I am using the calculator to check the EMI amount and other charges. Is the figure accurate?

The calculations are done on the basis of reducing balance principal and is nearly accurate. There can be minor differences depending on the method employed by the bank.

I am looking forward to pre-close my existing personal loan with IOB. How will this tool help me?

Please refer to the loan terms and use the calculator by providing the required details. The repayment table will give you a clearer picture of the financials. Depending on the number of instalments you've paid, you can check, compare the incidence of interest charges on the balance outstanding and decide accordingly.

Can this tool be used to compare personal loan offers from other banks against IOB?

Yes, this tool comes handy for calculating the EMI for loan deals from other banks as well.

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BankBazaar

IOB Personal Loan EMI Calculator

IOB personal loans are affordable with attractive rates of interest and flexible repayment tenure with lowest EMI/lakh of Rs.2,212.

The interest rate on the Indian Overseas Bank personal loan is currently 11.75% p.a. You can check the EMI you will have to pay based on the loan amount, repayment tenure, and rate of interest by using the Personal Loan EMI Calculator available on the BankBazaar's website.

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Example - Consider that you have taken a personal loan of Rs.3 lakh from Indian Overseas Bank at an effective interest rate of 11.75% p.a. If the processing fee on your loan is 0.40%, the repayment details for different tenures are as follows:

Rs.3 lakh @11.75% p.a.	2 years	3 years	5 years
Equated Monthly Instalment (EMI) (Rs.)	14,087	9,929	6,635
Total Interest Payable (Rs.)	38,089	57,426	98,130
Processing Fee (Rs.)	1,200	1,200	1,200
Total Amount Payable (Rs.)	3,39,289	3,58,626	3,99,330

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How does the IOB Personal Loan EMI Calculator Work

Before using this tool, basic information pertaining to the financials of the loan such as the proposed loan amount, tenure (in years & months), applicable interest rate and the processing fee component (in percentage) should be available.

After obtaining these details, follow 4 Easy steps below to get the IOB Personal Loan EMI amount and repayment table.

On the scale 1 titled "Loan Amount", use the slider to freeze the proposed loan amount. Move the scale carefully and be sure to select the right amount.
On scale 2 titled "Tenure", follow the same step as above to choose the loan tenure in years and months.
In the following fields, key in the interest rate and processing fee, both in percentage.
After you're done making the required selection, click "Calculate" to get the required output.

In less than a second, you have the EMI amount displayed on the screen followed by charts and graphs providing a detailed breakup of the charges involved in the loan along with the repayment table for reference.

Features and Benefits

Provides the EMI Value

The most basic function of this tool is to offer the exact installment amount you will be paying into your IOB Personal Loan each month. It not only helps in planning your monthly budget, but also to choose the loan terms such as the tenure and negotiate the rate with the bank.

Repayment table

This table offers a detailed breakup of the monthly installment payable and contains the principal and interest rate components until the end of repayment schedule. The information obtained from this table can also help in making key decisions such as pre-closure of an existing loan.

Breakup of finance charges

The breakup obtained from the pie chart will tell you how much interest charges you will be paying overall. On the basis of this information, you can go ahead and negotiate the rates with the bank to get them reduced.

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IOB Personal Loan Calculator FAQs

I am using the calculator to check the EMI amount and other charges. Is the figure accurate?
The calculations are done on the basis of reducing balance principal and is nearly accurate. There can be minor differences depending on the method employed by the bank.
I am looking forward to pre-close my existing personal loan with IOB. How will this tool help me?
Please refer to the loan terms and use the calculator by providing the required details. The repayment table will give you a clearer picture of the financials. Depending on the number of instalments you've paid, you can check, compare the incidence of interest charges on the balance outstanding and decide accordingly.
Can this tool be used to compare personal loan offers from other banks against IOB?
Yes, this tool comes handy for calculating the EMI for loan deals from other banks as well.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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