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    Central Bank of India Personal Loan

    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

    Central Bank of India Personal Loan is Rated as "Excellent!" by 11 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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.


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

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    Central Bank of India Personal Loan Minimum Age

    At least 21 years old

    Central Bank of India Personal Loan Maximum Age

    Less than 58 years old

    Central Bank of India Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Central Bank of India Personal Loan Minimum Income

    Earn more than the minimum
    income required


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

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    Central Bank of India Personal Loan Minimum Salary

    Minimum income required
    40% of gross salary

    Central Bank of India Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 5 lakhs

    Central Bank of India Personal Loan EMI

    EMIs of other loans lower
    your eligibility


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

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

    Pay off your Credit Card bills

    “Central

    Choose longer tenure loan up to 36 months


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

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Central Bank of India Personal Loan Interest RatesUpdated on 29 Sep 2016

    Central Bank of India Personal Loan Details
    Interest Rate 9.70%
    Processing Fees Min Rs. 500/-
    Loan Tenure 36 months

    Central Bank of India Personal Loan

    Central Bank of India is the first Indian bank to be solely owned and managed by Indians. It was established in 1911, founded by Sir Sorabji Pochkhanawala. Nicknamed, ‘Swadeshi’ Bank, Central Bank of India’s first chairman was Sir Pherozesha Mehta.

    Sir Sorabji Pochkhanawala proudly deemed the Central Bank of India as the nation’s ‘property’ and regarded the bank as an ‘asset’ of India.

    About Central Bank of India Personal Loan

    Central Bank of India offers a variety of personal loans to cater to 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-

    • Personal Loan Scheme (Corporate)
    • Personal Loan Scheme (Non corporate)
    • Cent Ratna Scheme
    • Cent Personal Gold Loan
    • Personal Loan to Pensioners
    • Cent Teacher
    • Cent Suvidha
    • Cent Kalyani

    Why choose Central Bank of India Personal Loan?

    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.

    Personal Loan Scheme (Corporate)

    This personal loan is granted to permanent employees of large corporations who are clients of Central Bank of India.


    Personal Loan Scheme (Non corporate)

    This personal loan is granted for domestic needs of permanent employees of Railways, Government institutions (central and state governments), schools, hospitals, etc. who have completed at least 5 years of service. The prerequisite for availing this loan apart from the above mentioned is that the borrower’s salary must be routed via one of the branches of Central Bank of India.

    Cent Ratna Scheme

    This loan is granted to permanent employees of Navratna/ Maharatna/ major PSUs. The main condition for availing this loan is that it is not granted for speculative purposes.

    Cent Personal Gold Loan

    This loan can be availed as one of the following three options-

    • As a demand draft
    • As an overdraft against the pledge of gold ornaments of 22 carat purity
    • As an overdraft against the pledge of gold coins that has been sold by Central Bank of India

    A demand draft is a loan that is given irrespective of a fixed maturity period which can be called back by Central Bank of India at any point with a 24 hour notice period.

    Personal Loan to Pensioners

    This loan is granted to pensioners whose pensions are routed to any of the branches of Central Bank of India for any legitimate credit requirements.

    Cent Teacher

    This loan is offered to the following class of people whose salary is credited to a savings account of Central Bank of India-

    • Permanent teachers
    • Permanent employees of schools
    • Permanent employees of colleges
    • Permanent employees of universities
    • Permanent employees of educational institutes
    • Permanent employees of research institutes

    Cent Suvidha

    This loan can be availed by salaried employees whose salary is routed through one of branches of Central Bank of India in order to fulfil any personal demands.

    Cent Kalyani

    This loan is awarded to women entrepreneurs in order to aid them to generate regular and feasible employment.

    Central Bank of India offers multiple types of personal loans at affordable rates so customers may take care of various needs. New personal loans offered by the bank will accumulate interest on the MCLR based interest rate system, while existing loans will accumulate interest on the Base Rate system.

    Central Bank of India MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Following the RBI’s guidelines, interest rates for all loans, including personal loans, have been revised with the introduction of MCLR (Marginal Cost of Funds based Lending Rate), with effect from April 1, 2016. Interest applicable on all new personal loans will be linked to MCLR (Marginal Cost of Funds based Lending Rate). Following is the schedule of MCLR rates applicable with effect from April 1, 2016.

    Tenor MCLR (Percentage)
    Overnight MCLR 9%
    1 month MCLR 9.30%
    3 month MCLR 9.40%
    6 month MCLR 9.45%
    1 year MCLR 9.50%

    Central Bank of India Personal Loan Interest Rates (MCLR)

    All new personal loans offered by Central Bank will be linked to the MCLR based interest rate system. Interest rate will be subject to change, without prior notice, with each MCLR review.

    Central Bank of India Base Rate & Prime Lending Rates (For existing borrowers)

    Existing personal loans sanctioned by Central Bank of India will accumulate interest on the Base Rate linked system of interest rate. Base Rate (BR) is set by the RBI and is the minimum rate below which a bank cannot charge its customers. Prime Lending Rate (BPLR) is the average interest rate which is charged by banks on loan products. Central bank of India revised its Base Rate and Prime Lending Rate, as indicated in the table below.

