Central Bank of India personal loan interest rates vary from 9.85% to 10.05% p.a. And the processing fee is up to 1% of the loan amount. The bank offers up to Rs. 10 Lakhs Loan for tenure of up to 48 months. The Central Bank personal loan rates differ as per the loan amount, credit score, and income of the borrower.
Central Bank of India provides Personal Loans at highly competitive interest rates. The interest rate for these Personal Loans depends on the loan amount, tenure, type of loan, income eligibility of the applicant. The applicant's credit score also has an impact on the Personal Loan interest rates.
Below is the interest rate table for each Personal Loan product offered by the bank:
|Loan product type||Rate of Interest applicable|
|CENT Personal Loan Scheme|
|Cent Personal Gold Loan Demand Loan||10%|
|CENT Personal Loan to Pensioners||9.50%|
Central Bank of India offers its Personal Loan products with a view to provide monetary support to every section of the society. Central Bank of India Personal Loan is available for salaried employees and pensioners. Central Bank of India provides Personal Loans depending on the person's requirements eligibility and other criteria. Key features of Central Bank of India Personal Loan are provided below.
|Available for||Salaried employee and pensioners|
|Purpose||Available for business use, education purpose, house expenses, medical expenses, household appliances, or any kind of personal requirement.|
|Amount||The maximum loan amount that can be availed depends on the salary of the applicant. Up to 20 times of gross monthly income, subject to a maximum of 10 Lakhs can be availed as Personal Loan in case of salaried applicants. The pensioners can get up to Rs 5 Lakhs loan.|
|Tenure||The tenure is different for different types of loans. The maximum tenure for Personal Loan scheme is 48 months. For Personal Loan for pensioners, the maximum tenure possible is 18 months.|
|Rate of Interest||The rate of interest is different for different types of Personal Loans. The rate of interest also depends on the loan amount, tenure, income, and eligibility. The rate of interest starts from 11% for Cent Personal and 9.50% for Pension Loan Scheme.|
|Prepayment||Pre-payment is allowed at no extra charges|
|Processing fee||Rs-500 plus applicable taxes|
Central Bank of India has been providing services for a very long time and has developed a lot of customer-centric products. The bank provides customised schemes for different kinds of requirements. Below are benefits of Central Bank of India Personal Loan:
Central Bank of India offers personalised loan products for its customers at competitive interest rates and higher tenures. The Personal Loan by Central Bank of India can be availed for any purposes such as marriage, education, agriculture activities etc.
Central Bank of India offers the below-mentioned two types of Unsecured Personal Loans:
The bank issues certain charges when you submit your loan application. These charges may be related to your documentation process, application processing, prepayment, etc.
It is better to be prepared for all expenses while applying for the Personal Loan. Below are the charges applicable on Central Bank of India Personal Loan:
|Category||Type||Fees / Charges|
|Processing fee||CENT Personal Loan scheme||500|
|CENT Gold Scheme||Up to 1% of loan amount|
|CENT Personal Loan for Pensioners||Nil|
|Legal and Stamp duty charges||All loans||As per state laws|
Here's the eligibility criteria details for Central Bank of India Personal Loan:
|Age criteria||Minimum 21 to 58 years for Cent Personal Loan Scheme|
An application form is not enough to start the approval process of your Personal Loan application. The bank also requires you to provide certain documents to verify all the claims that you make in your loan application. Although the document list can vary for different types of products, certain documents are necessary for all kind of applications. These are documents related to your identity, residence and income proof. The mandatory documents for personal loan which is verified by banks.
Below are the documents that you will need:
Aadhar Card, PAN Card, Voter ID Card, International passport
Aadhar Card, Passport, Telephone Bill, Electricity Bill
The EMI (or Equated Monthly Instalment) is the amount that you will have to pay to the bank every month as part of your loan repayment. The EMI amount is crucial for your application as this is the amount that you will have to pay on a long term basis. The bank also determines your eligibility using the EMI amount. Also, the EMI amount depends on your loan amount, rate of interest, and tenure. Finalizing an appropriate EMI amount means finalizing your loan amount and tenure. This makes you more confident about your Personal Loan application and increases your chances of approval.
The EMI amount is calculated through a complex calculation process. It can be time-consuming and irritating to do these complex calculations yourself. Moreover, doing these calculations multiple times for different loan-tenure ratios can take too long. For this reason, tools like EMI Calculator were introduced. An EMI Calculator requires details like your loan amount, rate of interest, and tenure and gives you the calculated EMI amount along with the total interest and the total amount. The EMI Calculator provides immediate results and helps you speed up this part of the application greatly.
MyMoneyMantra provides you with this EMI Calculator as well through its website. The EMI Calculator can be accessed by logging in to the MyMoneyMantra website and going to the Financial Tools. Click on the EMI Calculator tab that you see there. The EMI Calculator tool opens up and you can enter your loan amount, rate of interest, and tenure in the fields mentioned. The tool will then display the calculated EMI amount along with the total interest and the total amount to be repaid. If you find that the EMI amount doesn't seem satisfactory for you, you can try to calculate again with different loan amounts and tenure until you find the ideal amount.
Central Bank of India has an efficient customer care system set up to ensure that the customers always receive immediate assistance for all their needs. Customer care executives are even available to visit your place and help you apply for the Personal Loan.
Below are the customer care details that you can use to contact the bank:
1800 180 1111
|Personal Loan Interest Rates by Banks|
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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The impact will depend upon the status of your previous loan. In case the prior loans have been paid off in a timely manner, there will be a positive impact on your Personal Loan application. In case the loan is still active and unpaid, it might lead to a higher Interest rate depending on your income and current loan application details. If the bank feels that you may not be able to pay for the EMI of both, there are chances that your application might be rejected.
Your EMI amount is calculated using your loan amount, rate of interest and tenure. The EMI amount can decrease with increase in tenure, but that means your rate of interest can increase as well. The formula for EMI calculation is 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
The maximum 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 maximum amount of Personal Loan that can be availed is 20 times the gross monthly salary (u to a maximum of 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 maximum loan amount could be Rs-5,00,000/-.
The lowest possible EMI means the highest tenure. The higher your tenure, the higher your rate of interest will be. 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.
Part-payment is when you provide the bank with a payment against the loan availed that is higher than your EMI. In this case the loan is not paid off completely. Your EMI will then, be calculated now that your remaining principal amount has reduced. The EMI may increase or decrease depending on your plan and remaining amount.
A floating rate Personal Loan is where the rate of interest can change throughout the tenure as per the change in the market lending rates. In most cases, the bank tries to increase your tenure if your rate of interest increases to ensure that your EMI remains unchanged. In certain cases, however, such as when you have already availed the maximum tenure, the bank will have no choice but to increase your EMI amount.
Nowadays, you don't have to stand in line at the bank to apply for a Personal Loan. You can easily apply for a Personal Loan from the comfort of your own home using the Central Bank of India's website. The application is similar to the physical application form, wherein you will be required to fill in the details and attach your documents before submitting them. You can also walk into any Central Bank of India branch to submit it. You can also contact the bank representatives to visit your house and get the application filled.