Central Bank of India

Central Bank of India Personal Loan

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Apply Central Bank of India Personal Loan

About Central Bank of India Personal Loan

Central Bank of India is an over 100 years old bank and the first Indian bank which was completely owned and managed by Indians. Sir SorabjiPochkhanawala founded this prestigious bank in 1911 and Sir Pherozesha Mehta was the first chairman of Central Bank of India. The bank has its presence in almost every state and union territory and due to this fact, it is also known as the All India Bank. The bank has more than 4,500 branches across the length and breadth of the nation. Over the last century, Central Bank of India has gone through many ups and downs but has always come out on top and today, it is one of the strongest forces in the Indian banking scenario.

The personal loan offered by Central Bank of India is one of the premium products offered by this bank. There are different types of personal loans like a personal loan for corporate employees, cent personal loan scheme, cent Ratna, cent doctor, cent teacher, cent liquid, cent suvidha,and cent personal gold loan. Each loan is designed to serve a specific purpose. You can easily apply for a personal loan on the Central Bank of India website or visit your nearest Central Bank of India branch.

Central Bank of India Personal Loan Interest Rate - Dec 2019

Interest rate

11.6%

Loan tenure

4 Years

Loan turn around period

1-7 Days

Processing Charges

500 + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2585 Per Lakh

Why Central Bank of India Personal Loan?

  • A wide range of schemes: Central Bank of India offers a wide range of personal loan schemes. Each scheme is designed to suffice a specific purpose.

  • Minimum documentation: To reduce the loan turnaround time, Central Bank of India asks you to fill out only necessary forms and furnish only relevant documents to the loan.

  • Superb customer care: You can always reach out to the customer care if you have any grievances or doubts related to your loan. They will be happy to help you.

  • Repayment: The loan amount can be repaid either through the EMI's (equated monthly installments) or by standing instructions to deduct from your savings account.

  • Low processing fee: The processing fee levied is very nominal and is to be paid at the time of filing the documents.

All About Central Bank of India Personal Loan

Loan tenure

Up to 48 months

Who can apply?

All individuals including businessmen, salaried class and professionals (a special type of personal loan for doctors and teachers)

Loan turnaround period

3 - 4 days

Processing fee

500 per proposal

Types of Personal Loan Offered by Central Bank of India

Central Bank of India mainly deals in the below mentioned seven types of personal loans:

1. Personal loan for corporate employees: This type of loan is meant for employees of corporate clients. Company's net worth and past performance are taken into consideration by the bank to determine the quantum of loan to be disbursed.

Personal Loan for Corporate Employees

Eligibility

  • The borrower should be an employee of a corporate client.

Loan amount

  • Twenty times of gross salary subject to a maximum of 500,000 and minimum net take home pay 40% of gross salary after taking into account payment of statutory dues, repayment of various loans including the installment of the proposed loan.

Security

  • Salary should be credited to Central Bank of India account. In case the borrower doesn't have an account in Central Bank of India, the employer has to deduct the installment amount from the salary of the borrower and pay that amount to the bank until the loan is settled.

  • The borrower has to submit an authority letter to debit salary account for the payment of monthly installments.

  • The employer should acknowledge all the undertakings of the borrower.

Repayment

  • Up to 36 months through EMI

Interest rate

  • MCLR +3.50%

Processing fee

  • 500 per proposal

 

Also Read: Personal loan for salaried & their Interest Rates

2. Cent personal loan scheme: This loan can be taken by a permanent government employee or a corporate employee having a service period of 3 years or above. The loan sanctioned can be used for personal purposes like a marriage in the family or purchase of a new durable utility item and so on.

Cent Personal Loan Scheme

Eligibility

  • The borrower should be a permanent employee of Indian Railways, Central and State Government, Government institutions, schools,and hospitals. Also, they shou

  • ld have completed 1 year of service in that institution.

  • Permanent employees of Indian or multinational companies having completed 3 or more years of service.

Loan amount

  • Twenty times of gros

  • salary subject to a maximum of 1,000,000 and minimum net take home pay 40% of gross salary after taking into account payment of statutory dues, repayment of various loans including the installment of the proposed loan.

Repayment

  • Up to 48 months through EMI

Interest rate

  • MCLR +3.50%

Processing fee

  • 500 per proposal + S.T.

 

3. Cent Ratna: 

This type of loan is designed for permanent employees of Maharatna or Navratna or major Public Sector Undertakings (PSU's). The loan sanctioned cannot be used for speculative purposes like gambling, investing in shares and so on.

Cent RaaNA

Eligibility

  • The borrower should be a permanent employee of Maharatna or Navratna or major Public Sector Undertakings (PSU's).

 

Loan amount

  • 20 times of gross salary

  • Up to 600,000 per employee

Interest rate

  • MCLR+ 3.50%
  • If the borrower's bank account is in Central Bank of India, then they will get a concession of 50 basis points in interest.

