Indian Overseas Bank Personal Loan - Features & Benefits

IOB Personal Loan Interest rate calculator works on various inputs like:

Loan Amount - Generally banks offer lower interest rates for higher amount. However IOB offers loan between Rs. 50,000 and 1,500,000.

Salary - Higher salary bracket individuals are offered loans at lower interest rates. IOB interest rate varies with your net monthly income.

Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IOB has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.

Relationship with the Bank - Indian Overseas Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low Indian Overseas Bank personal loan interest rate.

Loan Tenure - IOB Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.

Repayment Capacity - Before giving loan to the borrower, Indian Overseas Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

IOB also offers loan to defence, armed forces and government employees. Indian Overseas Bank personal loan interest rate for government employee and defence personnel varies from private salaried employees

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