Central Bank of India Personal Loan Eligibility 

Central Bank of India offers personal loan to salaried. To meet the Central Bank of India personal loan eligibility, applicants should be aged at least 21 years and have completed 1 year of service.

Central Bank of India personal loan Eligibility Criteria

While making your Personal loan application, the very first thing you need to consider is the eligibility criteria. This is the criteria mentioned by the bank based on age, income and residency to ensure individuals who have a minimum capability of repaying the loan availed. Below are the eligibility criteria mentioned by Central Bank of India.

  • Nationality: Central Bank of India provides Personal loans to Indian Nationals, NRI's and PIO's.
  • Employment: Central Bank of India personal loan is available for both salaried employees and self-employed individuals. Unsecured loans are available for permanent employees of government employees, private institutions etc. Self-employed individuals have to go for collateral-based loans.
  • Income: The minimum income required for approval depends on the type of loan you wish to avail and your gross monthly income. Up to 20 times of gross monthly income can be availed as loan and your EMI should not be more than 40% of your monthly income.
  • Age: Central Bank of India only provides Personal loan for individuals between the age of 21-58 years. In case of pensioners, the age of the applicant should not exceed 76 years at the end of the loan tenure.
  • Experience: The minimum experience required to avail the personal loan depends on the type of applicant. The minimum experience required for permanent employees of Government firms is 1 years, while for employees working in any other private institution or Multinational corporation is 3 years.

Features of Central Bank of India Personal Loan

While deciding on your Personal loan application, it is wise to check out all the features of the Personal loan so that you can ensure that the product is ideal for your requirements. Below are some salient features of Central Bank of India Personal Loan.

PurposePersonal loans can be used for a variety of purposes. It can be for education expenses, marriage expenses, debt consolidation, medical expenses, expenses related to housing or any other personal finding requirement of the applicant
Maximum amountThe max loan amount that can be availed depends on the salary of the applicant. Up to 20 times of gross monthly income up to 10,00,0000 can be availed as personal loan in case of salaried applicants. The max loan amount for pensioners is 5,00,000.
Processing feesThe processing fee depends on the type of Personal loan availed. Up to 1% of the loan amount can be charged as processing fee.
Interest rateThe rate of Interest for the Personal loan depends on the type of loan, income and other eligibility criteria. The rate of Interest for Central Bank of India Personal loan starts from 10.15%.
Loan tenureThe loan tenure is different for different types of loan. The max tenure for personal loan scheme is 48 months, while for cent gold and cent liquid scheme,  it is 12 months. For personal loan for pensioners, the max tenure possible is 18 months
Lowest EMILowest EMI that can be availed at Central Bank of India is INR 2,327 per Lakh
SecurityBoth secured and unsecured loans are provided by Central Bank of India. Unsecured loans are available for permanent employees. Collateral based loans include Loans against gold jewellery, loans against savings certificates etc.
Pre-paymentCentral Bank of India allows the pre-payment of Personal loan after 0 EMI's for no extra charges.
SubsidiesSpecial subsidies and schemes exist for female applicants for Central Bank of India Personal loan.

Documents required for Central Bank of India Personal Loan

When you apply for a Personal loan, you also need to submit certain documents that can validate all the claims that you make on your application. The bank will not be able to approve your application without adequate documentation.

Please find the documents required for CENTRAL BANK OF INDIA Personal loan below:

  • Application Form duly filled
  • KYC documents:
    • Identity Proof - Anyone(  Pan Card,  Aadhaar, Passport, Valid Driving License, Voter ID Card )
    • Proof of Address - Anyone (Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile - not more than 60 days old)
  • Income proof:
    • Latest 3 month's Salary Credit Bank Statements
    • Last 2 salary slips
    • Income Tax returns
    • Business existence proof
    • Profit Loss sheets
    • Proof of pension depositing into your account in case of pensioners.
  • Other documents:
    • Processing fee cheque
    • 2 passport sized photographs

Factors affecting Central Bank of India Personal loan eligibility

Simply satisfying the base criteria of the bank is usually not enough to ensure approval of the loan. The bank should not have any doubt on your repayment capacity. For this, the bank will go through many aspects of your application to determine your eligibility. Below mentioned are some factors that can impact your Personal Loan eligibility.

