Central Bank Of India Personal Loan Interest Rates

Central Bank of India personal loan interest rates vary from 12% 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 Personal Loan Interest rates

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 typeRate of Interest applicable
CENT Personal Loan Scheme
  • 11% for Low (CBI, I,II,III)
  • 11.05% for Medium (IV,V,VI)
Cent Personal Gold Loan Demand Loan10%
CENT Personal Loan to Pensioners9.50%

Features of Central Bank of India Personal Loan

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 forSalaried employee and pensioners
PurposeAvailable for business use, education purpose, house expenses, medical expenses, household appliances, or any kind of personal requirement.
AmountThe 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.
TenureThe 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 InterestThe 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 12% for Cent Personal and 9.50% for Pension Loan Scheme.
PrepaymentPre-payment is allowed at no extra charges
Processing feeRs-500 plus applicable taxes

Additional Info: Also check Central Bank of India Balance Check Number

Benefits of Central Bank of India Personal Loan

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:

  • Avail customised scheme as per your requirement and eligibility. A lot of schemes available.
  • Competitive interest rates as compared to Personal Loan products from other banks
  • Low processing fees and charges for your Personal Loan application
  • No prepayment charges for Personal Loans

Types of Personal Loan Offered by Central Bank of India

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:

CENT Personal Loan Scheme:

  • The loan is available for salaried individuals to meet any of their personal expenses
  • The loan is available for only permanent salaried employees working in any banks, government company, private institution, etc.
  • In case of employees working in a government based firm, the applicant needs to have a minimum work experience of 1 year, while, for employees working in any private institutions/MNCs, the minimum work-experience needed is 3 years.
  • The maximum loan amount that can be availed is up to 20 times of the gross salary of the applicant, up to an amount of 10 Lakhs.
  • The rate of interest starts from 12%.
  • The maximum tenure which can be availed in 48 months
  • Processing fee is 500 plus applicable taxes

CENT Pensioners:

  • This loan is available for any personal expenses required by pensioners and family pensioners drawing pension through Central Bank of India's branches, pensioners and family pensioners of Central Bank of India, and defense pensioners.
  • The loan can be used for any personal purpose such as house improvement, purchase of any commodity, etc.
  • The maximum loan amount that can be availed is up to 18 months pension (maximum 5 Lakhs) for pensioners of up to 75 years of age and up to 12 months pension (maximum 2 Lakhs) for pensioners above 75 years of age.
  • The maximum tenure is 18 months for pensioners under 75 years and 12 months for pensioners above 75 years.

Fees and Charges for Personal Loan by Central Bank of India

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:

CategoryTypeFees / Charges
Processing feeCENT Personal Loan scheme500
 CENT Gold SchemeUp to 1% of loan amount
 CENT Personal Loan for PensionersNil
Legal and Stamp  duty chargesAll loansAs per state laws

Central Bank of India Personal Loan Eligibility

Here's the eligibility criteria details for Central Bank of India Personal Loan:

Minimum 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.
  • The maximum loan amount that can be availed is up to 18 months pension for pensioners.
Age criteriaMinimum 21 to 58 years for Cent Personal Loan Scheme
Experience required
  • The experience required to again the Personal Loan depends on the type of applicant.
  • The minimum experience required for permanent employees of Government firms is 1 year.
  • For employees working in any other private institution or Multinational corporation is 3 years.

Documents Required for Central Bank of India Personal Loan

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:

  • Duly filled application form
  • Identity proof (any of the below):

Aadhar Card, PAN Card, Voter ID Card, International passport

  • Residential Proof (any of the below):

Aadhar Card, Passport, Telephone Bill, Electricity Bill

  • Proof of Income (for salaried employees):
  • 3 months of salary statement (for salaried employees).
  • 6 months of bank statement
  • Last 2 years Form-16 or IT-returns
  • Proof of pension depositing into your account in case of pensioners
  • Other documents:
  • Processing fee cheque
  • 2 passport sized photographs

How to Calculate Central Bank of India Personal Loan EMI?

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 Personal Loan Customer Care numbers

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:

Toll-free numbers:

1800 110001

1800 180 1111

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Central Bank Personal Loan Interest Rates FAQ's

Will my previous loans have any impact on my application approval?


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.

How is my EMI amount calculated?


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

What is the maximum amount of Personal Loan that can be availed?


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/-.

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


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.

What is part-payment of a Personal Loan?


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.

In case of a floating rate Personal Loan, will my EMI increase?


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.

How can I apply for a Personal Loan through the Central Bank of India?


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.