Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Central Bank of India Personal Loan Interest Rates

    We found 1 Central Bank of India Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.4% Floating
    500 One time fee
    10L
    4 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Central Bank of India Personal Loan Interest Rates is Rated as "Excellent!" by 12 Users

    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 2017

    Particulars Salaried
    Interest rate MCLR (12 months) + 3.00% = 11.50% p.a.
    Loan Amount 20 times the gross salary subject to maximum of Rs.10 lakh
    Loan Tenure Maximum: 48 Months
    Lowest EMI -
    Processing Fee Rs.500.00 + Service tax
    Age -
    Prepayment/Foreclosure Charges -

    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.
     Loading your search... Loading your search...
  • Central Bank of India Personal Loan Interest Rates Reviews

    • Central Bank of India Personal Loan
      "Very fast"
      0.5 5.0/5 "Blown Away!"
      The loan processing is very fast and quick with Central bank. As I had taken loan from Central bank before 5 years. Its still an ongoing loan and I am left with 15K to clear the loan completely. All is good with Central bank be it service or processing and everything is absolutely fine with them.
      Was this review helpful? 2
      , tirupur
      Reviewed on Nov 28, 2016
    • Central Bank of India Personal Loan
      "Less rates applied "
      0.5 2.0/5 "Expected more"
      Central Bank of India has offered the best quote for the loan along with the charges . It was average service provided by Central bank of India related to the personal loan application.Their branch is situated in our office campus.Their service differ from person to person.For some they process it within 4days, but for other it will take even 1month to complete the loan process.
      Was this review helpful? 2
      , vijayawada
      Reviewed on Jun 14, 2016
    • Central Bank of India Personal Loan
      "Easy process "
      0.5 5.0/5 "Blown Away!"
      The loan process was not good with Central bank related to the personal loan process.The application was processed through the company.The documetns requried very simple documents.The interest rate applied was very less.They are updating about the loan process in a clear manner.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 05, 2016
    • Central Bank of India Personal Loan
      "Nice bank to avail loan "
      0.5 5.0/5 "Blown Away!"
      The service provided was very nice with Central bank of India related to personal loan.Once I provided the document they are processing the loan in easy manner.The interest rate applied was very good.They have not applied any additional charges in the account.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 25, 2016
    • Central Bank of India Personal Loan
      "Best interest ...."
      0.5 3.5/5 "Pretty good"
      Last 2 years back I got personal loan from Central bank of India. Interest rate offered by them was 12% which is very less compare to HDFC bank. They have collected simple documents from my end. Being a account holder they did not charged processing fees.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 26, 2015
    • Central Bank of India Personal Loan
      "Good ROI"
      0.5 4.0/5 "Great!"
      One year has been completed now after taking the personal loan from CENTRAL BANK OF INDIA. It is my salary account so I personally approached the bank manger. I got 14% as the rate of interest. They are following the customers very well. They came to me for my verification at the right time. It find little difficult in submitting my salary certificate with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 26, 2015
    • Central Bank of India Personal Loan
      "Charge is nil and rate is very less..."
      0.5 5.0/5 "Blown Away!"
      No processing charge in Central Bank of India and the interest rate for personal loan is only 12%. I am holding an account but still I submitted number of documents to get processed the loan. According to me the bank is not collecting relevant and required documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2015
    • Central Bank of India Personal Loan
      "Got A Loan..."
      0.5 4.0/5 "Great!"
      Central bank of India provided me a personal loan. The response was immediate. I got my loan sanctioned with 4 to 5 days. The documentation part was very easy. The customer service was good. They are also allow part payments and fore closure.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 14, 2015
    • Central Bank of India Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The whole experience was good with Central bank of India for my home loan. The process was really good and fast and its almost been a year I am banking with them. I am even planning to close my loan this year. The response was always prompt from them.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 18, 2015
    • Central Bank of India Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Personal loan from Central Bank Of India before 2 years for my daughters marriage and its been 23 years completed and I have no issues with them and I also hold my salary account with this bank. The customer service executives response is good if I approach the bank directly. The best part about the bank is the rate of interest charged is less and there is no processing fees as well.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 11, 2015
    • Central Bank of India Personal Loan
      "Best bank"
      0.5 4.0/5 "Great!"
      When I applied personal loan from central bank of india response was quite good. Within 3 - 4 days the loan got disbursed. I got very good interest rates which was comparatively less than other banks. ATM and branch facilities are really good
      Was this review helpful? 7
      , chennai
      Reviewed on Oct 03, 2014
    • Central Bank of India Personal Loan
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      It was a wonderful experience of availing a personal loan from Central bank of India in the month of Apr'2014. Bank people was very co-operative in making my loan disbursed within just 7 days. Everything was simple and the process was much faster. Rate of interest & processing fees are pretty good.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jul 08, 2014
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.