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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    We found 1 Central Bank of India Car Loan Interest Rates

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    Loan Amount
    Tenure Range
    9.90% Floating
    2,000 to ₹20,000 One time fee
    75L Max
    7 Years
    Response Time Within 30 minutes
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    Central Bank of India Car Loan Interest Rates is Rated as "Blown Away!" by 14 Users

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    Overview About Central Bank of India Car Loan

    “Cent Vehicle” auto loan scheme is offered by Central Bank, one of India’s leading public sector banks. Central Bank was founded in 1911 and is headquartered at Mumbai, India. The Bank currently has a strong presence in around 29 States and 6 Union Territories with over 4700 branch network across India, with 4 Extension Counters and 29 satellite offices. This car loan scheme can be used for the purpose of purchasing new or used vehicles, for personal use only.


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    Central Bank of India Car Loan Interest Rates 2017

    Central Bank of India Car Loan Interest Rates are affordable and along with flexible repayment options, this product is highly desirable compared to car loans offered by other banks. It “Cent Vehicle” car loan scheme to suit the requirements of Self-employed individuals, Salaried employees, Independent Entrepreneurs, agriculturists, NRIs, Companies, firms etc. who have a stable source of income. Central Bank of India Car Loan Interest Rate 2017 can be either fixed or floating.

    Central Bank of India Car Loan Interest Rate 2017 Table

    Interest Rate 9.90%
    Loan amount up to Rs. 75 lakhs
    Minimum & Maximum Car Loan Tenure Minimum Tenure - 12 months Maximum Tenure - 84 Months (7 years)
    Documentation charges Up to Rs. 1 lakh – Rs. 100 Rs.1 lakh up to Rs. 10 lakh – Rs.300 Above Rs.10 lakh – Rs. 500
    Foreclosure/ Pre-payment Charges 1% of the outstanding amount (principal)
    Lowest EMI per Lakh (for maximum loan tenure of 5 years) Rs. 2174*

    How to Calculate Interest Rate on my Central Bank of India Car Loan

    You can repay your car loan amount within the chosen loan tenure through Equated Monthly Installments or EMIs. This, basically is the amount that is to be paid back to Central Bank of India after availing the car loan and includes the principal amount as well as the interest amount. There will be an increase in the principal amount repaid and a reduction in the amount of interest that is paid out, as the loan tenure progresses.

    The formula for calculating the EMI on a car loan is -

    EMI (E) = [P x r x (1+r) ^n]/ [(1+r) ^n-1]

    In this formula,

    P = the loan amount or principal,

    R = interest rate per month [for an annual interest rate of 10.1%, the rate of interest will be 10.1/ (12 x 100)],

    N = the number of monthly instalments made during the tenure, i.e., no. of years or months taken for the repayment of loan.

    For an amount of Rs. 20, 00,000 at an interest rate of 10.10% with a loan tenure of 4 years, an estimate of the total interest to be paid-out would be Rs. 4, 39,421. Therefore the total amount repaid would be Rs. 24,39,421.

    In the following illustration, for a car loan amount of Rs. 14,00,000 to be repaid in 3 years at an interest rate of 10.1% from Central Bank of India (Calculations based on EMIs paid in advance):

    EMI per Month from Oct 2016:

    Month Principal Interest Amount Total Payment (EMI) Balance Due
    Oct 2016 Rs. 33,456 Rs. 11,783 Rs. 45,240 Rs. 13,66,544
    Nov 2016 Rs. 33,738 Rs. 11,502 Rs. 45,240 Rs. 13,32,805
    Dec 2016 Rs. 34,022 Rs. 11,218 Rs. 45,240 Rs. 12,98,783

    EMI per year for 3 years (starting from October 2015 - September 2018):

    Year Principal Interest Amount Total Payment Balance Due
    2015 Rs. 1,01,217 Rs. 34,503 Rs. 1,35,719 Rs. 12,98,783
    2016 Rs. 4,31,304 Rs. 1,11,574 Rs. 5,42,878 Rs. 8,67,479
    2017 Rs. 4,76,940 Rs. 65,938 Rs. 5,42,878 Rs. 3,90,540
    2018 Rs. 3,90,540 Rs. 16,619 Rs. 4,07,158 Rs.0

    Total interest amount to be paid for a Central Bank Car Loan amount of Rs. 14,00,000 for 3 years would be Rs. 2,28,634. Therefore, the total payment made by the end of the tenure is Rs.16,28,634. The principal amount that is paid back in each EMI increases with the tenure and the interest rate paid out in the EMI decreases until the loan is repaid completely.

