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  • Central Bank of India Personal Loan

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  • With interest rates as low as 10.75% and repayment tenures extending up to 4 years, Central Bank of India personal loans can help in meeting a variety of emergency expenses.
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    Central Bank of India, a government-sponsored bank, offers personal loans under 6 categories, with interest rates ranging from 10.75% to 12.50% p.a. Under this scheme, you can avail a personal loan of up to Rs.10 lakh payable by a maximum tenure of 48 months in the form of equated monthly instalments (EMIs). The bank charges a processing fee of Rs.500 plus applicable taxes, on its personal loans.

    Central Bank of India Personal Loan Details

    Name of the Loan Product  Interest Rate (p.a.)  Loan Amount  Processing Fees 
    Cent Personal Loan Scheme  11.50%  Up to Rs.10 lakh  Rs.500 plus service tax 
    Corporate Employees  12%  Rs.5 lakh  Rs.500 per proposal 
    Cent Ratna  12%  Rs.6 lakh 
    Cent Teacher  11.25%  Rs.5 lakh  Rs.500 per proposal 
    Cent Suvidha  12.50%  Rs.1 lakh  Nil 
    Cent Doctor  10.75% to 11%  Rs.5 crore  Up to Rs.10,000 

    Eligibility Criteria

    Name of the Loan Product  Who is Eligible 
    Cent Personal Loan Scheme 
    • Permanent employees of government institutions, railways, central and state governments, hospitals, schools, municipal bodies, etc. 
    • Permanent employees of multinational/Indian companies with at least 3 years of service 
    Corporate Employees  Permanent employees of large corporate clients 
    Cent Ratna  Permanent employees of any Navratna/Maharatna/major PSUs 
    Cent Teacher  Permanent teachers/employees of schools/colleges/universities, and other educational and research institutions 
    Cent Suvidha  Salaried employees of schools, colleges, corporate clients, universities, and other organisations 
    Cent Doctor  Medical practitioners 

    Documents Required

    Application Form  Filled and duly signed 
    Proof of Identity  Passport, Voter’s ID, Aadhaar Card, Driving License, PAN Card, etc. 
    Address Proof  Driving License, Passport, Voter’s ID, Aadhaar Card, etc. 
    Bank Statement  Previous 3 months 
    Salary Slip  Latest salary slip with the latest Form 16 
    Photograph  Passport size photograph 

    How to Calculate EMIs for Central Bank of India Personal Loan Schemes 

    Let us assume that you take a personal loan from the Central bank of India for an amount of Rs.5 lakh at an interest rate of 11% for a tenure of 4 years. Using the EMI Calculator tool on BankBazaar, the EMI (equated monthly instalments) was shown to be Rs.12,293 while the total interest payable over the loan tenure was Rs.1,20,293, making the total loan amount Rs.6,20,293.

    The repayment schedule for the same will look like the below:

    Year  Principal Paid (A)  Interest Paid (B)  Total payment (A+B)  Outstanding Loan Balance 
    2019  Rs.51,197  Rs.26,339  Rs.77,536  Rs.4,48,803 
    2020  Rs.1,11,200  Rs.43,873  Rs.1,55,073  Rs.3,37,602 
    2021  Rs.1,24,067  Rs.31,005  Rs.1,55,072  Rs.2,13,534 
    2022  Rs.1,38,425  Rs.16,648  Rs.1,55,073  Rs.75,109 
    2023  Rs.75,108  Rs.2,427  Rs.77,535  Rs.0 

    Comparison of Central Bank of India Personal Loan with Other Lenders 

    Name of the Bank  Central Bank of India  Corporation Bank  Canara Bank  State Bank of India 
    Interest Rate (p.a.)  10.75% onwards  12.85% onwards  11.00% onwards  11.95% onwards 
    Processing Fee  Rs.500 onwards  Rs.500 onwards  Rs.1,000 to Rs.5,000  1% of the loan amount plus taxes 

    FAQs on Central Bank of India Personal Loan 

    I am a teacher working in a college. Will I get a personal loan from Central Bank of India if I do not hold a salary account with them?

