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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    Central Bank of India Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.75% Floating
    2,000 to ₹20,000 One time fee
    75L Max
    7 Years
    Response Time Within 30 minutes

    Central Bank of India Car Loan is Rated as "Blown Away!" by 10 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai. The bank has 4100 branches and 270 extension counters across 27 Indian states and three Union Territories. A number of innovative and unique banking activities have been launched by Central Bank of India. Read on to learn about the eligibility and documentation requirements for the Central Bank of India car loan.


    You’re probably eligible for an Central Bank of India Car Loan if you are

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    Central Bank of India Car Loan Minimum Age

    At least 18 years old

    Central Bank of India Car Loan Maximum Age

    Less than 65 years old

    Central Bank of India Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Central Bank of India Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Central Bank of India Car Loan amount eligibility is based on these factors

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    Central Bank of India Car Loan Minimum Salary

    Minimum income required
    Rs.2,40,000 per annum

    Central Bank of India Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    Central Bank of India Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Central Bank of India Car Loan amount by these steps

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    02
    Central Bank of India Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Central Bank of India Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Central Bank of India Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Central Bank of India Car Loan Interest RatesUpdated on 04 Dec 2016

    Central Bank of India Car Loan Details
    Interest Rate 9.75%
    Processing Fees 0.50% of loan amount with
    Minimum Rs. 2000/- and Maximum upto Rs 20,000/-
    Loan Tenure 1 year to 7 years
    Guarantor Requirement Hypothecation of vehicle purchased, No Guarantor Required.

    Overview About Central Bank of India Car Loan

    The first commercial bank to be wholly managed and owned by Indians, Central Bank of India was established in the year 1911. Hence, it is aptly known as the first ‘Swadeshi Bank’. The bank’s customers have immense faith in its services, transparency and assistance, and rightly so. With a wide network of 4 extension counters, 4695 branches and 29 satellite office, across the country; Central Bank of India also has a series of launching unique and innovative banking activities to its credit.

    The bank offers loans and financial assistance to its customers for multiple purposes. Central Bank of India’s car loan is scheme is extremely lucrative, as it an affordable, and an all-encompassing car loan scheme for both new and pre-used/cars. The loan is easy to apply and avail, and smoothens the complicated process of getting a car loan. Put an end to the nightmare of using public transport to commute, and experience the joy of owning an asset.

    Why choose Central Bank of India Car loans

    Central Bank of India provides a comprehensive car loan scheme to its customers. The bank offers monetary assistance for financing both new cars and pre-owned/old cars. Borrowers get the flexibility to select the loan tenure to suit their needs. The principal loan amount, along with the interest accumulated, can be paid back in Easy Monthly Instalments (EMIs). The interest rates offered are really affordable and practical. This helps you in keeping your finances and monthly budget balanced. Central Bank of India is known for its quick disbursal of loan and hassle-free documentation process.

    Features and Benefits

    • The loan can be availed for new and pre-used/old cars.
    • This car loan is provided only for cars of personal use, and not for passenger vehicles.
    • The quantum of finance provided for buying new cars is Rs.75 lakhs and for second hand/pre-used cars is Rs.10 lakhs.
    • The car loan sanctioned is only for the on road price of the car, i.e Cost Of car + Registration Charges + Insurance + Road Tax. Any cost incurred over and above this (accessories, etc.) shall not be financed by the bank.
    • Hypothecation is a must for cars financed by Central Bank of India. The same should be registered with Regional Transport Office Authorities.
    • The loan margin is as follows -

    Loan Amount

    Margin (minimum)

    Up to Rs.20 lakhs

    10%

    More than Rs.20 lakhs

    20%

    Any amount - for old vehicles

    25%

    The repayment period has been especially designed for the convenience of borrowers. It also depends on the type of vehicle (car or two wheeler) and the age of the car, if it is a pre-owned/second hand car. The table below provides a comprehensive list of the repayment period (in months)

    Car type

    Repayment period (months)

    New Car

    84

    Old car - up to 3 years old

    60

    Old car - more than 3 years old

    48

    Why apply for Central Bank of India Car Loan through Bankbazaar.com

    BankBazaar.com is a third party comparison website for helping customers find the best financial deals provided by the leading banks. The USP of this website is, it gives neutral, unbiased, and authentic information which works in the best interest of the customers. With the help of Bankbazaar.com you can have a look at various parameters like interest rates, loan tenure, loan margin, etc. as offered by the loan schemes of different banks. This helps you in selecting the deal which suits your requirements perfectly.

    Rates of Interest

    Central Bank of India offers car loan at practical and easily affordable rates of interest. This makes it easier for borrowers to repay the loan within the stipulated tenure. The rates of interest also depends on various factors like the loan tenure, type of vehicle and loan repayment period. The table below provides a comprehensive list of the interest rates.

