Please Note: Indian Overseas Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Indian Overseas Bank Personal Loan Highlights |
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Interest rate | 12.50% – 13.50% p.a. |
Loan Amount | Up to Rs 15 lakh |
Tenure | Up to 7 years |
Processing Fees | Up to 0.75% |
Minimum Gross Income | Rs 75,000 |
Note: Rates as of 26th May 2023

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Table of Contents
Indian Overseas Bank Personal Loan Interest Rates
IOB Personal Loan
Personal Loan Categories | Interest Rates (p.a.) |
Personal Loan Category A | 12.50% |
Personal Loan Category A | 13.00% |
Personal Loan Category A | 13.50% |
Personal Loan to HNI (IOB Royal)
Repayment Tenure | Rate of Interest (p.a.) |
Less than 4 years | 12.50% |
Above 4 years | 13.00% |

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Compare Personal Loan Interest Rates of Various Lenders
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 10.50% onwards | Apply Now |
SBI | 11.00%-15.00% | |
ICICI Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
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:
- If the employer shares an undertaking that the loan amount shall be deducted from the salary and remitted to the bank or the salary is given through the loan granting branch- 10 times of salary or Rs 15 lakh, whichever is lower
- For Others- 5 times the salary or Rs 1 lakh, whichever is lower
- For LIC agents- Up to 10 times average monthly commission or Rs 1 lakh, whichever is lower
Tenure:
- If the loan is for 10 months’ salary- Up to 5 years
- If the loan is for 5 months’ salary- Up to 3 years

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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
- Permanent employees working with Public Sector Undertakings, reputed private companies, firms or enterprises and Government employees
- LIC agents are also eligible
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
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Toll Free Number:
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 only at floating rate of interest.
Q. Does Indian Overseas Bank offer preferential interest rates to personal loan applicants having higher credit score?
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 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.