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0
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10L
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20L
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30L
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40L
%
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5
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7.5
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10
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12.5
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15
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17.5
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20
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0
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1
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2
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3
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4
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5

Total EMI

49,919

Total Interest

69,80,559

Total Payments

1,19,80,559

Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About Central Bank of India

Central Bank was established on December 21, 1911, as India's first Swadeshi Bank. The best aspect of this bank was that Indians fully managed it without any representation from the British empire. At that time, all banks in India had foreigners at the top management level. The credit for establishing this bank goes to a financial luminary, Sir Sorabji Pochkhanawala.

The bank has introduced several innovative services in the Indian banking industry.

  • The first bank to introduce the recurring deposit scheme in India.
  • Central Bank of India was the pioneer when it came to establishing an all-women branch.
  • Central Bank of India introduced the safe deposit vault and safe custody services.
  • Central Bank of India was the first to have an exclusive Executor and Trustee Department.
  • The bank was also among the first ones to be nationalised on July 19, 1969.
  • Central Bank introduced the credit card in India for the first time in 1980.

Central Bank of India Products and Services

Central Bank of India has a well-defined loan portfolio to go along with its excellent fixed deposit schemes. The bank has loan products for every segment of society. The bank has a branch network of nearly 4,700 branches situated all over India. The bank is unique as it has a uniform distribution of branches all over India. Most of the banks in India have a robust regional preference.

Apart from the loans to the corporate, MSME, and agricultural sector, Central Bank of India caters to the retail banking segment, as well. The bank offers various retail loans such as home loans, education loans, vehicle loans, and personal loans.

The personal loans are offered with, as well as without collateral. The features and benefits of Central Bank personal loans are as follows.

  • Personal loans to salaried employees and pensioners
  • Loans available without collateral at competitive rates of interest
  • Personal loans against property
  • A simplified application and documentation procedure
  • Extensive presence all over the country
  • Flexible repayment period
  • Transparent pricing of personal loans
  • Facility to calculate personal loan EMI online

Central Bank of India Personal Loans - At a Glance

Here is a list of personal loan products from Central Bank of India.

Personal Loans without Collateral
Loan Product Ideal for Maximum loan Interest rate >Maximum tenure

Cent Personal Loan Scheme

Meeting personal requirements

10 Lakhs

10.25% to 10.30%

48 months

Loan to Pensioners

Domestic needs of pensioners

5 Lakhs

8.75%

48 months

Overdraft to Pensioners

Domestic requirements of pensioners

10 Lakhs

8.75%

60 months

Personal Loans with Collateral

Cent Mortgage

Business and personal requirements

5 Crores

9.80% to 9.85%

120 months

Cent Rent

Personal needs and business requirements

10 Crores

9.75% to 10.25%

120 months

Cent Personal Gold Loan

Personal needs

No maximum limit

9.25%

Annual

Cent Liquid

Personal requirements

20 Lakhs

11.25%

12 months

Cent Swabhiman Plus

Supplemental income for senior citizens

Depending on the value of property

7.75%

As per scheme

Central Bank of India Personal Loans - How to Apply

Central Bank of India has an online personal loan application portal wherein the customer can apply for a personal loan from select branches online.

  • Access the Online Loan Processing System of the bank
  • Select the Loan Type as Personal Loan
  • Select your scheme category from between corporate and non-corporate
  • Choose your region from the drop-down box
  • Select the branch nearest to your location
  • Enter your Gross Monthly salary, monthly taxes, and other deductions
  • Enter your date of birth and calculate your eligibility.
  • The system will calculate your eligibility amount, rate of interest, and the EMI
  • Provide the loan amount you are looking for and the repayment tenure
  • The second screen opens up where you have to enter your contact details.
  • The bank representative will contact you to complete the formalities.

Central Bank of Indiaá -á Personal Loan EMI Calculator

Central Bank of India provides the option of a personal loan EMI calculator online. Customers can use it to calculate their EMI.

  • Select the Loan Calculator and choose your loan bracket (up to 1 Crore or more than 1 Crore)
  • Choose the Loan type from the dropdown box
  • Enter the loan amount
  • Submit the details of your repayment tenure
  • Enter the interest rate on the loan
  • You get your EMI.

This example will explain things better.

  • Loan Amount 500000
  • Number of instalments 48 months
  • Rate of interest 11%

You get your EMI Amount.

