As part of the Cent Combo Scheme, the Central Bank of India provides you with a housing and vehicle loan. If you have a home loan plus a vehicle loan, you can save money by taking advantage of this scheme, which offers flexible interest rates based on the prevailing MCLR rate. The prevailing terms and conditions of the Cent Home Loan scheme and the Cent Vehicle scheme will remain the same, except for the changes mentioned below.
The following discounted interest rates would apply for the Cent Combo Scheme. Interest rates are pegged to the prevalent MCLR.
Home loan | 0.25% concession on interest subject to the minimum MCLR |
Vehicle loan | 0.50% concession on interest subject to the minimum MCLR |
The features and benefits offered are as follows:
Quantum of Loan
The amount of the loan will be determined by the amount of the home loan. The minimum house loan amount under this scheme should be Rs.20 lakh.
There are certain eligibility criteria that should be met in order to apply for this loan. To apply, you must meet the below criteria:
Margin
The margin payable would depend on the loan amount for both home and vehicle loans. The margin is as given in the table below:
Margin | Home loan | Vehicle loan |
10% | Up to Rs.20 lakh | Up to Rs.20 lakh |
20% | Above Rs.20 lakh | Above Rs.20 lakh |
Along with your loan application, you must present specific documentation. Please contact the bank for information on the documentation required for this loan. Given below are the essential KYC documents to be provided.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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