The Central Bank of India offers you as an applicant a home and vehicle loan as part of the Cent Combo Scheme. This scheme offers you a discount on the amount payable if you have taken a home loan and a vehicle loan, offering a floating interest rates pegged to 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 quantum of loan would depend on the home loan amount. Under this scheme, the minimum home loan amount 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:
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|
You are required to provide certain documentation along with your loan application. Please contact the bank for details on the documents to be provided for this particular loan. Given below are the essential KYC documents to be provided.
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