    Answer: Under the ‘Cent Teacher’ scheme, you are eligible for a personal loan from Central Bank of India but you will need to maintain a salary account with them while also providing an undertaking that you will not transfer your salary account during the loan tenure. In certain cases, the bank may offer you a personal loan even if you do not hold a salary account with them but you will need to obtain an undertaking from your employer that they will deduct the EMI amount from the employee’s salary and pay it to the bank directly till the loan is fully paid. 

    Do I need to provide any security to avail a Central Bank of India personal loan?

    Answer: You do not need to provide any tangible security to avail a personal loan from Central Bank of India except in the case of the Cent Doctor scheme where the property or building will be hypothecated to the bank. In other cases, you will have to provide an undertaking from the employer. 

    I work for a PSU. How do I know if my company is included in the list of eligible PSUs for the personal loan from Central Bank of India?

    Answer: If the PSU you are working for is a reputed one, there are high chances that you will be eligible for a personal loan under the ‘Cent Ratna’ scheme. However, if you wish to make sure that your firm features in the list of eligible firms, you can visit the official website of Central Bank of India for the complete list. 

    Is there a minimum credit score that I need to avail a personal loan from Central Bank of India?

    Answer: Central Bank of India does not consider your credit score while evaluating your eligibility for a personal loan. However, to be on the safer side, it is always recommended that you maintain a credit score of at least 750.  

    What is the maximum repayment tenure offered on the personal loans from Central Bank of India?

    Answer: The maximum repayment tenure depends on the type of personal loan you are availing from Central Bank of India. For instance, the maximum repayment tenure on ‘Cent Ratna’ is 60 months while under the ‘Cent Personal Loan Scheme’ it is 48 months.

        

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    Central Bank of India Personal Loan Reviews

