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Disclaimer: Indian Overseas Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Indian Overseas Bank for personal loans. No offers/services from Indian Overseas Bank are being provided by Paisabazaar for personal loans. For further information about Indian Overseas Bank for personal loans, users are required to reach out directly to Indian Overseas Bank.
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Indian Overseas Bank Personal Loan Highlights |
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| Interest rate | Floating Rates- 10.50% – 13.90% p.a.
Fixed Rates- 14.00% p.a. |
| Loan Amount | Up to Rs 30 lakh |
| Tenure | Up to 7 years |
| Processing Fees | Up to 0.75% |
| Minimum Gross Income | Rs 75,000 |
Note: Rates as of 19 June 2025
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Table of Contents
Indian Overseas Bank Personal Loan Interest Rates
IOB Personal Loan Floating Interest Rates
Personal Loan Category A
| Credit Score | Interest Rates (p.a.) |
| 800 and above | 10.50% |
| 775 to 779 | 10.70% |
| 750 to 774 | 10.85% |
| 725 to 749 & NTC | 11.80% |
| 700 to 724 | 12.40% |
| 680 to 699 | 13.25% |
| 680 & Below | Reject |
Personal Loan Category B
| Credit Score | Interest Rates (p.a.) |
| 800 and above | 10.85% |
| 775 to 779 | 10.90% |
| 750 to 774 | 11.10% |
| 725 to 749 & NTC | 12.00% |
| 700 to 724 | 12.50% |
| 680 to 699 | 13.50% |
| 680 & Below | Reject |
Personal Loan Category C
| Credit Score | Interest Rate (p.a.) |
| 800 and above | 11.35% |
| 775 to 779 | 11.45% |
| 750 to 774 | 11.60% |
| 725 to 749 & NTC | 12.50% |
| 700 to 724 | 13.00% |
| 680 to 699 | 13.90% |
| 680 & Below | Reject |
IOB Pre-Approved Personal Loan & Personal Loan Top-up
| Credit Score | Interest Rate (p.a.) |
| 800 and above | 10.50% |
| 775 to 779 | 10.70% |
| 750 to 774 | 10.85% |
| 725 to 749 & NTC | 11.80% |
| 700 to 724 | 12.40% |
| 680 to 699 | 13.25% |
| 680 & Below | Reject |
IOB Personal Loan to HNIs
| Credit Score | Interest Rate (p.a.) |
| 800 and above | 10.85% |
| 775 to 779 | 10.90% |
| 750 to 774 | 11.10% |
| 725 to 749 & NTC | 12.00% |
| 700 to 724 | 12.50% |
| 680 to 699 | 13.50% |
| 680 & Below | Reject |
IOB Personal Loan Fixed Interest Rates
| Scheme | Interest Rates (p.a.) |
| Personal Loan | 14.00% |
| Personal Loan Top-up | 14.00% |
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Compare Personal Loan Interest Rates of Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
Also know the banks and NBFCs for best personal loans in India
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Indian Overseas Bank Personal Loan Processing Fees and Charges
IOB Personal Loan
| Loan Amount | Processing Charges |
| Up to Rs 5 lakh | 0.40% |
| Above Rs 5 lakh | 0.50% |
Clean Loan, IOB Royal
| Loan Amount | Processing Charges |
| Up to Rs 5 lakh | 0.50% |
| Above Rs 5 lakh | 0.75% |
Also check the processing fees for personal loans charged by other lenders
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Types of Indian Overseas Bank Personal Loans
Personal Loan to HNI (IOB Royal)
Purpose: Personal loan scheme offered to fulfil the socio-economic financial needs
Loan Amount: Up to Rs 15 lakh
Tenure: 1-7 years
IOB Personal Loan
Purpose: For any purpose, including financial or social commitments.
Loan Amount:
- For employees working with Central Government, State PSUs, Central PSUs, Quasi Govt., Defense & paramilitary, PSB and Railway, or institutions where the bank’s branch is named after the institution’s name, or working with MNCs, reputed private firms and companies with regular monthly salaries and maintaining salary accounts with IOB – Up to 25 or 20 times of gross monthly salary or Rs 30 lakh, whichever is lower.
- For employees working with reputed private firms, MNCs and companies with regular monthly salaries and don’t maintain salary accounts with IOB – Up to 10 times of gross monthly salary or Rs 15 lakh, whichever is lower.
