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Indian Overseas Bank is a public sector bank in India and is based in Chennai, Tamil Nadu. It has about 3400 branches across the country as well as 6 foreign branches and representative offices. It is one among the oldest banks in India and has grown from its humble roots to being a national bank that caters to national and international customers. It has a host of banking solutions and products and services that are designed specifically for retail and corporate customers.

Indian Overseas Bank offers many loan options for its customers depending upon their needs. These loan options have attractive and reasonable interest rates as well as flexible repayment tenures. The quantum of loan depends on the type of loan applied for as well as on many other factors like the eligibility of the applicant, repayment capacity, credit score, tenure of the loan taken.

Repayment of Loans

The loan taken by the customers of Indian Overseas Bank has to be repaid within the tenure of the loan taken. Customers have the option to repay the loan taken with many flexible borrower-friendly features. The repayment schedule for the loan taken can be determined based on the repayment capacity of the borrower. The loan amount can be repaid on monthly or weekly basis or any other arrangement as per the agreement between the borrower and the Bank.

How does loan repayment work?

Repayment of the loan taken, as mentioned above, has to be repaid within the tenure of the loan. Repayment schedule of the loan is calculated on the basis of amount to be repaid each month during the tenure of the loan.

The amount to be repaid each month is known as the Equated Monthly Installments or EMIs. These EMIs are made up of two components: the principal amount to be repaid as well as the interest component. There are many lenders who provide the option to repay only the interest component initially or in lump sum as per the arrangement or the agreement between the lender and the borrower. The interest component of the EMI is greater in case of loans that have greater repayment tenure and will reduce over the repayment schedule of the loan and the principal component accounts for a larger proportion in the latter half of the repayment schedule.

How to use a repayment calculator?

All banks have a repayment calculator that can be accessed on the website of the bank. Indian Overseas Bank also has a repayment calculator which the customers can use to calculate an estimate of the loan to be repaid on the basis of Equated Monthly Installments or EMIs. This will give the customers an estimate of the expense of the loan taken. The parameters needed for using the repayment calculator are mentioned below.

  • Loan amount
  • Rate of Interest
  • Tenure

Repayment Schedule of Personal Loans in Indian Overseas Bank

Personal Loans are the loans that are granted by Indian Overseas Bank to customers to meet their personal needs like medical expenses, wedding expenses, travel, home renovations or repairs, etc. Personal loans are some of the easiest loans that can be granted to the customers. In many cases, Personal Loans can be granted within minutes or hours of application if they meet the eligibility criteria and submit all the necessary documents and application form duly.

Personal Loans of Indian Overseas Bank can be granted up to maximum Rs. 5,00,000. The maximum repayment tenure for the loan is 60 months or 5 years. Customers also get the benefit of prepayment of the loan taken. Such prepayment can be done at zero additional cost or any prepayment charges.

Repayment Schedule of Home Loans in Indian Overseas Bank

Home loans of Indian Overseas Bank can be availed for purposes like purchasing a new house or flat or renovating an existing home. The Bank provides home loans from minimum of 75% to maximum of 90% of the value of the house. In case of home loan, the maximum amount of home loan is 30% of the purchase amount.

The tenure of the home loan of Indian Overseas Bank is for a maximum period of 30 years. Home Loan of the bank also does not have any prepayment charges as well.

Repayment Schedule of Vehicle Loans in Indian Overseas Bank

The vehicle loans of Indian Overseas Bank are available for four wheelers as well as two wheelers and can be availed by residents as well as NRIs. The maximum loan amount is 90% or 75% in case of new car or used car respectively or Rs. 60,000 in case of two wheeler loans.

The maximum repayment tenure for Vehicle loans is tabled below.

Vehicle Type


New Car

84 Months or 7 years

Used Car

84 Months or 7 years

New Two Wheeler

72 Months or 6 years

Repayment Schedule of Gold Loans in Indian Overseas Bank

Gold Loans of Indian Overseas Bank is of various types and for many purposes. Customers can pledge or use their gold as security to get loan funds for their desired needs. The details of the gold loans of the bank and the details of the same are tabled below.

Loan Type



Agricultural Jewel Loan

Meeting Short Term Production Credit needs of farmers

Bullet payment in a year

Agricultural Jewel Loan-Jewellery

Meeting Investment credit needs of farmers

Maximum repayment period is 3 years. Customers have the option to repay the loan on a monthly/ quarterly/ half yearly or yearly basis.

Jewel Loan SME

Meeting Investment needs of MSME

Bullet payment in a year

Jewel Loan-Others

Meeting Domestic or Business Needs

Maximum Repayment in 35 months


Meeting Domestic Needs of Women Customers

Bullet payment in a year

Repayment Schedule of Education Loans in Indian Overseas Bank

Education Loan of IOB can be for the purpose of getting higher education, paying tuition fees, hostel fees and airfare, getting technical or vocational education for getting a new job, or undertaking special higher education training for jobs.

The repayment tenure for the education loans of IOB is a maximum period of 15 years and customers also get a moratorium of 1 year to repay the loan.


1. What is the maximum repayment tenure for personal loan of IOB?

The maximum repayment tenure of personal loans at IOB is 5 years.

2. Can a person prepay the home loan taken from IOB?

Yes. Customers get the option to prepay the home loan taken from IOB without any extra charges or penalty.

3. What is the customer care number of IOB?

The customer care number of IOB is 1800 890 4445 or 1800 425 4445.

4. Can NRIs apply for the vehicle loan of IOB?

Yes. NRIs are also eligible to apply for the vehicle loan of IOB.

5. Does the education loan of IOB provide a moratorium period to the customers?

Yes. Education loans at IOB can be repaid in a maximum period of 15 years and also gives the customers the benefit of a moratorium period of 1 year.

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