    • Central Bank of India Personal Loan
      "Above Excellent loan"
      0.5 5.0/5 "Blown Away!"
      I am not having any account with Central bank even though they have provided the personal loan from Central Bank of India since i had a good relationship with manager, they have provided the loan without any issues. I took the loan amount of Rs. 3 lakhs in that Rs. 1 lakh is left to pay.
      Was this review helpful? 5
      , hubli
      Reviewed on Aug 06, 2019
    • Central Bank of India
      Central Bank of India Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the personal loan since from last 3 years with , the documentation process was done with hassle free process, there was a processing fee applicable with the loan. The loan amount given was good also the rate of interest was nominal.
      Was this review helpful? 5
      , mumbai
      Reviewed on Jul 18, 2019
    • Central Bank of India Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with Central bank of India since from 2015,The loan amount they have given me up to 2,30,000 which was sufficient for me,and the rate of interest they have charged me up to 9% which was nominal compare to other bank, and they have charged me processing fee up to 1.5 % in the loan amount.now i am going to closed this loan within this year.
      Was this review helpful? 11
      , new delhi
      Reviewed on Feb 26, 2019
    • Central Bank of India Personal Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      I completed 90% of personal loan in Central of Bank, I took the principal amount of Rs. 2.30 lakhs for the 48 months, the interest rate is around 9% its moderate, as compared to other banks. The documentation process was easy and on time loan sanctioned it.
      Was this review helpful? 6
      , new delhi
      Reviewed on Feb 25, 2019
    • Central Bank of India Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been applied Central bank , the loan amount they have given me was sufficient, the rate of interest they have charged 7.3% it was nominal for me and the processing fee they have charged me it was nominal, documentation part was okay, i did not face any difficulty in that,still this loan is running.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 21, 2019
    • Central Bank of India Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The rate of interest was very less with Central Bank of India. I took my personal loan and it was completed in the year of 2016. But they have given loan for 3L. The loan process was very faster. The documents are collected by the executive. There is no additional charges.
      Was this review helpful? 4
      , pondicherry
      Reviewed on Jan 09, 2019
    • Central Bank of India Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Central bank of India quoted good interest on my personal loan, within 2 days they have sanctioned my loan. They service is good, I make Ecs payment its auto debit there was no inconvenient faced till now. Its been seven months all services are good.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Nov 26, 2018
    • Central Bank of India Personal Loan
      "Process is too slow"
      0.5 2.5/5 "Just OK"
      The good thing about the personal loan with Central Bank of India is, they offer a very good rate of interest and processing charges, when compared to the other banks. The loan is provided as per my request too. But the major drawback is they take a very long time to process the loan request.
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 12, 2018
    • Central Bank of India Personal Loan
      "My personal loan"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from Central bank of india previously. I am very much satisfied with the rate of interest which is 11% , they gave tenure period of 4 years and but i did pre closure before tenure period the pre closure charges are nominal one . Previously their customer service and response is good now they lack in their service and response.
      Was this review helpful? 9
      , ghaziabad
      Reviewed on Aug 27, 2018
    • Central Bank of India Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan from Central bank of india previously ,As am satisfied with rate of interest which is 11% , they gave tenure period of 4 years and but i did pre closure before tenure period the pre closure charges are nominal one . Previously there customer service and response is good now they lack in their service an response .
      Was this review helpful? 7
      , cuttack
      Reviewed on Jun 03, 2018
    • Central Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CBI 4 years ago. The loan amount was 70,000. The interest rate was satisfactory and the tenure period was 36months. Here there is no processing fee and the loan process was very easy. They have sanctioned the loan with the committed time.
      Was this review helpful? 7
      , kolkata
      Reviewed on Jan 04, 2018
    • Central Bank of India Personal Loan
      "Personal loan with Central bank"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Central bank of India. the approved loan amount was1 lakhs. i am not sure about the rate of interest. I have closed this loan. The interest is very low. I have taken for a tenure of 3 years. The monthly EMI is 3460.
      Was this review helpful? 14
      , chennai
      Reviewed on Dec 22, 2017
    • Central Bank of India Personal Loan
      "Very low interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Central bank of India. The approved loan amount was 3 lakhs. Just one month back i have taken this card. All the details will be know only after the week. But the experience was really good and the interest is very low.
      Was this review helpful? 10
      , chennai
      Reviewed on Dec 22, 2017
    • Central Bank of India Personal Loan
      "Personal loan from Central bank"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Central bank of India. The approved loan amount was 45000. The monthly EMI is 2035 with a tenure of 24 months. No documentation was needed. Since i hold my salary account there. It s just took 3 days for approval.
      Was this review helpful? 7
      , chennai
      Reviewed on Nov 29, 2017
    • Central Bank of India Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest offered from CENTRAL BANK for my personal loan service was 11 % which is very low compare to others in the market the documents have been collected from my door step and the payments where deducted from my savings account ,overall it was a very good experience from CENTRAL bank for my personal loan service.
      Was this review helpful? 5
      , raipur
      Reviewed on Oct 29, 2017
    • Central Bank of India Personal Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan from central bank of India around 6months ago,They have disbursed my loan amount within 2days of time. They have me more than the required loan amount. The rate of interest is low with central bank of India when compared with other banks.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Personal Loan
      "Fast loan process"
      0.5 3.5/5 "Pretty good"
      I am fine with Central Bank, documentation process was good, they done the formalities on time and done the personal loan disbursement within two days of time. Service of centralized bank is not upto the mark like HDFC, they should work on it, other than that interest rate was excellent.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 22, 2017
    • Central Bank of India Personal Loan
      "Good service but need to decrease the interest rate"
      0.5 3.0/5 "Satisfactory"
      The rate of interest offered by central bank was high , even though I have submitted the IT certificates. Central bank of India took a week time to disburse my personal loan. The documentation process was very good with Central bank. I am happy about the loan amount . This loan has the tenure of 8 years. I am satisfied with the central bank of India service.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Jun 13, 2017
    • 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? 5
      , 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? 4
      , vijayawada
      Reviewed on Jun 14, 2016
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