  • EMI amount 12,923

This personal loan calculator is unique because it allows customers to do a reverse calculation and calculate their loan affordability.

  • Number of instalments 48 months
  • Rate of Interest 11%
  • Monthly payment 15,000

You get your affordable loan amount as 5,80,371

Central Bank of India Personal Loaná - EMI concept

Central Bank of India Personal loans are repayable in a maximum of 48 months. The bank calculates interest on the daily reducing balance method. Under such circumstances, the ideal repayment mode is the EMI.

The EMI comprises of the principal repayment component and the interest repayment portion. In the initial stages of the loan repayment, the interest repayment component is high. It reduces gradually, as you keep on repaying the EMI on time. Any delay of repayment can result in the bank levying a penalty. The borrower should clear the penal interest apart from servicing the regular loan instalments,

Central Bank of India Personal Loan Details

Personal Loan

Purpose

Meet personal emergencies

Eligibility

  • Permanent employees of Government departments, Railways, educational institutions, and municipal bodies with one year of service
  • Permanent employees of Indian or multinational companies with a minimum of three years of service

Loan Quantum

  • 20 times gross salary with a maximum of 10 Lakhs
  • The borrower should satisfy NTH pay stipulation of 40% of gross salary

Rate of Interest

Repo Rate (4.40%) +á5.85% to 4.40%+5.85% + 0.05 = 10.25% toá10.30%, depending on credit rating of the borrower.

Repayment

48 EMIs

Processing Fees

500

Cent Pensioner Loan

Purpose

To meet the personal requirement of the pensioners and their families

Eligibility

  • Pensioners and family pensioners drawing their pension through Central Bank of India branches
  • Other pensioners getting their pension through Treasury Offices directly into their savings account with Central Bank of India
  • Pensioners and Family pensioners of the Bank

Quantum of Loan

  • Pensioners up to 75 years old 18 months pension with a maximum of 5 Lakhs
  • Pensioner above 75 years 12 months pension with a maximum of 2 Lakhs

Rate of interest

4.40% + 4.35% = 8.75%

Repayment Tenure

  • Up to 75 years -á 36 months
  • Above 75 years - 24 months
Cent OD Facility to Pensioners

Purpose

Meet all genuine personal needs of pensioners and their families

Eligibility

Pensioners and family pensioners drawing pension through Central Bank of India branches

Maximum Loan Amount

18 times the monthly pension with a maximum amount of 10 Lakhs

Nature of Facility

Overdraft limit with diminishing Drawing power, amortised in 60 months

Rate of Interest

4.40% + 4.35% = 8.75%

Co-Borrower

áSpouse or legal heir who is the family pensioner should join as co-borrower

Cent Mortgage

Purpose

All types of personal and business requirements

Eligibility

  • Minimum ageá - 21 years
  • Term Loan Maturity age -á 70 years
  • Overdraft Maximum age at entry -á 60 years
  • Minimum Income should be 2 Lakhs annually

Nature of Facility

Term Loan or Overdraft

Quantum of Loan

Area

Minimum Loan

Maximum Loan

Rural and Semi-urban

1 Lakh

50 Lakhs

District Headquarter in Semi-urban

1 Lakh

2 Crores

Urban, Metro, and semi-urban areas in Goa

1 Lakh

5 Crores

Security

Equitable mortgage

Rate of Interest

4.40% + 5.40% to 4.40% + 5.40% + 0.05% = 9.80% to 9.85%

Processing fees

  • Term Loaná - 0.5% of the loan amount with a maximum of 40,000
  • Overdraft -á 0.5% of loan with a maximum of 20,000
Cent Rental

Purpose

Financing to property owners against future rentals for business or personal use

Eligibility

Property owners who have leased out their property to Government offices, PSUs, banks, financial companies, insurance companies, and multinational entities

Nature of Loan Facility

Term Loan or Overdraft

Quantum of Loan

  • The maximum amount is 10 crores
  • Unexpired lease <= three years - 75% of the future rent receivables
  • Unexpired lease > 3 years but <= 6 years - 65% of future rent receivables
  • Unexpired lease > 6 years but <= 8 years - 55% of future rent receivables
  • Unexpired lease > 8 years but <= 10 years - 50% of future rent receivables

Security

  • Equitable mortgage of property
  • Assignment of future rent

Value of Property

  • If loan repayable within 36 monthsá 100% of the loan amount
  • If repayment is more than 36 months 133% of the loan amount
  • If there are issues with the assignment of future rentals - 200% of the loan value