Age and Tenure:

Your age coupled without tenure can be a major factor for your Personal Loan eligibility. The bank might prefer to give a high tenure loan to individuals who are younger and are more likely to work for long durations. On the other hand, an individual as young as 21 years of age won't be able to provide a high enough income to pay the EMI. For such an applicant, the bank will not accept short tenures. This way, you will have to ensure that you have enough experience in your job and that you will be working on a stable manner to show eligibility for a Personal loan.


Your income is naturally, a huge factor for the eligibility of Personal loan. The eligibility large depends on your ability to pay off the loan acquired through EMI's. The EMI amount is the amount that you will be paying from your monthly income. For this reason, it is important that your income is sufficient to cover the EMI amount. A larger income will naturally, mean a higher eligibility.

Credit history:

Your credit history is also very important for determining your Personal loan eligibility. The bank goes through your entire credit history when you apply for a Personal loan. If the bank finds any issues with your history, any missed payments, delays or unpaid credits, this will impact your application negatively. Make sure that you go through your credit history beforehand and ensure that there are no mistakes in it before you apply for the Personal loan.

No prior credit:

The bank uses your credit history to determine your credibility for approving your Personal loan. Having a bad credit is naturally very negative for your Personal loan application. However, having no prior credit might also impact your eligibility negatively. This is because, without any credit behaviour, the bank will be unable to determine your credibility.

Of dependents:

The no of dependents on your income will have an impact on the eligibility of your Personal loan. This is because the number of dependents will determine the liabilities on your income. A higher number of dependents means a higher income liability and low disposable income. A low disposable income can lower your Personal loan eligibility.

Tips to increase Central Bank of India Personal loan Eligibility

Applying for a Personal loan can seem daunting. Even for quick processing and approval loans, the bank will need to go through your entire history to verify your credibility. If you ensure that you have made that all of the factors affecting the home loan are taken care of, the approval process becomes easier for the bank. That's why it is better to do proper planning before you apply for the loan. Below are some tips that you can follow to increase your Personal loan eligibility.

Use an EMI calculator to calculate your EMI before hand:

The EMI is the most implant part while determining your eligibility for the Personal loan. The EMI amount will have to be paid from your monthly income regularly without fail. That is why the bank will verify if your income can cover the EMI. It is prudent to calculate the EMI beforehand and ensure that your income covers it after satisfying all your liabilities. You can use an EMI calculator to calculate the EMI amount within a few minutes. MyMoneyMantra provides an easy to use EMI calculator for its customers.

Maintain a good credit score:

A credit score is very important for the approval of your Personal loan, more so when the loan is unsecured. Unexpected expenses may crop up any time in the future. That is why it is important to maintain a good credit score to ensure good financial credibility. You can do this by ensuring that you pay the bills on time, taking proper care of your existing credits, utilising only 70-80% of your credit card limit etc. Ensure that you have a credit score higher than 650.

Get a credit report:

The bank will go through your entire credit history to verify your credibility. It is better if you can get a credit report generated at your end. You can verify that the credit report is proper and does not have any mistakes or errors that can lead the bank to doubt your credibility. You can get a credit report generated from any professional financial institution.

Apply for a higher tenure:

The eligibility for the Personal loan depends largely on your capability of paying the EMI long term. The EMI amount is the total principal+Interest amount divided by the tenure. Increasing the tenure can mean a lower EMI amount. The bank will have a higher trust factor in your application with a lower EMI amount. Also, a high tenure can mean more time to repay the loan, which will also increase your eligibility.

