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    Central Bank of India Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.70% Floating
    500 One time fee
    5L 40% to 20 times monthly salary
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About Central Bank of India Personal Loan

    Central Bank of India Bank offers personal loan to permanent employees of large corporate clients, to non-corporate client to meet finances for domestic needs. Personal loan is offered to permanent employee of Maharatna/ Navratna/ major PSUs. Personal loan is provided to meet expenses of marriage, medical and educational needs, to pensioners, for teachers, salaried corporate employees and employees of railways, government institutions, schools, hospitals etc. The borrower will have to provide a security or a collateral against the loan he takes from Central Bank of India.

    Central Bank of India Personal Loan interest rates

    Central Bank of India personal loan interest rates depends the borrower’s on income, borrower’s credit history, the RBI rates, inflation etc. Central Bank of India personal loan interest rate for the year 2015 varies from 13.15 percent to 14.4 percent. The interest rates is offered to a borrower in such a way that he is not burdened with the EMI payment.

    Central Bank of India Personal Loan interest rates table:

    Interest ratesPersonal Loan Scheme – Corporate: Base rate + 3.50 percent
    Personal Loan Scheme – Non-corporate: Base rate + 4.50 percent
    Cent Ratna Scheme: Base rate + 3.50 percent
    Cent Personal Gold Loan- Demand loan: Base rate + 1 percent; Overdraft: Base rate + 2 percent
    Cent teacher: Base rate + 2.75 percent
    Cent Suvidha: Base rate + 4 percent
    Loan amountPersonal Loan Scheme – Corporate: Maximum- Rs.5 lakhs
    Personal Loan Scheme – Non-corporate: Maximum- Rs.5 lakhs
    Cent Ratna Scheme: Maximum- Rs.6 lakhs
    Cent Personal Gold Loan- Minimum- Rs.10,000 Maximum- Rs.20 lakhs
    Personal loan to Pensioners: Pensioner up to the age of 75 year- Maximum Rs.5 lakhs Pensioner above the age of 75 year- Maximum Rs.2 lakhs
    Cent teacher: Maximum- Rs.5 lakhs
    Cent Suvidha: Maximum- Rs.1 lakh
    Loan tenureMinimum tenure- 1 year
    Maximum tenure- 5 years
    EMI per lakh (lowest interest rate and maximum tenure)
    Calculate EMI on your Personal Loan
    Rs.2,314 per month
    Base rate 10.25 percent

    How to calculate interest or EMI on Central Bank of India Personal Loan?

    EMI or Equated Monthly Instalment is the amount that the borrower has to pay each month to the bank until the loan amount is fully paid off. The EMI amount consists of interest as well as the principal amount that is to be repaid. The principal amount and interest is divided by the tenure in which the loan has to be repaid. The formula to calculate the EMI is:

    EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]

    You can make use of the EMI calculator available on BankBazaar.com and you will get the result. You will also get amortization table that will contain details of the EMI amount that goes towards the principal amount payment and the interest amount.

    For example, Mr. Mike has taken a personal loan for Rs.1 lakh from Central Bank of India. The interest rate he is being offered is 13.75 percent for a tenure of 5 years. By the end of the fifth year, he would have paid Rs.38,833 towards total interest and his loan EMI is Rs.2,314. He will be paying 28 percent towards the interest and 72 percent towards the principal loan amount. His amortization table will look as follows:

    YearPrincipal paid (in rupees)Interest paid (in rupees)Balance amount (in rupees)
    Year 114,93512,83285,065
    Year 217,12310,64467,943
    Year 319,6318,13648,312
    Year 422,5075,25925,805
    Year 525,8051,9620

    Factors affecting Central Bank of India Personal Loan interest rates

    Central Bank of India personal loan interest rate varies for every applicant due to various factors. Some major factors affecting the interest rates are as follows:

    • Loan tenure:

      Shorter term loans may have a higher rate of interest when compared to loans with a longer tenure.

    • Repayment capacity:

      Central Bank of India checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. The bank looks into the borrower’s income, his assets and his creditworthiness before finalising on an interest rate. The banks don’t wish to burden the borrower and therefore make sure that the EMI amount is not more than 40 percent of his net salary. The bank also checks the applicant’s CIBIL report as it gives detailed information about his repayment capacity. It also holds all the details of the previous loans he had taken and repaid and it also gives information on how he is paying off his credit card bills.

    • Borrowing class:

      The borrower’s age also plays a crucial role in deciding the interest rate. Young applicant’s will not be so stable at their job and would be shifting jobs till they find one that works best for them, so banks may be sceptical about them having a regular flow of income. Central Bank of India offers personal loan to non-corporate employees, to pensioners, for teachers, salaried corporate employees and employees of railways, government institutions, schools, hospitals etc.

    • Relationship with the bank:

      Banks usually offer special offers, interest rates and charges to those who have been having a long term relationship with the bank. You may even get a discount on the processing charges or the bank might reduce your interest rate if you have managed to show commitment to making payments on time in the past.

    The interest rates and processing charges are charged at the sole discretion of the bank and are subject to change.

    How CIBIL score affects Central Bank of India Personal Loan interest rates?

    CIBIL Score and credit report plays a major role in deciding an applicant’s interest rate. CIBIL report consists of your repayment history and shows how efficiently you have made the payments and if you have missed making any payments on your loans or credit cards. It usually shows how responsible the applicant is towards the credit. The banks usually accept application of individuals having an ideal score of 750 and above. Those with a lower score are termed as a risk and the bank might offer you a personal loan at a higher interest rate or they might just reject the application. Check your credit score before applying for a loan so if the score is low, you can fix it and then apply for a fresh loan.

    Key things about Central Bank of India Personal Loan interest rates

    Before applying for Central Bank of India Personal Loan, you must know the following factors:

    • If a fixed interest rate is set on the personal loan then you will be required to pay a fixed amount of interest throughout the tenure.
    • Floating interest rate will change as per the change in the bank’s base lending rate. In this case the EMI will keep changing with the changing rate.
    • To avail Central Bank of India Personal Loan, you will have to have a guarantor or provide security.
    • When the repo rate goes up, your interest rate will also go up.
    • Central Bank of India offer personal loans to non-corporate employees, to pensioners, for teachers, salaried corporate employees and employees of railways, government institutions, schools, hospitals etc.
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