    Factors Affecting Central Bank of India Car Loan Interest Rates

    The following factors affect Central Bank of India car loan interest rate:

    • Co-Obligor- Having a guarantor back up your loan application and vouch for your creditworthiness increases your chances of having a better car loan package at lower interest rates.
    • Tenure of Loan - the loan tenure that you choose for your auto loan also has a great impact on the interest rates levied on it. If the payback period is longer, the interest rate will be higher and shorter the loan tenure higher the chances of getting a lower interest rate on your car loan. Generally, in order to reduce the burden on a higher EMI, borrowers prefer to avail a longer tenure. However, this actually does not work in your favor since longer tenures means higher rate of interest rate and thus higher loan expenses.
    • Debt-to-Income Ratio - If your debt-to-income ratio is in a healthy balance then your chances of claiming an attractive rate of interest is higher, since the Bank will be assured that the borrower has a good repayment capacity. Banks are willing to negotiate a lower rate of interest on the loan amount to a creditworthy applicant since there will be minimal risk of defaulting on the loan.
    • Down payment - The amount of money you pay as down payment towards the value of the car, has a great impact on the borrower's car loan interest rate. Down payment is inversely proportional to interest rate, i.e., higher the down payment the lower is your interest rate on the car loan.
    • CIBIL Scores - Banks analyze an individual’s credit history through his/her credit score. CIBIL score is one of the most popular credit rating measures observed by banks. Credit Information Report is used to evaluate and generate an individual’s CIBIL Score. Individuals with higher CIBIL score is considered highly creditworthy and poses less risk. Therefore, his/her chances of getting the car loan sanctioned is very high. This will also influence the bank to lower the rate of interest that is applicable on the amount of loan you have applied for. A CIBIL score of 750 or above, is considered eligible for a car loan by most banks and NBFCs.
    • Existing Customers - Those who are existing customers of Central Bank of India have a higher probability of getting a car loan quickly, at lower rates of interest. Central Bank of India offers various car loan benefits for established customers of the Bank and for those who have any deposits in Central Bank of India who apply for a car loan.

    How CIBIL scores affect Central Bank of India Car Loan Interest Rates

    The Credit Information Bureau of India Limited generates the CIBIL TransUnion Score based on an individual’s credit history such as loan payments, credit dues, credit accumulated, secured and unsecured loans, etc. The CIBIL Score is a 3 digit number ranging between values 300 to 900. Banks scrutinize an applicant’s CIBIL Score to ensure whether he/she is eligible or creditworthy. This is weighed against other factors before a decision is made regarding whether or not to sanction the loan amount to the applicant.

    An individual with a higher CIBIL Score has greater probability of procuring car loans at an attractively lower rate of interest, since this places the applicant in a position of power to negotiate interest on car loan. Those who have a low CIBIL score have a very limited chance of getting a car loan approved by Central Bank of India. If the loan amount is sanctioned, a higher interest rate might be levied on the same to balance the risk involved in lending out to borrowers with a low credit rating.

    Key Points

    • Car Loan that is sanctioned to an applicant includes the On-Road Price of the car consisting of Invoice value + Registration Fee + Road Tax + Insurance.
    • The Loan margin specified by the bank is at least 10% for a loan amount up to Rs.20 lakh, 20% for a loan amount which is above Rs.20 lakh and 25% for used vehicles.
    • If the borrower chooses a fixed interest rate, then repayment of car loan has to be made within 36 months.
    • Current Base Rate is 9.70%
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  • Car Loan Reviews

    • 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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