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

  • Details
  • Types of Loan
  • Features
  • Benefits
  • EMI Calculation
  • Documents Required
  • Eligibility Criteria
  • Charges
  • How to Apply
  • Customer Care Details

Central Bank of India Personal Loan Details

The following are the main details of the Central Bank of India loan:

Loan amountUp to Rs. 10 Lakhs
Rate of interest11.75% 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 the 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 rate11.75% 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

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:

YearOpening BalanceTotal EMI PaidInterest PaidPrincipal PaidClosing 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.