Rate of Interest

  • Up to 3 years - 4.40% + 5.35% = 9.75%
  • More than 3 years - 4.40% + 5.85% = 10.25%

Repayment

  • 120 months but within the unexpired portion of the lease
Cent Personal Gold Loan

Purpose

Meet personal requirements

Nature of Facility

Demand loan against pledge of 22-carat gold

Security

Pledge of gold ornaments

Quantum of Loan

Depends on the value of the gold ornaments

Margin

30% of the value of the gold

Repayment

12 months

Rate of Interest

4.40% + 4.85% = 9.25%

Processing Fees

0.50% of the loan amount

Cent Liquid (Loan against shares)

Purpose

Meet personal requirements

Target

Individuals who are owners of shares and debentures and maintaining DEMAT account

Nature of Facility

Demand Loan or Overdraft

Maximum Quantum of Loan

20 Lakhs

Margin

50% of the value of shares

Repayment

12 months

Rate of interest

4.40% + 6.85% = 11.25%

Cent Swabhiman Plus

Purpose

  • To meet the personal requirements of senior citizens
  • To make an upfront payment to Insurance Company towards the purchase of lifetime annuity

Eligibility

  • Entry age of senior citizens - 61 to 99 years
  • Married couples can be joint borrowers

Loan Amount

Depends on the market value of the property with the minimum value being 10 Lakhs

Nature of disbursement

  • Loan component - the sum of the lumpsum payment received by the borrower
  • The insurance company will pay the annuity payments to the borrower directly

Rate of Interest

4.40% + 3.35% = 7.75%

Processing charges

0.15% of the loan amount with a minimum of 500 and a maximum of 10,000

Central Bank of India Personal Loan EMI Calculator Frequently Asked Questions

What is unique about the Central Bank of India Personal Loan EMI calculator?

The unique aspect of Central Bank of India Personal Loan EMI calculator is that it allows a reverse calculation. Thus, you can find out your loan affordability without having to resort to the trial and error method.

How does one calculate the affordability amount?

The customer can access the EMI calculator webpage and select the loan amount option instead of the monthly amount. Under such circumstances, the customer should enter the rate of interest, repayment tenure, and the affordable EMI amount. You will get the loan amount in an instant.

Does Central Bank of India offer the facility of a personal loan eligibility calculator?

Yes, Central Bank of India offers the facility of a personal loan eligibility calculator at the time of applying for the personal loan online. The customer has to enter the income details and monthly obligations to get the loan eligibility amount.

How does Central Bank of India charge interest on the personal loan?

Central Bank of India charges interest on the daily reducing balances of the personal loan. The bank links the retail loan interest rate to the external benchmark rate, the repo rate.

How does the rate of interest change on the personal loan?

Reserve Bank of India announces the repo rates during its credit reviews. However, banks do not change the rate of interest immediately. The change in the rate of interest takes place from the first day of the following month.

How does Central Bank of India treat the EMI in the event of a rate change midway through the loan tenure?

The EMI amount depends on the interest rate. Any change in the personal loan interest rate affects the EMI.

Central Bank of India does not increase or reduce the tenure of the personal loan. The EMIs change accordingly.

What are the factors that affect the rate of interest on the individual loans?

Central Bank of India links the retail loan interest rate to the repo rate. As on date, the repo rate is 5.15%. Central Bank of India adds its spread over the repo rate depending on the credit rating of the borrower. Other factors that affect the rate of interest are the loan amount and loan tenure.

Does the Central Bank of India offer personal loans to self-employed individuals?

As far as personal loans without collateral are concerned, Central Bank of India does not have any loan product for self-employed individuals. However, the bank has personal loans with collateral like Cent Mortgage, Cent Rental, and so on to cater to the individual requirements of the self-employed individuals.

For what purposes can you avail a personal loan from Central Bank of India?

Central Bank of India grants personal loans to salaried employees and pensioners to cater to personal requirements. These needs include marriage expenses, education, travel, and medical expenses and all other genuine requirements. The customer cannot use the loan for speculative purposes.

What is the drawback of Central bank of India personal loan EMI calculator?

Central Bank of India personal calculator does not provide the amortisation schedule of the loan account. Other than this issue, the personal loan EMI calculator is an excellent tool.