    Type of car

    Rate of interest

    New car

    Base rate + 0.40%

    Old/pre-owned car

    Base rate + 1.50%

    Eligibility

    • The applicant needs to be at least 18 years old to avail this car loan and cannot be over 65 years old.
    • The applicant need to be one of the following, with a steady source of income –
      1. Self-employed
      2. Independent entrepreneur
      3. Permanent salaried employees
    • Farmers are also eligible to apply for this loan, irrespective of their land holding or being engaged in any agricultural activities (in terms of production) or any other allied activities.
    • Non-resident Indians are also eligible to apply for this loan, so can companies/societies/ proprietorships and partnership firms, etc.
    • The minimum annual income of the applicant (salaried/non-salaried) should be Rs.2,40,000.

    Frequently Asked Questions (FAQs)

    1. What are the costs covered by Central Bank of India car loan?

      Central Bank of India sanctions car loan for financing only for the on road price of the car. This is inclusive of - Cost Of vehicle + Registration Charges + Insurance + Road Tax. Any additional cost, incurred over and above the aforementioned costs (eg - accessories, gadgets etc.) shall not be financed by the bank.

    2. What kind of cars does Central Bank of India’s car loan finance and what is the quantum of the loan provided?

      Central Bank of India’s car loan can be availed for new and pre-used/old cars. The loan can be availed only for vehicles of personal use, and not for passenger vehicles. The quantum of finance provided for buying new cars is Rs.75 lakhs and for second hand/pre-used cars is Rs.10 lakhs.

    3. What are the hypothecation policies for cars financed by Central Bank of India?

      Hypothecation is mandatory for cars financed by Central Bank of India and the hypothecation charge should be registered with Regional Transport Office Authorities.

    4. Can farmers and NRIs also avail this loan?

      Yes, farmers and NRIs are eligible to apply for Central Bank of India’s car loan. Farmers are also eligible to apply for this loan, irrespective of their land holding or being engaged in any agricultural activities (in terms of production) or any other allied activities.

    5. How can I apply for car loan from Central Bank of India?

      You can apply for this loan by duly filling up the loan application form provided by the bank. The same should be submitted, with the relevant documents, at the nearest Central Bank of India branch. Also, please contact the nearest branch for more details on the same.

    6. Is there a minimum income criteria for applicants of car loan?

      Yes, the minimum annual income of the applicant (salaried/non-salaried) should be Rs.2,40,000.

    7. Who can apply for Cent Vehicle Loan for cars?

      Anyone with a regular income source can apply for Cent Vehicle Loan for cars. They can be salaried employees, self – employed individuals, independent entrepreneurs, Non – Resident Indians (NRIs), companies, partnership firms or societies.

    8. Can farmers apply for Cent Vehicle Loan for cars?

      Yes, farmers who are engaged in agriculture and allied activities (irrespective of the size of the land they hold) can apply for Cent Vehicle Loan for cars.

    9. For what purpose can people take a car loan from Central Bank of India?

      People can take a car loan from Central Bank of India for buying a new or used car for personal use only.

    10. Does Central Bank of India provide car loan for cars that will be used for ferrying passengers?

      No, Central Bank of India does not provide car loan for cars that will be used for ferrying passengers.

    11. What is the minimum age requirement for a car loan from Central Bank of India?

      The minimum age requirement is 18 years for a car loan from Central Bank of India.

    12. What is the maximum age requirement for a car loan from Central Bank of India?

      The maximum age requirement is 65 years for a car loan from Central Bank of India.

    13. What is the minimum income requirement for a car loan from Central Bank of India?

      The minimum income requirement is Rs.2, 40, 000 per annum for a car loan from Central Bank of India. This income criteria is the same for salaried and non – salaried applicants.

    14. What amount of loan can I avail through Cent Vehicle Loan to purchase a new car?

      Depending on the car you are purchasing, you can avail up to Rs.75, 00, 000 through Cent Vehicle Loan.

    15. What amount of loan can I avail through Cent Vehicle Loan to purchase a used car?

      You can avail up to Rs.10, 00, 000 through Cent Vehicle Loan to purchase a used car.

    16. While calculating the Quantum of Loan, does Central Bank of India consider the on – road price of the car?

      Yes, while calculating the Quantum of Loan, Central Bank of India considers the on – road price of the car. The on – road price of the car includes the price of the car, insurance charge, registration charge and the Road Tax.

    17. Is there a margin on Cent Vehicle Loan for new cars?

      Yes, there is a margin on Cent Vehicle Loan for new cars.

      • If you take a loan of up to Rs.20, 00, 000 – the margin is minimum 10 percent
      • If you take loan of more than Rs.20, 00, 000 – the margin is minimum 20 percent
    18. Is there a margin on Cent Vehicle Loan for new cars?

