list, processing fees & EMI for loan.
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.
Purpose: For any purpose including any social / financial commitment.
- 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.
- For others, it is 5 times of salary or Rs.1.00 lakh whichever is lower.
- 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 2024
| REPAYMENT LESS THAN 4 YEARS | 12.25% |
| REPAYMENT ABOVE 4 YEARS | 12.75% |
| PERSONAL LOAN CATEGORY-A | 12.25% |
| PERSONAL LOAN CATEGORY-B | 12.75% |
| PERSONAL LOAN CATEGORY-C | 13.25% |
| Akshay – loan against life policies of LIC and private insurers approved by IRDA | 12.55% |
Documents required for Indian overseas personal loan
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.
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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.
| 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 |