Other terms and conditions

  • during the tenure of the loan, the borrower is to open and operate a savings account with a minimum balance of 10,000.

  • Take home salary after taking into consideration the loan EMI should not be less than 40%.

  • ECS mandatory.

 

4. Cent Personal Gold Loan: 

This loan can be taken by individuals to fulfill their urgent requirements of funds. The funds can be used for expenses related to education, health, marriage etc. However, the loan amount cannot be used for agricultural purposes.

Cent Personal Gold Loan

Nature of loan

  • Demand loan
  • Pledge of gold ornaments of 22 carat purity.

  • Pledge of 22 carat gold coins.

  • Maximum 50 gram per person

Purpose of loan

  • To meet fund requirements for marriage, education, medical treatment etc.

Quantum of loan

  • Value of 22 caratgold pledged

Security

  • Gold pledged

Margin requirements

  • Bank will sanction amount equivalent to 70% of the value of the gold pledged.

Limit of loan

  • 1750 per gram of gold or 70% of the current market price of 22 carat gold whichever is less.

  • In case of gold coins purchased from Central Bank of India; 1850 per gram of gold or 70% current market value of 24 carat gold.

Interest rates

  • MCLR (12m) +2.00 % p.a. floating

Processing fee

  • 0.5% of the loan amount.

Repayment period

  • Up to 12 months

 

5. Cent Teacher: 

This loan is specially designed for the people who stick to the noble profession of teaching. Teachers can take this loan for personal use or domestic purposes.

Cent Teacher

Purpose of loan

  • To meet personal and domestic fund requirements.

Eligibility

  • Permanent teachers are eligible.

  • Employees of schools or colleges or universities and other research and educational institutes can apply for this loan.

Quantum of loan

  • Twenty times of gross salary subject to a maximum of 500,000 and minimum net take home pay 40% of gross salary after taking into account payment of statutory dues, repayment of various loans including the installment of the proposed loan.

Security

  • Salary should be credited to Central Bank of India account. In case the borrower doesn't have an account in Central Bank of India, the employer has to deduct the installment amount from the salary of the borrower and pay that amount to the bank until the loan is settled.

  • The borrower has to submit an authority letter to debit salary account for the payment of monthly installments.

  • The employer should acknowledge all the undertakings of the borrower.

Rate of interest

  • MCLR + 2.50%

Repayment

  • Up to 48 months

 

6. Cent Suvidha: 

All individuals can take this loan to meet the urgent requirements of funds. However, the employer has to agree to credit salary in the overdraft account as the nature of the facility is an overdraft.

Cent Suvidha

Eligibility

  • Salaried employees of companies/ schools/colleges/ and other organizations. The salary is to be credited to the savings account of the Central Bank of India.

Amount of loan

  • Net salary of one month or overdraft up to 100,000 whichever is less.

Processing charge

  • Nil

Rate of interest

  • MCLR + 4.00%

Security

  • The employer has to credit salary in the overdraft account.

 

7. Cent Liquid: 

This loan is also called loan against shares and debentures. Individuals who have shares and debentures in dematerialized form i.e. in the demat account can pledge those shares and debentures in exchange of a loan not more than 20 lakhs.

Cent Liquid

Nature of facility

  • Overdraft or demand

Amount of loan

  • Up to 2,000,000

Security

  • Shares or debentures in demat account

Repayment

  • Up to 12 months or on demand, whichever is early

Rate of interest

  • MCLR + 4.00%

Margin requirements

  • 50% of the current market value of the shares or average price of shares for the last 6 months whichever is less.

 

8. Cent Doctor: 

Specially designed personal loan scheme to help doctors purchase equipment for the clinic or renovate an existing clinic or buy vehicles, ambulance, stock of medicines, disposables and so on.

Cent Doctor

Eligibility

  • Applicants must have a qualification like MBBS/ BDS/ BHMS/ BAMS and must have practical experience in a hospital/ clinic/ nursing home.

  • In case of a partnership, 50% of the partners should be registered,medical practitioners.

  • In the case of a company, 50% of the directors should be medical practitioners.

  • In the case of trusts, one of the trustees should be a registered medical practitioner.

Amount of loan

 

Margin requirements

  • 25% in case of construction of clinic/nursing home.

  • 15% in case of purchase of equipment.

Security

  • Hypothecation of assets purchased.

Rate of interest

  • Equipment, Ambulance and working capital - MCLR+2.25%

  • Construction of Clinic /Residence cum Clinic - MCLR+2.50%

Repayment period

  • Up to 84 months including 6 months of moratorium.

Prepayment

  • No prepayment charges are levied if prepayment is done through genuine sale and own resources.

  • 1% prepayment charge is levied on the amount due in case the loan is taken over by other bank or financial institution.

