Indian Overseas Bank Personal Loan Interest Rates

After reviewing the applicant’s credit history, monthly income, inflation, RBI rates and more, Indian Overseas Bank Personal Loan is sanctioned to the applicant. However, the interest rates applicable on the personal loan offered by Indian Overseas Bank ranges from 13.65-14.9% per annum.

Interest rates as per 2017 set by Indian Overseas Bank:

Particulars

Salaried

Self-employed

Interest rate

12.70% to 15.25% yearly

12.70% to 15.25% yearly

Loan Amount (Min-Max)

Min: Rs.50000/-

Max: Rs.15 lakhs

Min: Rs.50000/-

Max: Rs.15 lakhs

Loan Tenure

Min: 12 Months

Max: 60 Months

Min: 12 Months

Max: 60 Months

Lowest EMI

Rs.2260/- per Rs.1 lakh (calculated as per maximum loan tenure and lowest interest rate)

Rs.2260/- per Rs.1 lakh (calculated as per maximum loan tenure and lowest interest rate)

Processing Fee

Rs.204/- per Rs.1 lakh loan amount

Rs.204/- per Rs.1 lakh loan amount

Age

Min: 21 years

Max: 58 years

Min: 21 years

Max: 58 years

Prepayment Charges

NA

NA

Pre-Closure Charges

2.23%

2.23%

Keep in mind the following factors before applying for the Indian Overseas Bank Personal Loan:
  • The applicant, throughout his/her tenure, is required to pay the fixed amount of interest for the personal loan.
  • According to the bank’s base lending rate, the floating interest rate attached to the personal loan will change.
  • The applicant is required to provide collateral, security or a guarantor in order to avail the benefits of the personal loan from Indian Overseas Bank.
  • The interest rates will automatically go up when there is a rise in the repo rate set by RBI.
  • The personal loans offered by Indian Overseas Bank can be availed by self-employed individuals, businessman, government employees, employees of the private firm, undertaking employees of the public sector, LIC agents, professionals and individuals working with a reputed organization and institutions.

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