      Yes, there is a margin on Cent Vehicle Loan for old cars. The margin is minimum 25 percent irrespective of the loan amount.

    19. What is the rate of interest on Cent Vehicle Loan for new cars?

      The rate of interest on Cent Vehicle Loan for new cars is Base Rate plus 0.4 percent.

    20. What is the rate of interest on Cent Vehicle Loan for used cars?

      The rate of interest on Cent Vehicle Loan for used cars is Base Rate plus 1.5 percent.

    21. Will my CIBIL score help me get a good deal on car loan from Central Bank of India?

      Yes, if you have a good CIBIL score, then it will help you get a good deal on car loan from Central Bank of India. The CIBIL score assures banks that they will get back their money from you on time.

    22. What is the maximum loan tenure offered by Central Bank of India for purchase of new cars?

      The maximum loan tenure offered by Central Bank of India for purchase of new cars is 84 months.

    23. What is the maximum loan tenure offered by Central Bank of India for purchase of used cars?

      The maximum loan tenure offered by Central Bank of India for purchase of used cars, which are up to 3 years old is 60 months. The maximum loan tenure for purchase of used cars that are more than 3 years old is 48 months.

    24. In how much time do people have to repay their Central Bank of India car loan if it has a fixed rate of interest?

      People have to repay their Central Bank of India car loan in a period of 36 months, if it has a fixed rate of interest.

    25. Do I have to provide security when I apply for a car loan from Central Bank of India?

      Yes, you have to pledge the car that you have purchased as security when you apply for a car loan from Central Bank of India.

    26. Can I apply for a car loan from Central Bank of India online?

      Yes, you can apply for a car loan from Central Bank of India online.

    27. How do I apply for a Central Bank of India car loan online?

      To apply for a Central Bank of India car loan online, you have to simply visit the website of the bank and locate the ‘Apply Online’ section on the homepage. Here, you have to click on ‘Vehicle Loan’. A new window will open where you have to provide the details and click on ‘Apply for Loan’.

    28. Where can I find the application form for Cent Vehicle Loan for cars?

      You can choose to fill the online application form for Cent Vehicle Loan for cars on the website of Central Bank of India. If you plan to apply offline, then you can download the application form from the website or collect it from any branch of the bank.

    29. Can applicants track the status of their Central Bank of India car loan online?

      Yes, applicants can track the status of their Central Bank of India car loan online.

    30. How to track the status of my Central Bank of India car loan application?

      To track the status of your Central Bank of India car loan application, you have to visit the website of the bank and locate the ‘Track Application’ option in the ‘Apply Online’ section. You can find the ‘Apply Online’ section on the left hand side of the website’s homepage.

    31. Can I prepay the car loan that I have taken from Central Bank of India?

      Yes, you can prepay the car loan that you have taken from Central Bank of India. When you prepay the amount, the bank will charge a small prepayment fee.

    32. How can I repay the money that I have borrowed as car loan from Central Bank of India?

      You can repay the money that you have borrowed as car loan from Central Bank of India in Equated Monthly Installments (EMI). You can repay it by permitting the bank to collect the EMI automatically from your bank account every month or you can repay it using post – dated cheques.

    33. Do I have to pay any documentation charges when I apply for a car loan from Central Bank of India?

      If your loan amount is more than Rs.2, 00, 000, you have to pay documentation charges when you apply for a car loan from Central Bank of India. The charges are as follows –

      • If your loan amount is more than Rs.2, 00, 000 and up to Rs.10, 00, 000, then the charge is Rs.250 per lakh (Maximum Rs.2500)
      • If your loan amount is more than Rs.10, 00, 000 and up to Rs.50, 00, 000, then the charge is Rs.230 per lakh (Maximum Rs.2500 and Maximum Rs.11, 500)
      • If your loan amount is more than Rs.50, 00, 000, then the charge is Rs.200 per lakh (Minimum Rs.11, 500 and Maximum Rs.20, 000).
    34. How much time will it take Central Bank of India to process my car loan application?

      If you meet the eligibility criteria and submit all the required documents along with your application form, then the bank will process your car loan application very quickly.

    35. What is the verification process of Central Bank of India in case of car loans?

      In case of car loans, Central Bank of India will check if the information that you have provided in the application form is correct or not. They will also see if you have provided all the correct documents along with the application form. If you have done the needful, then the bank will approve the car loan and the money will be disbursed quickly.

    36. Who do I contact to get more information about Cent Vehicle Loan for four wheelers?

      You can contact the customer care of Central Bank of India to get more information about Cent Vehicle Loan for four – wheelers or you can visit any branch of the bank.

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