If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Car Loan Reviews

    • Central Bank of India Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The central bank of India taken around 4 to 5 days to approve and disburse my car loan amount. The rate of interest is very low when compared with others banks. The customer service is very good with Central bank of India . Central Bank of India Manager took care of my car loan application . They gave good response as I am holding the salaried account with CBI.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Sep 06, 2017
    • Central Bank of India Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of Central Bank of India, they have done a car loan process within three working days. I have purchased Maruthi Suzuki Ertiga worth Rs. Rs. 11 lakhs but I took the loan of Rs. 8 Lakhs. I am very much happy to purchase the car with my existing bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 31, 2017
    • Central Bank of India Car Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      Got a car loan with central bank of India . The rate of interest which was offered by central bank was high, when compared with others. I am happy about the loan amount, still they can reduce their interest in future. They took around 4 days to process my loan and disbursed the loan within a week time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 13, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My company arranged car loan from Central bank of India, because I am getting salary from the same bank. I have requested the loan of 85% on road, but they ready to sanction more than 85% of loan. I am very happy about it but at present I have postponed the plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2017
    • Central Bank of India Car Loan
      "Good deal. Need to improve on services"
      0.5 4.0/5 "Great!"
      Since I got a good deal on the rate of interest and processing charges I went ahead with Central bank of India for the car loan. But they had a very slow process and the documentation was also much. The bank needs an improvement on the services and response.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 05, 2017
    • Central Bank of India Car Loan
      "Happy with Central Bank"
      0.5 5.0/5 "Blown Away!"
      I approached Central bank of India for my car loan when I did not receive a proper response from HDFC bank. Central bank promptly supported me for my car loan and they offered the interest rate of 7.1% which is the lowest interest rate among any other bank. I am totally satisfied with Central bank.
      Was this review helpful? 0
      , kota
      Reviewed on Apr 17, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I went to Central Bank of India and inquired about Car Loan and expected time taken by them to get the loan amount disbursed. To my amaze they just checked my CIBIL Score and given an authority letter to Vehile Dealer to deliver the car in my name. I got a new car in just 5 Mins after signing a few documents. There was no hidden charges Central Bank of India is recommended
      Was this review helpful? 1
      , ludhiana
      Reviewed on Aug 13, 2016
    • Central Bank of India Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Central bank of India hardly took two days to disburse the car loan. Begin a Nationalized bank the process was completed very soon. I spoke with the Manager and got a very good response.They charged nearly 10.5% as interest rate and there was no hidden cost nor any processing fee charged for the same.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 04, 2016
    • Central Bank of India Car Loan
      "Fast process"
      0.5 4.5/5 "Excellent!"
      It was a good loan process with Central Bank when I applied for a car loan.They are very quick than the expected time.They have procesed the application within a days time.The interest rate applied for the loan was around 9.25% as a floating rate for the loan.
      Was this review helpful? 0
      , solan
      Reviewed on Dec 16, 2015
    • Central Bank of India Car Loan
      "Excellent.."
      0.5 5.0/5 "Blown Away!"
      Central bank provided me Rs 11.75 Lakhs when I applied for a Car Loan. I am happy with services which they provide. The offer is really good and the interest rate is 9.09% its a reasonable one. The tenure period is 5 years and it is good that it has part payment options. They are fast in responding, I got my loan amount in just 2 days.
      Was this review helpful? 3
      , vadodara
      Reviewed on Jul 17, 2015
    • Central Bank of India Car Loan
      "Easy and Satisfied car Loan"
      0.5 4.5/5 "Excellent!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2015
    • Central Bank of India Car Loan
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 1
      , goa
      Reviewed on May 27, 2015
    • Central Bank of India Car Loan
      "Good!!!"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Central bank of India. I had good experience and the process went on smooth . The paper works were really quick. The interest rate offered to me was little competitive it was around 10.75%. The charges applied was nil. Basically I would like to say that the bank has to improve the quality of the customer service in branch.
      Was this review helpful? 0
      , goa
      Reviewed on May 07, 2015
    • Central Bank of India Car Loan
      "Good no issues!!!!!"
      0.5 5.0/5 "Blown Away!"
      I applied the car loan with Central bank of India where to have one nationalised bank relationship with lesser interest rates. Its still under process . So far I dont have any issues with them in terms of customer service and response. Overall it was good .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Aug 20, 2014
    • Central Bank of India Car Loan
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      Central Bank of India Car Loan the .05% was the processing fee the charges was nominal, with in 2 days i got loan approval and cheque in hand i applied through on line, interest rate 10.65% its quite less when compare to other banks, i got loan for 7 years, EMI also quite manageable, overall i am satisfied.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 08, 2014
    • Central Bank of India Car Loan
      "Overall Good Service"
      0.5 4.0/5 "Great!"
      Central bank of India CL they did great job service level is great, my only suggestion is they force me to take policy for bajaj alliance and need guarantee some one which is not necessary i feel, best thing was approval process was so fast i got loan with in 3 days and compare to nationalized banks CBI was great, they are taking guarantee, interest rate was good, overall response and customer service is good, formalities are more for the loans.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 10, 2014
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    Central Bank of India Car Loan Eligibility Calculator is Rated as "Blown Away!" by 16 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Central Bank of India Car Loan Eligibility Calculator