Tenure: Up to 7 years
IOB Personal Loan Top-up
Purpose: For any purpose, including financial or social commitments.
Loan Amount: Up to 25 times the salary or Rs 7.50 lakh, whichever is lower. The total loan amount under the Personal Loan Scheme, including the Top-up, should not exceed Rs 30 lakh per borrower.
Tenure: Up to 5 years. The repayment period should not exceed 3 months prior to superannuation or 60 years of age, whichever is earlier.
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Eligibility Criteria for Indian Overseas Bank Personal Loan
For Personal Loan to HNI (IOB Royal)
- Minimum age: 25 years
- Minimum Gross Income: Rs 75,000
Eligibility for IOB Personal Loan
- The following types of applicant are eligible for IOB Personal Loans:
- Category A: Employees working with Central Government, State PSUs, Central PSUs, Quasi Govt., Defense & paramilitary, PSB and Railway are eligible for IOB Personal Loan. The employees of the institutions where the bank’s branch is named after the institution’s name and salary is credited to a savings account with the bank are also eligible for personal loans.
- Category B: Employees working with MNCs, reputed private firms and companies with regular monthly salaries and employees maintaining salary accounts with IOB. The regular salary credit into the account should be for a minimum of 6 months.
- Category C: Employees working with reputed private firms, MNCs and companies with regular monthly salaries and don’t maintain salary accounts with IOB. The regular salary credit should be for a minimum of 6 months.
- The applicant should have a savings account in the respective branch from where the loan is availed.
Eligibility for IOB Personal Loan Top-up
- Employees working with Central or State Government, Central PSUs, State PSUs, PSBs, Quasi Govt., Railway, Defence & Paramilitary and having their salary account with Indian Overseas Bank are eligible for personal loan top-up.
- Employees of the institutions where IOB’s Branch is located in the institution campus and the salary of the employees of the institution is credited to a savings account with IOB are also eligible for top-up loan.
- Age Criteria: Minimum-22 years, Maximum-3 months prior to superannuation or 60 years of age, whichever is earlier.
- The applicant should have a regular repayment for the last 1 year.
- CIC Score: 700 and above
- The Take Home Pay (after proposed EMI) should be 40% or a minimum Rs 50,000 after the proposed EMI.
Also check the personal loan eligibility criteria set by other personal loan lenders.
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Documents Required for Loan Application
- Duly filled application form with passport-sized photographs
- Photo identity proof (any one document): Passport, PAN card, Voter Identity Card, Driving License, Aadhar Card
- Address proof(any one document): Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhar Card
- Income proof: Bank Account Statement, Salary Slips, ITR, Form 16, etc.(depending on scheme and applicant type)
- Any other document required by the bank
Additional documents for IOB Personal Loan
- Salary certificate of applicant and guarantor with deduction particulars
- Undertaking letter from employer to deduct monthly installment and recover the dues from terminal benefit (if necessary)
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EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Indian Overseas Bank Customer Care
Toll Free Numbers:
- 1800 890 4445
- 1800 425 4445
Know more about Indian Overseas Bank Customer Care and Grievance redressal process in detail
FAQs
Q. Do you need any security or guarantors while applying for Indian Overseas Bank Personal Loan?
A. Personal Loan applicants qualifying for IOB Royal are not required to furnish any security, margin or guarantor. Such applicants should have a minimum gross income of Rs 75,000. However, other applicants of unsecured personal loan are required to provide two, third party guarantors. The salary of each such guarantor should be at least equal to that of the borrower.
Q. Can I choose between a fixed or floating rate for the personal loan?
A. Indian Overseas Bank offers personal loans at floating and fixed interest rate.
Q. Does Indian Overseas Bank offer preferential interest rates to personal loan applicants having higher credit scores?
A. Yes, Indian Overseas Bank offers an interest rate concession of 1% to personal loan applicants having credit score of 800 & above.
Q. What is the minimum credit score required to avail personal loan from an Indian Overseas Bank?
A. Indian Overseas Bank has not specified any cut-off credit score for personal loan applicants. However, personal loan applicants with credit score of 750 and above usually have higher chances of availing personal loans.
Q. Would my monthly income play any role in determining my personal loan amount eligibility?
A. Lenders determine the loan amount eligibility of a personal loan applicant based on his repayment capacity. Indian Overseas Bank requires the EMIs of its personal loan applicants to remain within 50% of their gross pay.