Central Bank of India Personal Loan
Get an instant Central Bank of India personal loan online up to Rs. 10 Lakhs at an interest rate starting from 11.75% p.a. Repay in 48 equated monthly instalments (EMIs). A processing fee of up to 1% of the loan amount is charged, however, there is no processing fee for defence personnel.
Apply for Central Bank of India Personal Loan @ 11.75% Interest Rates

Central Bank of India Personal Loan Details
The following are the main details of the Central Bank of India loan:
Loan amount | Up to Rs. 10 Lakhs |
Rate of interest | 11.75% p.a. |
Tenure | Up to 48 EMIs |
Processing fee | Up to 1% of the loan amount |
Documentation charges | Up to Rs. 450 |
Lowest EMI per Lakh | Rs. 2,529 |
Types of Central Bank of India Personal Loan
Central Bank of India offers the following types of personal loans:
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 the purchase of a new durable utility item and so on.
Eligibility | The borrower should be a permanent employee and must have completed 1 year of service in that institution. |
Loan amount | Maximum Rs. 10,00,000 |
Repayment | Up to 48 EMIs |
Interest rate | 11.75% p.a. |
Processing fee | 1% of the loan amount (Nil for Defence personnel) |
Cent Personal Gold Loan:
This loan can be taken by individuals against gold to fulfill their urgent requirements of funds. The funds can be used for expenses related to education, health, marriage etc, except agricultural purposes.
Eligibility | This Demand loan can be availed against the pledge of gold ornaments or gold coins of 22 carat purity. |
Quantum of loan | Rs. 10,000 to Rs. 40 Lakhs |
Margin requirements | Bank will sanction an amount equivalent to 70% of the value of the gold pledged. |
Limit of loan |
|
Interest rate | 9.05% p.a. |
Processing fee | 0.75% of the loan amount (minimum Rs. 5000 and maximum Rs. 10,000) |
Repayment period | Up to 12 months |
Additional Info: Also, check the Central Bank of India Balance Check Number
Features of the Central Bank of India Personal Loan
The following are the main features of the Central Bank of India's personal loan:
- Loan amount: You can get a maximum of Rs. 10 Lakhs, depending on your eligibility under the Cent Personal Loan Scheme. For Cent Personal Gold Loan, the maximum limit is Rs. 40 Lakhs, depending on your requirement and gold’s value. Under Special Cent Covid, the maximum limit for salaried employees and pensioners is Rs. 5 Lakhs and Rs. 3 Lakhs for non-salaried applicants.
- Rate of interest: Central Bank of India personal loan interest rate varies from 11.75% p.a. for Cent Personal Loan Scheme, 9.05% for Gold Loan Scheme, and a minimum of 8.50% for the Special Cent Covid scheme.
- Processing fee: The processing fee for defence personnel is nil, and 1% of the loan amount for other applicants under Cent Personal Loan Scheme. For the Gold Loan Scheme, the processing fee is 0.75% of the loan amount. There is no processing fee for the Special Cent Covid scheme.
- Tenure: The tenure for Central Bank of India or CBI personal loan can be up to 4 years for Cent Personal Loan, 12 months for Gold Loan, and 5 years for Special Cent Covid.
- Types: Central Bank of India offers three types of personal loan schemes, i.e., Cent Personal Loan, Cent Personal Gold Loan, and Special Cent Covid.
Benefits of Central Bank of India Personal Loan
- A wide range of schemes: The Central Bank of India offers a wide range of personal loan schemes. Each scheme is designed to serve a specific purpose.
- Minimum documentation: To reduce the loan turnaround time, the Central Bank of India asks you to fill out only the 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 EMIs (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.
Central Bank of India Personal Loan EMI Calculation
Knowing your EMI before applying for the Central Bank of India loan scheme can be extremely beneficial to help you manage your budget. Using the Central Bank of India Personal Loan EMI calculator online on our website, MyMoneyMantra. All you need to do is enter the loan details mentioned below:
- Loan amount
- Rate of interest
- Repayment tenure
After filling in the loan parameters, click the Enter button to see the instant result.
Apart from calculating the EMI, our instant and accurate EMI Calculator also displays the amortization schedule for loan repayment.
Example Calculation:
- Loan Amount: ₹10,00,000
- Interest Rate: 9.95% p.a.
