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Central Bank of India Personal Loan Details

 Following are the main details of the Central Bank of India loan:

Loan amountUp to Rs. 10 Lakhs
Rate of interest9.85% to 10.05% p.a.
TenureUp to 48 EMIs
Processing feeUp to 1% of the loan amount
Documentation chargesUp to Rs. 450
Lowest EMI per LakhRs. 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 purchase of a new durable utility item and so on.
EligibilityThe borrower should be a permanent employee and must have completed 1 year of service in that institution.
Loan amountMaximum Rs. 10,00,000 
RepaymentUp to 48 EMIs
Interest rate9.85% to 10.05% p.a.
Processing fee1% 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.
EligibilityThis Demand loan can be availed against the pledge of gold ornaments or gold coins of 22 carat purity.
Quantum of loanRs. 10,000 to Rs. 40 Lakhs
Margin requirementsBank will sanction an amount equivalent to 70% of the value of the gold pledged.
Limit of loan
  • Rs. 2,975 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, Rs. 3,250 per gram of gold or 70% current market value of 24 carat gold.
Interest rate9.05% p.a.
Processing fee0.75% of the loan amount (minimum Rs. 5000 and maximum Rs. 10,000)
Repayment periodUp to 12 months
  • Special Cent Covid - Personal Loan 2021: This special personal loan is for Covid treatment of the applicant or their family member (such as spouse, children, parents, or siblings) who are found Covid positive on or after 01.05.2021. 
EligibilityExisting customers of the bank who have obtained home loan/mortgage loan and to the salaried customers/pensioners who are drawing salary/pension from the Central Bank of India.
Loan amountUp to Rs. 5 Lakhs
RepaymentUp to 5 years, including a moratorium period of 3 months.
Interest rate8.50% p.a.
Processing feeNil
Prepayment chargesNil

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

Features of Central Bank of India Personal Loan

Following are the main features of Central Bank of India personal loan:

  • Loan amount: You can get maximum up to Rs. 10 Lakhs, depending on your eligibility under 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 9.85% to 10.05% p.a. for Cent Personal Loan Scheme, 9.05% for Gold Loan Scheme and minimum 8.50% for 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. 

Why Apply for 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 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 Central Bank of India Personal Loan EMI calculator online on our website MyMoneyMantra’s. 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 know the instant result. 

Apart from calculating the EMI, our instant and accurate EMI Calculator also displays the amortization schedule for loan repayment.

Here’s an illustration:

Personal loan amount required: Rs. 10 Lakhs

Applicable rate of interest: 9.95% p.a.

Tenure: 4 years

EMI to be paid each month till the tenure ends: Rs. 25,291

Total interest to be paid: Rs. 2,13,949

Total amount to be paid to the lender: Rs. 12,13,949

Amortization schedule of the above example:

YearOpening BalanceAmount Paid by Customer (EMI*12)Interest Paid During the YearPrincipal Paid During the YearClosing Balance
1Rs. 10,00,000Rs. 25,291Rs. 8,208Rs. 17,082Rs. 9,82,918
2Rs. 9,82,918Rs. 3,03,487Rs. 87,227Rs. 2,16,260Rs. 7,66,657
3Rs. 7,66,657Rs. 3,03,487Rs. 64,937Rs. 2,38,550Rs. 5,28,107
4Rs. 5,28,107Rs. 3,03,487Rs. 40,349Rs. 2,63,138Rs. 2,64,969
5Rs. 2,64,969Rs. 2,78,197Rs. 13,228Rs. 2,64,969Rs. 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.

Special Cent Covid - Personal Loan 2021

  • The applicant should be an existing customer of the bank who has obtained a home loan/mortgage loan or a salaried customer/pensioner who is drawing salary/pension from the Central Bank of India.
  • This special personal loan is for Covid treatment of the applicant or their family member (such as spouse, children, parents, or siblings) who are found Covid positive on or after 01.05.2021.
  • The minimum age of the borrower should be 21 years.
  • The maximum age of the borrower should be 60 years for home loan/mortgage loan customers & salaried customers, and 70 years for pensioners.

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 maximum Rs. 10,000.
  • Special Cent Covid: Nil

Documentation charges:

  • Cent Personal Loan Scheme: Rs. 270 + GSTfor 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
  • Special Cent Covid: Nil

How to Apply for Central Bank of India Personal Loan on MyMoneyMantra?

If you are looking for Central Bank of India online loan apply with the below mentioned steps:

  • 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 customer care of Central Bank of India through any of the following means:

  • 24 hours 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 address of regional branches are mentioned in the link provided under https://www.centralbankofindia.co.in/en/contact-us.

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Central Bank of India Personal Loan FAQs

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

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The personal loan interest rate Central Bank of India starts from 9.85% per annum, depending on the borrower’s eligibility and the type of scheme chosen.

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

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

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

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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 Rs. 25, 000. Self-employed individuals or self-employed professionals are also eligible to take a personal loan. 

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

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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).

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

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Documentation is a critical part to sanction any type of loan, whether personal or business loan. 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 of self-employed professional).

Why choose the Central Bank of India for a personal loan?

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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 Idia personal loan interest rate 2021 starts from 9.85% p.a..

What is the processing fee of the Central Bank of India personal loan?

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Processing fee on a personal loan of the Central Bank of India can be up to 1% of the sanctioned loan amount.

Is there any tax benefit associated with the personal loan of the Central Bank of India?

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There is no tax benefit 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.

For what purpose can I use the personal loan?

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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.

What is the Central Bank of India gold loan rate per gram today?

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The Central Bank of India gold loan rate per gram today (i.e. 27.12.2021) is varies between Rs. 3,506 and Rs. 4,621.

Is the customer care number for Central Bank of India personal loan and home loan the same?

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Yes, the Central Bank of India home loan customer care and personal loan customer care is the same.