| Name of the Loan Product | Interest Rate (p.a.) | Quantum of loan | Processing Fees |
| Cent Personal Loan Scheme | 11% p.a. onwards | 20 times of gross salary subject to maximum of Rs.10 lakh and minimum net take home pay of 40% of gross salary | Rs.500 plus service tax |
| Name of the Product | Who is Eligible |
| Cent Personal Loan Scheme |
|
| 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 |
| 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 |
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 9.85% p.a. for a tenure of 4 years. Using the personal loan calculator tool on BankBazaar, the EMI (equated monthly instalments) was shown to be Rs.12,645 while the total interest payable over the loan tenure was Rs.1,06,975, making the total loan amount Rs.6,06,975.
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 |
| 2020 | Rs.52,309 | Rs.23,561 | Rs.75,870 | Rs.4,47,690 |
| 2021 | Rs.1,12,642 | Rs.39,104 | Rs.1,51,746 | Rs.3,35,049 |
| 2022 | Rs.1,24,252 | Rs.27,491 | Rs.1,51,743 | Rs.2,10,797 |
| 2023 | Rs.1,37,059 | Rs.14,685 | Rs.1,51,744 | Rs.73,739 |
| 2024 | Rs.73,738 | Rs.2,132 | Rs.75,870 | Rs.0 |
| Name of the Bank | Central Bank of India | Corporation Bank | Canara Bank | State Bank of India |
| Interest Rate (p.a.) | 9.85% p.a. onwards | 10.75% p.a. onwards | 8.05% p.a. onwards | 10.50% p.a. onwards |
| Processing Fee | Rs.500 onwards | Rs.500 onwards | 0.5% to 1% of the loan amount | 1% of the loan amount plus taxes |
You can track Central Bank of India personal loan status both offline and online. To check the status offline, you can contact customer care through the channels given in the next section or walk into the nearest branch of the bank. To check the status online, follow the steps given below:
You can contact the bank’s customer care by calling the 24x7 toll-free number 1800 22 1911.
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.
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.
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.
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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