    Base Rate (w.e.f 8/10/2015) BPLR (w.e.f 1/8/2011)
    9.70% 15.00%

    Central Bank of India Personal Loan Interest Rate (Base Rate)

    All existing personal loans offered by the bank will accumulate interest on the Base Rate system. Following is the schedule of interest rates for various personal loans offered by the bank. Also, existing loan borrowers also have the option of switching to the MCLR linked interest rate system for their persona loans.

    Type of Loan Base Rate linked Rate of Interest
    Cent Suvidha BR + 3.00% = 12.70%
    Cent Teacher BR + 2.75% = 12.45%
    Cent Loan to Pensioners BR + 2.00% = 11.70% (discount of 50 basis points on the interest rate may be provided on loans taken by the spouse of the pensioner)
    Cent Personal Gold Loan BR + 2.00% = 11.70%
    Cent Ratna BR + 3.50% = 13.20% ( a discount of 0.50% to be given to the borrower maintaining & operating Salary Account with the bank’s branch)
    Personal Loan (non-corporate) BR + 3.00% = 12.70%
    Personal Loan (corporate)

    A scheme: BR + 2.00% = 11.70%

    B scheme: BR + 0.75% = 10.45%

    Note: The MCLR rates given above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate.

    The Eligibility Criteria Applicable to those seeking a Central Bank Personal Loan from Central Bank of India are explained in the following table. Key criteria has been listed against the relevant scheme.



    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.
    Completed at least 5 years of service
    Salary routed through Central Bank of India
    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

    Once you have decided the parameters that would be most acceptable to you regarding the loan amount, the rate of interest charged on the loan and the processing fee, you can feed this information into the BankBazaar EMI Calculator to calculate and display the following details regarding your loan and EMI payments-

    • Your monthly personal loan EMI
    • Break-up of the total amount payable by you
    • A pie chart of the total amount of EMI payable by
    • Your monthly amortization details
    • Your yearly amortization details
    • I am looking to apply for the Cent Personal Gold Loan scheme offered by Central Bank of India. What is the maximum loan amount I can get per gram?

      Following is listed the maximum limit of loan amount you can apply for per gram-

      For Gold Ornaments-

      • Rs. 2000 per gram of gold
      • 70% of current market value of 22 carat gold

      For Gold Coins Sold by Central Bank of India-

      • Rs.2100 per gram of gold
      • 70% of current market value of 24 carat gold

      The weight of the coin that is offered as guarantee should not exceed 50 grams per borrower.

    • I want to apply for Central Bank of India’s Cent Ratna scheme. Are there any concessions offered on the interest rates?

      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.

    • My husband is drawing family pension through Central Bank of India. Do I get any kind of concession on the interest rate if I borrow under the Personal Loan to Pensioners scheme?

      Yes, Central Bank of India offers interest concession of 50 basis points to spouses of pensioners drawing family pension through any of its branches.

    • I am teacher with a post office issued National Savings Certificate VIII Issue. Will the NSC help in getting a deduction on the rate of interest for a personal loan at Central Bank of India?

      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.

    • I am thinking of applying for the personal loan scheme from Central Bank of India called ‘Cent Kalyani’. What is the maximum loan amount offered under this scheme?

      The maximum loan amount offered under Central Bank of India’s Personal Loan scheme, Cent Kalyani, is Rs.100,00,000.

    • For the Cent Personal Gold Loan scheme offered, what is the loan amount I will get?

      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.

    • Are there any concessions on interest rates for the Cent Ratna scheme?

      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.

    • Is a pensioner eligible for a personal loan? If yes, what is the maximum loan amount?

      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.

    • I would like to apply for the Cent Kalyani scheme, what is the maximum loan amount offered as per this scheme?

      The maximum loan amount offered under the Cent Kalyani scheme is a maximum of Rs. 100,00,000.

    • What are the eligibility conditions for the Cent Kalyani scheme?

      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.

    • Can a student avail a personal loan from Central Bank of India?

      No. Students aren’t eligible for Central Bank personal loan.

    • If apply for a personal loan, should I provide any security in order to obtain the loan?

      Yes, when applying for the Personal loan from Central Bank, the applicant has to provide a security.

      • The applicant must have their salary routed through an account that is maintained by Central Bank. And must also provide an undertaking stating the loan amount can be debited from their salary.
      • In case the loan is applied as per the Cent Personal Gold loan then, the pledged ornaments and coins will act as security.
      • If the loan is applied as per the Cent Ratna Scheme then, an employee or co-worker must stand as guarantor, and should have the ability to cover the loan amount.
      • If the applicant is applying for the loan as per the Cent Suvidha loan an undertaking will need to be provided from the employer to credit the salary in an account maintained by Central Bank.
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