The overdue amount on any personal loan would fall under the unpaid EMI for the specific month. The borrower has failed to pay the EMI on or before the due date. Failure to pay the EMI on-time may result in a penalty that would be a certain percentage of the EMI.

If you have taken a personal loan from Indian Overseas Bank, the late payment fee would have been informed while at the time of confirming the loan details after the loan approval. The late payment fee may vary from time to time subject to the internal policies of the bank. You will have to refer to the terms of conditions that was intimated to you at the time of loan approval

Are you looking for a personal loan at attractive terms and interest rates? Please check your eligibility for free at CredtiMantri