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  • Central Bank of India Car Loan 2019

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  • Central Bank of India provides car loans with interest rates starting from 9.00% p.a. with repayment tenure ranging up to 84 months. You can use BankBazaar to know more about car loans offered by Central Bank of India and drive home your dream car.
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    We found 1 Central Bank of India Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.95% Floating
    ₹500 to ₹20 L
    75L Max
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Central Bank of India is one of the renowned banks in the Indian public sector. The bank offers loans for all kinds of automobiles including two-wheelers and four-wheelers. The car loan offered by the bank comes with attractive interest rates and minimal charges. Customers can use the loan offered by the bank to buy new or used cars. The application process for car loans is really simple and customers can walk into the bank anytime to apply for a car loan. Let’s check out the different aspects of car loans offered by the Central Bank of India.

    Compare Central Bank of India Car Loans

    Central Bank of India charges different interest rates for new and used cars. The features of these loans are listed as follows:

    Loan Type Interest Rate Loan Amount Processing Fee
    4 wheelers new 8.95% p.a. (MCLR + 0.40%) Rs.75 lakh Contact the bank for details
    4 wheelers old 10.05% p..a. (MCLR + 1.50%) Rs.10 lakh Contact the bank for details

    Why Choose Central Bank of India Car Loans

    Based in Mumbai, Central Bank of India is one of the largest commercial banks in the country. When it comes to car loans, the bank provides financing for new as well as old cars. The flexible terms offered by the bank makes it a great choice for customers who look for car loans at competitive interest rates. Some of the reasons why you need to choose the Central Bank of India car loans are listed as follows:

    • The bank offers loan quantum up to Rs.75 lakh for new cars and Rs.10 lakh for used cars. This amount is adequate for buying most of the top models available in the market.
    • Central Bank of India offers financing for up to 90% of the on-road price, which includes insurance, road tax, and registration charges.
    • For new cars, the bank offers flexible loan tenure options for up to 84 months. You can choose the loan tenure based on your repayment ability and monthly budget.
    • Central Bank of India is also one of the very few banks in the market that offers car loans for individuals who have completed just 18 years of age.

    Eligibility for Central Bank of India Car Loans

    The eligibility criteria set forth by the bank for approving car loans are listed as follows:

    • Anyone between the age of 18 years and 65 years can avail a car loan from Central Bank of India.
    • The minimum income of the borrower must be at least Rs.2.40 lakh per year.
    • The bank offers car loans for salaried individuals, self-employed individuals, and independent entrepreneurs as long as they have a steady income.
    • Non-Resident Indians can also apply for car loans from Central Bank of India subject to the terms and conditions outlined by the bank.
    • Individuals engaged in farming, agricultural, and allied activities can also apply for car loans if they meet the minimum income criteria set by the bank.
    • Companies and societies can also apply for car loans under this scheme.

    Documents Required for Central Bank of India Car Loans

    The following documents must be submitted to the bank when you apply for car loans:

    • Duly-filled loan application form
    • Identity proof
    • Residential proof
    • Photographs
    • Bank statement for at least 6 months
    • Salary slips for 3 to 6 months
    • IT returns (for self-employed people)

    FAQs

    1. What costs of the vehicle are covered by this loan?

      The loan amount is determined based on the on-road price of the car. Here, the on-road price of the vehicle = ex-showroom price + registration charges + road tax + insurance. The bank will not provide any financial assistance for other expenses like the price of additional gadgets, charges for fancy number, etc.

    2. What types of vehicles are financed under the Cent Vehicle loan scheme?

      The bank provides financing for any two and four wheelers intended for personal use. Commercial vehicles that are used for the transportation of goods and ferrying passengers are not financed under this scheme.

    3. How can I repay the EMI amount to the bank?

      The bank offers different repayment modes for its customers to repay the loan amount. You can use post-dated cheques for repayment. The best mode is to provide a standing instruction for auto-debit of the car laon EMI amount from your bank account.

    4. Is hypothecation mandatory with Central Bank of India?

      Yes. Hypothecation of the vehicle is mandatory when you get a loan from Central Bank of India. The hypothecation charge associated with the loan must be registered with the Road Transport Office Authorities.

    5. Is it possible to prepay the loan amount before the completion of the loan tenure?

      Yes. Prepayment is possible with Central Bank of India. You must pay the necessary prepayment charges to proceed with this. You can contact the bank to know about the prepayment policies and the associated charges.

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    Central Bank of India Car Loan Reviews

    • Central Bank of India Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Central Bank of India because the interest rate is too low. The customer service and response was excellent. I have purchased a new car, 20% fund was given from bank and 80% was paid by me. There was a minimal processing fee. The duration is 7 years.
      Was this review helpful? 1
      , jalandhar
      Reviewed on Apr 04, 2019
    • Central Bank of India
      Central Bank of India Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i had with this loan and the loan amount which they had provided has been sufficient. The interest rate with them is quite nominal when compared with the market rate. There has not been any sort of additional charges which they had made so far.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 13, 2019
    • Central Bank of India Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with CBI and my loan experience was good, the loan amount was for Rs 3.5 lakhs with nominal interest rate when compared to other banks. My loan was approved based on ex-showroom price. Customer service was good and the tenure period of this loan is 4 years.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Apr 20, 2018
    • Central Bank of India Car Loan
      "Quick and fast service"
      0.5 5.0/5 "Blown Away!"
      Central bank of India approved my car loan within a hour time and they a have disbursed my loan amount on the same day. I have got the required loan amount. The rate of interest is low with Central bank of India when compared with other banks and I am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Car Loan
      "Friendly Service"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason to take car loan from Central Bank of India, that bank Manager is close to my spouse. Hence they done a quick loan process. Central Bank interest was also good it was around 14%, they sanctioned 80% of loan at on road price of the car.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the Central bank of India and the interest rate is around 8.7%. The loan amount got disbursed by very next week. Response is very excellent one for the car loan , which I have got it from them.
      Was this review helpful? 2
      , chandigarh
      Reviewed on Oct 09, 2017
    • Central Bank of India Car Loan
      "EXCELLENT"
      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 8.7% which is the lowest interest rate among any other bank. I am totally satisfied with Central bank.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 26, 2017
    • 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 5
      , 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? 1
      , goa
      Reviewed on May 07, 2015
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