Get a professional assessment of your finances:

The bank will go through a lot of your financial and credit history before approving your Personal loan. That is why it is wise to apply for the Personal loan after careful consideration of your finances. Getting your finances assessed professionally will be advantageous for your application. A professional assessment will provide you with a fair overview of your finances and liabilities so you can ensure that the EMI amount you choose will be comfortable enough for you to pay long term.

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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Personal Loan by Central Bank of India Eligibility Criteria FAQs

What is the max amount of personal loan that can be availed?

The max amount of personal loan amount that can be availed depends on the type of personal loan to be availed and the applicant type. In case of CENT Personal loan scheme, the max amount of personal loan that can be availed is 20 times the gross monthly salary/10,00,000. In case of Gold Loans or loans against securities, the loan amount can depend on the value of the security. For pensioners, the max loan amount that can be availed would be 5,00,000.

Is it beneficial to choose the lowest possible EMI for my Personal loan?

The lowest possible EMI means the highest tenure possible. The higher your tenure, the higher your rate of interest as well. That is why the lowest possible EMI can mean that you end up paying a lot more total amount and more Interest. Using a Personal Loan EMI calculator can help you determine the ideal EMI and also display the total amount of interest to be repaid for the entire tenure. This ensures that you are aware of all the aspects of the repayment before you finalize your application.

What is the difference between floating rate personal loan and fixed-rate personal loan?

In the case of a fixed rate personal loan, the rate of interest remains fixed throughout the tenure of the Personal loan. However, in the case of floating rate personal loans, the rate of interest can change as per the change in market lending rates. In case the rate of Interest changes, the bank will try to increase your tenure to keep your EMI the same. However, in cases where it is not possible to increase the tenure, your EMI amount will change. Most banks now offer only the option of floating rate personal loans.

How is the EMI for my Personal loan calculated?

The EMI amount is the amount that you will have to pay as repayment against the loan availed on a long term basis. The EMI amount is calculated using your loan amount, rate of interest and tenure. The calculation for the EMI amount is as given below.

EMI = P × r × (1 + r)n/((1 + r)n - 1) 

Where P = principal loan amount

R = Rate of Interest/100

N = Tenure in months

What are the types of Personal loan provided by Central Bank of India?

Central Bank of India provides a wide variety of Personal loans for different kind of requirements. The loans can also be customised as per the eligibility of the applicant. Below are the types of loan provided :

  • CENT Personal loan, for permanent employees working at government or private institutions.
  • CENT Gold loan, for loan availed against the collateral of gold jewellery.
  • CENT Liquid Scheme, for loan availed against the collateral of savings certificate, bonds, fixed deposits etc.
  • CENT Pension Scheme, for loan for individuals who are receiving regular monthly pension.

How can I reduce the rate of Interest applicable on my Personal loan?

The rate of Interest on your Personal loan depends on a lot of factors such as income, type of loan, age, tenure, eligibility etc. The first thing to reduce the rate of interest is to determine if there are any special schemes for the kind of loan you require.  Having a good credit score can also lower your rate of interest. The higher your income and eligibility, the lower your rate of interest. Try to follow the tips mentioned above to increase your eligibility and lower the rate of Interest on your Personal loan.  

What are the advantages of applying for a Central Bank of India Personal loan?

Personal loans are the best option for individuals who are in urgent need of funds for any personal expense such as marriage expenses, debt consolidation, medical expense, house renovation costs etc. Personal loans can be utilised for any purpose by the applicant. Personal loans by Central Bank of India can be unsecured or secured, depending on the convenience of the applicant. Also, Personal loans have a lower rate of interest as compared to other forms of credit and are also approved faster.

How can I apply for a Personal loan with Central Bank of India?

To apply for a Personal loan with Central Bank of India, you only need to visit the nearest branch, ask for the application form, fill up the relevant fields, attach the documents and submit the application. You can also apply for the loan through the bank's website from the comfort of your own home. The process is similar to a physical application. Alternatively, you can apply for the Personal loan through MyMoneyMantra as well.