Processing fee

  • 0.5% of the loan amount up to 10,000.

Read more: Personal Loan offers for Doctors

Central Bank Personal Loan Interest Rates

SCHEME MCLR % (12 MONTHS) SPREAD Interest Rates

Personal loan for corporate employees

8.60%

+3.50%

12.10%

Personal Gold Loan

8.60%

+2.00%

10.60%

Cent Liquid

8.60%

+4.00%

12.60%

Cent Personal Loan

8.60%

+3.50%

12.10%

Personal Loan to Teachers

8.60%

+2.75%

11.35%

Cent Doctor

-Equipment, Ambulance,and working capital

-Construction of Clinic /Residence cum Clinic

 

8.60%

8.60%

 

+2.25%

+2.50%

 

10.85%

11.10%

Cent suvidha

8.60%

+4.00%

12.60%

Cent Ratna

8.60%

+3.50%

12.10%

1 Year MCLR = 8.60%

Documents Required for Central Bank of India Personal Loan

Documents Salaried individuals

Identity Proof

Any one of:

  • Passport
  • Voter ID
  • PAN Card (Mandatory)
  • Aadhaar Card (Mandatory)
  • Driving License

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)

  • Passport

Income Proof

  • Latest 3 months Bank Statement (where salary/income is credited)

  • Salary Slips for last 3 months

Photographs

2 Passport Size Photographs


Documents Self-employed individuals

KYC Documents

  • Proof of Identity
  • Address Proof
  • Date of Birth Proof

Residence Proof

Any one of:

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)

  • Passport

Income Proof

  • Income proof (audited financials for the last two years)

  • Latest 6 months Bank statement

Other Documents

  • Office Address Proof
  • Proof of Continuity of Business

Other Products by Central bank of india

Central Bank of India has its headquarter in Mumbai, Maharashtra. The bank started its operations 106 years ago and over the years, it has tapped on various opportunities to scale up the operations of the company. Central Bank of India serves both corporate houses and individual customers. The bank employs approximately 38,000 people and its total assets are just above 300,000 crore.

Products offered by Central Bank of India

Car loan

Home loan

Credit card

Education loan

Fixed deposit

Loan against property

Savings account

Agricultural loan

MSME banking

How to calculate Personal Loan EMI

MyMoneyMantra provides an EMI calculator tool which you can use to calculate your monthly EMI towards the loan. The tool is designed keeping in mind the layman. You just have to enter the loan amount, the interest rate and the duration of the loan. As soon as you click on calculate, the calculator gives you the total amount of interest payable on the loan, monthly obligation towards the loan and the total amount to be repaid which is basically the sum of principal and interest.

Central Bank of India Latest News

A case for reduction: Lowering interest rate on the personal loans to 9.99% p.a. made economic sense

October 6th, 2018, New Delhi: Personal loan gives the borrower the flexibility to use it for any purpose such as education, marriage, vacation etc. This type of loan is common, especially among small businesses. The personal loan issued are non-collateralized due to which the rate of interest is very high i.e. 15-20%. Therefore, steps are taken to reduce the rate to 9.99% p.a. The immediate impact of lowering the interest rates of the personal loan would be that the cost borrowing would come down. The low-interest rate would also decrease the cost of raising funds for small businesses. 

The Central Bank of India is going to allot 35.43 crore shares to Indian Government

October 12th, 2018, New Delhi: According to sources, Central bank of India has recently announced that the capital raising community of the board of directors (BOD) approved the issue as well as the allotment of equity shares of 35,43,57,970 with face value 10 each. The issue price of such equity share is equal to 66.43 per share that aggregating to 2354 to the government of India on the preferential basic.

The Central Bank of India said that blockchain could help the banks to avoid the frauds

October 16th, 2018, New Delhi: RBI believes that the implementation of the blockchain can reduce the fraudulent activities in the banking sector. Not only RBI but the governor of Central Bank of India, UshaThorat has also accepted that blockchain technology has the power to minimize frauds in banks. The government of India has recently issued a statement that bitcoins and altcoins are no more considered as the legal currency in India.

Central Bank of India is conducting its Board of Directors meeting.

October 9th, 2018, New Delhi: The objective of this BOD gathering is to fix the venue as well as the time of the Extra-Ordinary General Meeting (EGM) by passing the special resolution in order to raise the equity capital of the bank on preferential basis. Central Bank of India has intimated the BSE about its upcoming BOD EGM. The meeting has been scheduled on October 12, 2018, inter alia. The agenda of this meeting is to fix the date and time of EGM to increase the equity capital on the preferential basic.

FREQUENTLY ASKED QUESTIONS

Q1. What is the interest rate on Central Bank of India personal loan?

The rate of interest of Central Bank of India personal loan is 8.60% (MCLR revised rates w.e.f. 01.10.2018) per annum.

