Indian Overseas Bank Personal Loan – Apply Online 2022

Last Updated : Jan. 5, 2022, 1:09 p.m.

Being a major public sector bank based in Chennai, Indian Overseas Bank by offering personal loan is here to fulfill the personal wish of all. Be it for travel, marriage, medical emergency or debt consolidation, no matter for which purpose you want to avail the loan, the bank caters to all your requirements. You can get the loan at low interest rates, less processing fee & charges, along with flexible tenure options. So, to know more about Indian Overseas Bank Personal Loan , go through this page below.

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Indian Overseas Bank Personal Loan at a Glance:

Particlulars	Description
Interest Rates	14.05% p.a.
Loan Amount	INR 15 Lakhs
Tenure	1-5 Years
Processing Fees	1.01%-1.10% of the loan amount

Eligibility Criteria

Age at least 21 and less than 58.
Salaried / Self – Employed with regular income, earn more than the minimum income required.

How to Apply?

When it comes to applying for Indian Overseas Bank Personal Loan, you can easily do the same either by visiting the branch or by leaving your query online. In order to avail the loan from the branch itself, you need to have a duly filled application form along with all the necessary documents. Whereas, in online format, you just need to leave your query by filling few details, and after that bank will shortly get in touch with you.

Know Your Eligibility for Indian Overseas Bank Personal Loan

Now let us understand the loan amount eligibility with the help of an example below.

Suppose you are working in a renowned company and earning an attractive salary of ₹ 80,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your personal loan eligibility.

In bank’s point of view, it will assume that you are able to save around ₹40,000 per month out of your monthly income of ₹80,000. So, your savings can be used to repay the EMIs of your personal loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

Amount- ₹1 lakh
Loan Tenure-5 years
Rate of Interest-14.05%
Your monthly EMI will be ₹2,329

So your calculation for personal loan would be
₹1 lakh x 40,000/2405=₹17.17 lakhs

So, your personal loan amount eligibility is ₹17.17 lakhs

Indian Overseas Bank Personal Loan EMI Calculator

Stands for Equated Monthly Installment, EMI is nothing but the sum of the interest and principal which is payable each month on personal loan. So, now you must be wondering how Indian Overseas Bank calculates your EMI when it comes to personal loan. Well, your EMI gets calculated in a very easy and simple manner. Indian Overseas Bank EMI calculator takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.

Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards the personal loan.

For Example: If you are interested in availing a loan of ₹10,00,000 from Indian Overseas Bank for 5 years for a foreign vacation at an interest rate of 14.05% p.a., EMI, total interest outgo and total amount payable from your pocket will be ₹23,294, ₹3,97,651, and ₹13,97,651 at the end of your loan tenure.

In fact, for your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your personal loan

Loan Amount (in INR)	Loan Tenure (in years)	Interest Rate (in p.a.)	EMI (in INR)	Total Interest Outgo (in INR)	Total Amount (EMI+Interest) (in INR)
10,00,000	1	14.05%	89,811	77,728	10,77,728
10,00,000	2	14.05%	48,037	1,52,876	11,52,876
10,00,000	3	14.05%	34,202	2,31,269	12,31,269
10,00,000	4	14.05%	27,352	3,12,875	13,12,875
10,00,000	5	14.05%	23,294	3,97,651	13,97,651

Amortization Table

Year (in years)	Principal Payment (in INR)	Interest Outgo (in INR)	Balance Amount (in INR)
1	1,48,339	1,31,189	8,51,661
2	1,70,575	1,08,953	6,81,086
3	1,96,149	83,379	4,84,937
4	2,25,553	53,975	2,59,384
5	2,59,654	20,163	0

Documentation Required

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

Things to Remember

The employee should have a S.B. account in the branch from where the loan is proposed to be availed.
Salary of the employee should be routed through the S.B. account at the branch where the loan is sanctioned.

Indian Overseas Bank Personal Loan Interest Rates

You can easily avail the loan from the bank at an interest rate of 14.05% p.a. and get your wishes fulfilled without any hassle. Whenever you are in urgent need of funds, the bank caters to all your needs by offering you personal loan at low interest rates.

Indian Overseas Bank Personal Loan Application Form

If you want to get a personal loan from Indian Overseas Bank, you can download the application form from bank’s site. Yes, you just need to visit the site and download the form available online. Depending upon your convenience, you can download the form and fill it either at your home or office.

The application form is available online so that you can easily get the form and apply for the loan without any hassle. Once you download the form, you will find that there are few important details that you need to fill in the form. After completing the form, you need to submit it at the branch itself so as to process your loan request further.