    Central Bank of India Car Loan Overview

    If you are looking to purchase a four-wheeler, old or new, Central Bank of India offers car loans to help you secure the car you want. Car loans are provided for personal use vehicles. Get up to Rs. 75 lakhs finance for a new car. For used cars, Central Bank of India will provide you with up to Rs. 10 lakhs. Pay the loan back in 84 months for new cars. For used vehicles up to 3 years old, you can avail of a 60 month tenure. Cars that are much older, 3 years and above, the repayment tenure is 48 months.


    Central Bank of India Car Loan Eligibility

    In order to avail of a car loan, you need to be eligible first. For a car loan from Central Bank of India, the following is the eligibility criteria.

    • Individuals must be at least 18 years old and not more than 65 years.
    • You need to show a regular source of income of Rs. 2,40,000 p.a. at least.
    • Salaried employees must be permanently employed
    • Self-employed/entrepreneurs
    • Companies, Proprietorships, Partnership Firm and Societies
    • Farmers can apply irrespective of landing holding that is irrigated or engaged in agricultural and allied activities.
    • Non-resident Indians
    Apply for Car Loan Online

    Factors affecting Central Bank of India Car Loan Eligibility

    Upon application for a car loan, a number of factors come in to play different roles in determining your eligibility.

    Age - Your age is an important criteria. Usually banks prefer people who are 21 years and above, but Central Bank of India has lowered the age bar to 18 years. It’s a plus point for youngsters who want to purchase their own vehicle. The maximum age at which you can avail this loan is limited to 65 years.

    Income - Banks won’t give you a loan if you are not earning money which will enable you to pay it back. You should be able to show regular income. Documentation is required to support your income claims. A steady job or a stable source of income will play in your favor when you apply for a loan. To be approved of a Central Bank of India, you should be earning at least Rs. 2,40,000 per annum.

    Debt-to-income ratio - If you have a loan, or any other EMIs that you are paying off presently, this makes a difference in your eligible loan amount. Usually, the income you take home should be at least 40-50% of your salary after taking into account all deductions and EMIs.

    CIBIL Score - When you apply for a loan, banks will check your credit score to determine the type of customer your are. A good score means you are regular with your EMI payments and are reliable. Banks usually require a score of around 750 to qualify for a loan.

    How does CIBIL score affect your Central Bank of India Car Loan Eligibility

    CIBIL scores play a pivotal role in the credit world of India. The Credit Information Bureau India Limited, known as CIBIL, records all credit activity in India. Every individual's track record related to loans, credit cards and other lines of credit are kept with CIBIL, and a score is determined based on your behaviour and patterns. If you default on EMI payments or make payments past the due date, it shows that you are unable to make ends meet and make the payments on time. If you take out too much debt, spend over your credit limit, or you apply for too many loans, it could depict that you are credit hungry, or you need so much credit to survive. This leads to a low score and that means banks will be reluctant to loan you money because you are not the ideal and reliable customer. So CIBIL scores are important if you need to take a loan. If you plan to live your life without a loan or credit card, then CIBIL scores don’t matter. But if you need a loan sometime in your life, CIBIL can help you secure your loan. A good score will also give you leverage to bargain with the terms and conditions of the loan.

    How to increase your Central Bank of India Car Loan Eligibility

    If you are not eligible, you can make a few changes to increase your chances for a Central Bank of India Car Loan. You could also increase the loan amount you can get from the bank.

    Steady income - You need to show that you are stable and can repay all the EMIs till the end of the loan. Secure a job that will keep you happy and steady. Stick to the line of business you are in. Constantly jumping jobs or lines of work shows that you are erratic and your income may be sporadic. So a permanent source of income will play in your favor.

    Improve your CIBIL score - You can purchase your CIBIL score on the CIBIL website. Find out why your score is not doing well and take steps to increase your score. You could get a credit card and spend wisely. Spend only what you can return on time and in full. Make advance payments and never default on your payments.

    Co-applicants - You can make a member of your immediate family or your spouse a co-applicant in the loan. Their income will also be considered as part of the total income earned. You will be able to secure a larger loan amount or at least meet the income requirements.

    Down payment - If you can offer a larger down payment, the loan approval will be easier. Your loan terms and conditions will also be lighter.

    Central Bank of India Car Loan Eligibility Calculator

    There are calculators available online to check if you qualify for a car loan. Make use of these calculators to determine your eligibility. You could use the results from a Central Bank of India Car Loan Eligibility Calculator to improve your eligibility before you even apply for a Central Bank of India car loan.

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