- Loan Tenure: 4 years (48 months)
- Monthly EMI: ₹25,291
- Total Interest Payable: ₹2,13,949
- Total Repayment Amount: ₹12,13,949
Amortization Schedule:
Year | Opening Balance | Total EMI Paid | Interest Paid | Principal Paid | Closing Balance |
---|---|---|---|---|---|
1 | ₹10,00,000 | ₹3,03,487 | ₹87,227 | ₹2,16,260 | ₹7,83,740 |
2 | ₹7,83,740 | ₹3,03,487 | ₹64,937 | ₹2,38,550 | ₹5,45,190 |
3 | ₹5,45,190 | ₹3,03,487 | ₹40,349 | ₹2,63,138 | ₹2,82,052 |
4 | ₹2,82,052 | ₹3,03,487 | ₹21,436 | ₹2,82,052 | ₹0 |
Documents Required for Central Bank of India Personal Loan
If you are looking for the Central Bank of India personal loan apply online with the following documents:
Documents for Salaried Applicants
Identity Proof: Any one of the following
- Passport
- Voter ID
- PAN Card (Mandatory)
- Aadhaar Card (Mandatory)
- Driving License
Residence Proof: Any one of the following
- 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
Other Documents:
- 2 Passport Size Photographs
- Loan application
Documents for Self-employed Applicants
Identity Proof: Any one of the following
- Passport
- Voter ID
- PAN Card (Mandatory)
- Aadhaar Card (Mandatory)
- Driving License
Residence Proof: Any one of the following
- 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
- 2 Passport Size Photographs
- Loan application
Central Bank of India Personal Loan Eligibility Criteria
Below are the detailed Central Bank of India personal loan eligibility criteria
Cent Personal Loan Scheme
- To apply for CBI loan, the borrower should be a permanent employee of Indian Railways, Central and State Government, Government institutions, schools, and hospitals. Also, they should have completed 1 year of service in that institution.
- Permanent employees of Indian or multinational companies having completed 3 or more years of service.
Cent Personal Gold Loan
- The loan is provided against the pledge of gold ornaments or coins of 22 Carat purity sold by the bank.
- The maximum gold that can be pledged is limited to 50 gram per person.
- The margin of 30% of the gold value has to be provided at the time of loan sanction.
Central Bank of India Personal Loan Charges
Processing fees:
- Cent Personal Loan Scheme: Nil for defence personnel and 1% of the loan amount for others.
- Cent Personal Gold Loan: 0.75% of the loan amount, subject to a minimum of Rs. 500 and a maximum Rs. 10,000.
Documentation charges:
- Cent Personal Loan Scheme: Rs. 270 + GST for loan up to Rs. 2 Lakhs, Rs. 450 + GST for loan above Rs. 2 Lakhs, and Nil for defence personnel.
- Cent Personal Gold Loan: Nil
How to Apply for Central Bank of India Personal Loan on MyMoneyMantra
If you are looking for a Central Bank of India online loan, apply with the steps mentioned below:
- Visit MyMoneyMantra website and click on Personal Loan.
- Then you will be asked to give your name, loan amount, tenure, employment type (salaried, self-employed and self-employed professional), city of residence, work details and other information.
- In the next step, you will be required to disclose any ongoing EMIs or loan obligations. Enter the correct amount as this will affect the quantum of loan.
- 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 the Central Bank of India personal loan.
Central Bank of India Personal Loan Customer Care
You can reach the customer care of Central Bank of India through any of the following means:
- 24-hour toll-free number: 1800 22 1911 is the dedicated Central Bank of India personal loan customer care number.
- Corporate office address: Central Bank of India, Chander Mukhi, Nariman Point, Mumbai - 400021.
- Corporate office telephone number: 022 - 6638 7777, is the Central Bank of India personal loan contact number for reaching the corporate office.
You can also visit the nearest branch of the bank. The details of the address of regional branches are mentioned in the link provided under https://www.centralbankofindia.co.in/en/contact-us.
FAQs
The personal loan interest rate Central Bank of India starts from 11.75% per annum, depending on the borrower’s eligibility and the type of scheme chosen.
The Central Bank of India provides 48 months to its customers to repay the personal loan amount.
To avail of a personal loan from Central Bank of India, you should have a regular income. Salaried individuals should have an income greater than or equal to Rs. 25 000. Self-employed individuals or self-employed professionals are also eligible to take a personal loan.
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).
Documentation is a critical part of sanctioning any type of loan, whether a personal or business loan. The following are the key documents, which are required for a 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 ofa self-employed professional).
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. The current Central Bank of India personal loan interest rate starts from 11.75% p.a..
Processing fee on a personal loan of the Central Bank of India can be up to 1% of the sanctioned loan amount.
There is no tax benefit associated with the loan, but if you sanction a personal loan for renovation and down payment of a home (residential), then you will be eligible for tax deduction under section 24 of the Income Tax Act 1961.
Yes, the Central Bank of India home loan customer care and personal loan customer care is the same.