Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. Bank is based in Mumbai. The bank has 4100 branches and 0 extension counters across Indian states and three Union Territories. A number of innovative and unique banking activities have been launched by Central Bank of India. Central Bank of India offers personal loan for domestic need to corporate and non corporate individuals. To know more, follow some simple steps given below to get attractive deals.
|Processing Fees||Min Rs. 500/- + applicable tax|
|Loan Tenure||48 months|
|Rate of interest||MCLR + Up to 4.00%|
|Repayment||Up to 48 equated monthly installments|
|Processing fee||Rs.500.00 + service tax|
|Loan quantum||20 times of gross salary with a minimum net take-home pay of 40% of gross salary and a maximum of Rs.10 lakh|
Central Bank of India offers a variety of personal loans to cater to the unique needs of different customers. Customised Central Bank of India Personal Loans promise to fulfil all the diverse requirements of their customers.
Central Bank of India offers the following types of personal loans:
In 102 years of its existence, Central Bank of India has managed to earn the well-deserved title of ‘All India bank’ beating other public sector banks to the punch.
With 4336 branches spread across India, 9 Asset Recovery branches (ARB), 15 Retail Asset Branches (RAB) and 26 Extension counters, Central Bank of India boasts of weathering storms with great panache.
Satellite branches at centres along the length and breadth of India, make Central Bank of India one of the pioneers in a multitude of banking fields.
This bank has carved its niche in the banking world by greatly contributing to encouragement of self-employment in the country. Central Bank of India is well known for its support of small and medium scale industries as well as individual entrepreneurs.
Central Bank of India’s major corporate clients include, HDFC, IDBI, UTI, ICICI, LIC and many more.
This personal loan is granted to permanent employees of large corporations who are clients of Central Bank of India. It is also given to employees working in other corporate organisations who do not have any credit facility with the bank. The bank offers a demand loan.
This personal loan is granted for the domestic needs of permanent employees of Railways, Government institutions (central and state governments), schools, hospitals, etc. who have completed at least 1 year of service. You could also be a permanent or confirmed employee at an Indian or multinational company with at least 3 years of service.
This loan is granted to permanent employees of Navratna or Maharatna or any major PSU. The main condition for availing this loan is that it is not granted for speculative purposes.
This loan can be procured for handling emergency personal expenses such as medical, wedding, educational requirements, except for agricultural needs.
This loan is provided for taking care of domestic or personal expenses.
This loan is offered to the following class of people whose salary is credited to a savings account of Central Bank of India:
This loan can be availed by salaried employees whose salary is routed through one of the branches of Central Bank of India in order to fulfil any of your personal necessities.
This scheme offers financing against shares and debentures. If you are a bonafide owner of debentures or shares, and if you have a DEMAT account with a depository participant, you can apply for this loan.
This loan offered by Central Bank of India can be taken for buying equipment, setting up X-ray labs, nursing home, pathological laboratory, poly clinics, clinic-cum-residence, and for renovating, expanding, and modernising present premises. It can also be used for stocking medicines or disposables as a working capital requirement. You can also buy vehicles, computers, and ambulance for medical practice with this loan.
Are you a pensioner? If yes, and if you are looking for a good personal loan product, you can check out Central Bank of India Personal Loan to Pensioners. In order to be eligible for this loan, one should be a pensioner or a family pensioner. You can apply for this loan as an overdraft or as a term loan. The rate of interest for this product is 11.70% p.a. The maximum amount offered by this loan ranges from Rs.2 lakh to Rs.5 lakh.
Looking for an affordable and reliable loan to meet your different financial contingencies? Why don’t you check out the Central Bank of India (CBI) Mortgage Loan? This can be utilised for personal needs as well as business needs. This loan can be procured by individuals, businessmen, proprietary firms, NRIs, single or joint individuals, partnership firms, etc. The loan quantum ranges from Rs.1 lakh to Rs.10 lakh. The processing fee for both term loan and overdraft facility is 0.50% of your loan amount. The loan comes with an attractive rate of interest at 13.75% p.a. Click here to learn more about this product.
|Central Bank Personal Loan Scheme (Corporate)||MCLR + 3.50%|
|Central Bank Personal Loan Scheme (Non-corporate)||MCLR (12 months) + 3.00%.|
|Cent Ratna Scheme||MCLR + 3.50%|
|Cent Personal Gold Loan||MCLR (for 12 months) + 2.00 % p.a. (floating rate).|
|Cent Teacher Loan||MCLR + 2.75%|
|Cent Suvidha||MCLR + 4.00%|
|Cent Liquid Scheme||MCLR + 4.00%|
|Cent Doctor Scheme||MCLR+2.25 %|
The base rate with effect from 8 October 2015 is 9.70%.