Q2. What is the procedure of repayment of the loan?

The repayment of the personal loan would be made in Equated Monthly Installments (EMIs).

Q3. How much time I would get to repay the personal loan amount?

The Central Bank of India provides 48 months to its customers to repay the personal loan amount.

Q4. How do I determine my eligibility for Central Bank of India personal loan?

In order to avail personal loan from Central Bank of India, you should have a regular income. Salaried individuals should have income greater than or equal to 25, 000. Self-employed individuals or self-employed professionals are also eligible to take a personal loan. 

Q5. Can I apply for a personal loan from Central Bank of India with my spouse as a co-applicant?

Yes, the applicant can jointly apply for the personal loan with their spouse and this clubbing of income can also increase the amount of loan. Moreover, not only the spouse but also other family members can be co-applicants in the personal loan (up to 4 maximum).

Q6. What are the key documents required for the Central Bank of India Personal loan?

Documentation is a critical part to sanction any type of loan, whether personal or business loan. Following are the key documents, which are required fora personal loan:

  • Proof of income (salary slip for salaried individuals and the latest acknowledged copy of ITR for self-employed individuals)

  • Proof of address
  • Proof of identity (voter ID card, driving license etc.)

  • Certified copies of license or degree (only in the case of self-employed professional).

Q7. Why choose the Central Bank of India fora personal loan?

The central bank of India provides its customers with a fast way of documentation as well as fast approval of personal loans as compared to other banks and financial institutions. It also provides a reasonable rate of interest i.e. 8.60%.

Q8. What is the processing fee of the central bank of India's personal loan?

Processing fee on a personal loan of Central Bank of India is 500

Q9. Is there any tax benefit associated with the personal loan of the central bank of India?

Well, there is no tax benefit is associated with the loan but if you sanction a personal loan for the purpose of renovation and down payment of home (residential), then you will be eligible for tax deduction under section 24 of income tax Act 1961.

Q10. For what purpose I can use the personal loan?

A personal loan can be used for appliance purchase, luxury vacation, home renovation, debt consolidation, fixing your car, investment in your business, paying unexpected medical bills.

Central Bank of India Customer Care

A big bank requires a big team to solve customer's queries. Keeping this in mind, the Central Bank of India has devised different customer care teams to address different issues. There is a particular team that solves loan related issues and there is a different team in place which solves issues related to credit cards. Also, the customer care team is active 24 x 7. So, you can call them anytime if you have an issue. You can also mail Central Bank of India your queries and grievances. You will find the e-mail ID and toll free number on the bank website. Also, customer care executives are very patient, courteous and professional. They will be very pleased to solve your problems.

Why Apply for Central Bank of India Personal Loan on MyMoneyMantra?

Application for Central bank of India personal loan of through MyMoneyMantra provides you with a better and simple way to get the loan. Below mentioned are some of the key points on which it helps you:

  • Eligibility check: MyMoneyMantra (MMM) calculates your eligibility in the fastest way and provides 100% accurate results that inform you whether you are eligible for Central Bank of India personal loan or not. 

  • Provide the best scheme: It also helps you to avail the best schemes by comparing the products of different banking and financial institutions.

  • Highlight the charges: MYMONEYMANTRA (MMM) provides you with all the important loan charges of different banks. After going through all the charges you will understand why the Central Bank of India is the best.

  • Fast approval: MYMONEYMANTRA (MMM) provides the fastest approval for the personal loan with quick documentation

How to apply CBI Personal Loan on MMM?

MyMoneyMantra is a website which you can visit to get information about the financial products of various banks and financial institutions. Not only you get information, but you can also apply for loans on MyMoneyMantra. Loan application process on MyMoneyMantra is very simple. You just have to follow the below mentioned steps:

  • Visit MyMoneyMantra website and click on personal

  • Then you will be asked to give your name.

  • The next page will ask you to enter the loan amount. Enter the amount and hit continue.

  • Choose the loan tenure and click on continue.

  • Choose from the mentioned employment type; salaried, self-employed and self-employed professional. Select the employment type carefully as each type has a different follow up process.

  • Then you have to enter your work experience with the company.

  • In the next step, you will be required to disclose any ongoing EMI's or loan obligations. Enter the correct amount as this will affect the quantum of loan.

  • Then you have to select your city of residence from the mentioned options. If your city of residence is not mentioned then select others.

  • The next step asks you to fill the type of residence which may be rented, owned, corporate provided, or relatives house.

  • Then you have to fill the number of years for which you have been living in the current house.
  • Enter your date of birth.
  • Select the reason for taking a personal loan from the given options.

  • The next field requires you to fill out your email ID and mobile number.

Click on "show me the best offers". A new page will load where you will see personal loan products of different banks and financial institutions. Browse through the page and click on Central Bank of India personal loan.

 

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