{"id":8098,"date":"2018-06-28T21:58:56","date_gmt":"2018-06-28T16:28:56","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=8098"},"modified":"2018-07-05T17:58:20","modified_gmt":"2018-07-05T12:28:20","slug":"indian-overseas-bank-iob-personal-loan-interest-rates","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/indian-overseas-bank-iob-personal-loan-interest-rates\/","title":{"rendered":"Indian Overseas Bank (IOB) Personal Loan Interest Rates"},"content":{"rendered":"

Indian\u00a0Overseas Bank personal loan interest rates<\/b>\u00a0depend the borrower\u2019s on income, borrower\u2019s credit history, the RBI rates, inflation etc. Indian\u00a0Overseas Bank personal loan interest rate for the year 2015 varies from 13.65 percent to 14.90 percent. The interest rates is offered to a borrower in such a way that he is not burdened with the EMI payment.<\/p>\n

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IOB Personal Loan Interest Rates 2018<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Particulars<\/strong><\/td>\nSalaried<\/strong><\/td>\nSelf-employed<\/strong><\/td>\n<\/tr>\n
Interest rate<\/td>\n12.70% to 15.25% p.a.<\/td>\n12.70% to 15.25% p.a.<\/td>\n<\/tr>\n
Loan Amount (Min-Max)<\/td>\nRs.50,000 to Rs.15 lakhs<\/td>\nRs.50,000 to Rs.15 lakhs<\/td>\n<\/tr>\n
Loan Tenure<\/td>\n1 to 5 years<\/td>\n1 to 5 years<\/td>\n<\/tr>\n
Lowest EMI<\/td>\nRs.2,260 per Rs.1 lakh (calculated at lowest interest rate and maximum loan tenure).<\/td>\nRs.2,260 per Rs.1 lakh (calculated at lowest interest rate and maximum loan tenure).<\/td>\n<\/tr>\n
Processing Fee<\/td>\nRs.204 per Rs.1 lakh loan amount<\/td>\nRs.204 per Rs.1 lakh loan amount<\/td>\n<\/tr>\n
Age<\/td>\n21 to 58 years<\/td>\n21 to 58 years<\/td>\n<\/tr>\n
Prepayment Charges<\/td>\nNil (no prepayment prior to 12 EMIs)<\/td>\nNil (no prepayment prior to 12 EMIs)<\/td>\n<\/tr>\n
Pre-Closure Charges<\/td>\n2.23%<\/td>\n2.23%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

How to calculate interest or EMI on Indian Overseas Bank Personal Loan?<\/h2>\n

EMI or\u00a0Equated Monthly Instalment\u00a0is the amount that the borrower has to pay to the bank each month towards the interest and the principal loan amount. The principal amount and interest is divided by the tenure in which the loan has to be repaid. The formula to calculate the EMI is:<\/p>\n

EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure \u2013 1]<\/p>\n

Factors affecting Indian Overseas Bank Personal Loan interest rates<\/h2>\n

Indian\u00a0Overseas Bank personal loan interest rate<\/u>\u00a0varies for every applicant due to various factors. Some major factors affecting the interest rates are as follows:<\/p>\n