|Personal Loan Scheme||Eligibility|
|Personal Loan Scheme (Corporate)||Permanent employees of Corporates Corporate should be client of Central Bank of India|
|Personal Loan Scheme (Non-Corporate)||Permanent employees of Railways, Government institutions (central and state governments), schools, hospitals, etc. who have completed at least 1 year of service. You could also be a permanent or confirmed employee at an Indian or multinational company with at least 3 years of service.|
|Cent Ratna Scheme||Permanent employees of: Navratna Maharatna Major PSUs|
|Cent Personal Gold Loan||22 carat gold Gold coins sold by Central Bank of India|
|Personal Loan to Pensioners||Pensioners drawing pension through Central Bank of India Family of pensioners routing pensions through Central Bank of India branches Pensioners getting pension dispensed through Treasury/DPDO (Defence Pension Disbursing Office) Pensioners/family of pensioners of Central Bank of India|
|Cent Suvidha||Salaried employees of Corporate Clients/Schools/Colleges/Universities/ Other Organization Salary routed through Central Bank of India for a minimum of 1 year Salary routed through Central Bank of India for a minimum of 1 year Account must show frequent access Other loan accounts of candidate must show satisfactory transactions|
|Cent Kalyani||Woman Entrepreneurs 18 years and above No income ceiling for assistance|
You can calculate your EMIs for your Central Bank of India Bank personal loan by using any third-party financial website or with the EMI calculator available on the official website of Central Bank of India Bank. You can check out the EMI calculator provided by BankBazaar.com which is very user-friendly. You do not need any technical knowledge to use this. You only need your personal loan details such as tenure, amount, and interest rate.
First, you will have to go to the BankBazaar website and then click on ‘Finance Tools’ on the primary drop-down menu. Here, you will need to choose ‘EMI Calculator’ from the drop-down options.
Now, you will have to select your Central Bank of India Bank personal loan amount by moving the slider. Next, you will need to select the tenure for your personal loan by moving the slider. In the interest rate segment, you will have to key in the rate in percentage. Next, key in your processing fee which is generally a percentage of your loan amount. Next, you will need to choose ‘yes’ or ‘no’ if you want to make a pre-payment or not. If you select ‘yes’, you will have to mention the pre-payment frequency, pre-payment fee, pre-payment amount, and what the pre-payment applies to. You will need to choose ‘sum of each pre-payment’, ‘final pre-payment made’, and ‘sum of each pre-payment made during the last year of the loan’.
You will now get your result which will show the EMI amount for your Central Bank of India personal loan. To clearly understand the breakup of principal and interest, you can view the amortisation details. You can also take a look at the pie chart and bar diagram for a proper understanding of your EMIs.
We will now view the table given below to comprehend how EMIs are calculated through the BankBazaar calculator. In the following example, we have assumed that the interest rate is 9.95% p.a. We have also presumed that the processing fee is 2% for this example and that you do not want to make any pre-payment. The following table shows EMIs for different loan amounts and various loan tenures.
|Loan Amount||Processing Fee||Interest Rate||EMI for 2 Years||EMI for 3 Years||EMI for 4 Years||EMI for 5 Years||EMI for 6 Years||EMI for 7 Years|
Have a doubt about your personal loan from Central Bank of India? You can get clarity instantly by using the trustworthy customer care facility of the bank. The bank has a toll-free number, which can be accessed from anywhere in the country. You may also call the other numbers of the bank or even send an email to the bank’s official email ID to ask a query or to file a complaint against the bank’s service. You may also go to any branch of the bank and meet a customer care representative to get support.
Following is listed the maximum limit of loan amount you can apply for per gram-
For Gold Ornaments-
For Gold Coins Sold by Central Bank of India-
The weight of the coin that is offered as guarantee should not exceed 50 grams per borrower.
Yes, Central Bank of India offers concession of 50 basis points on the rate of interest to loan applicants who maintain and operate salary accounts at their branches.
Yes, Central Bank of India offers interest concession of 50 basis points to spouses of pensioners drawing family pension through any of its branches.
Central Bank of India offers a personal loan called Cent Teacher which is offered to teachers based on certain terms and conditions.
Under the Cent Teacher personal loan scheme, a concession of 1% is offered on the rate of interest if liquid security such as National Savings Certificate, Kisan Vikas Patra or Fixed Deposit is available to cover for the personal loan.
The maximum loan amount offered under Central Bank of India’s Personal Loan scheme, Cent Kalyani, is Rs.100,00,000.
The minimum amount of loan will be Rs. 10,000 and the maximum amount offered will be Rs. 20,00,000. The amount will be either on the pledging of gold ornaments made of either 22 carat or 24 carat purity or even gold coins which are sold by Central Bank.
If the applicant of the loan maintains and operate their salary account with Central Bank, they will be provided a 50 basis points of interest concession from the actual interest rate.
Yes, pensioners are eligible for personal loans from Central Bank of India. If the pensioner is up to the age of 75 years then, he/she is eligible for an amount of either 18 months of pension or Rs. 5,00,00. If the pensioner is above the age of 75 years then, he/she is eligible for an amount of either 12 months of pension or Rs. 2,00,000.
The maximum loan amount offered under the Cent Kalyani scheme is a maximum of Rs. 100,00,000.
Any woman above the age of 18 years can apply for this loan from Central Bank of India, there will be no income ceiling for assistance.
No. Students arent eligible for Central Bank personal loan.
Yes, when applying for the Personal loan from Central Bank, the applicant has to provide a security.
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