If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  •  Loading your search... Loading your search...
  • Central Bank of India Used Car Loan Reviews

    • Central Bank of India Car Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      Got a car loan with central bank of India . The rate of interest which was offered by central bank was high, when compared with others. I am happy about the loan amount, still they can reduce their interest in future. They took around 4 days to process my loan and disbursed the loan within a week time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 13, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My company arranged car loan from Central bank of India, because I am getting salary from the same bank. I have requested the loan of 85% on road, but they ready to sanction more than 85% of loan. I am very happy about it but at present I have postponed the plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2017
    • Central Bank of India Car Loan
      "Good deal. Need to improve on services"
      0.5 4.0/5 "Great!"
      Since I got a good deal on the rate of interest and processing charges I went ahead with Central bank of India for the car loan. But they had a very slow process and the documentation was also much. The bank needs an improvement on the services and response.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 05, 2017
    • Central Bank of India Car Loan
      "Happy with Central Bank"
      0.5 5.0/5 "Blown Away!"
      I approached Central bank of India for my car loan when I did not receive a proper response from HDFC bank. Central bank promptly supported me for my car loan and they offered the interest rate of 7.1% which is the lowest interest rate among any other bank. I am totally satisfied with Central bank.
      Was this review helpful? 0
      , kota
      Reviewed on Apr 17, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I went to Central Bank of India and inquired about Car Loan and expected time taken by them to get the loan amount disbursed. To my amaze they just checked my CIBIL Score and given an authority letter to Vehile Dealer to deliver the car in my name. I got a new car in just 5 Mins after signing a few documents. There was no hidden charges Central Bank of India is recommended
      Was this review helpful? 1
      , ludhiana
      Reviewed on Aug 13, 2016
    • Central Bank of India Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Central bank of India hardly took two days to disburse the car loan. Begin a Nationalized bank the process was completed very soon. I spoke with the Manager and got a very good response.They charged nearly 10.5% as interest rate and there was no hidden cost nor any processing fee charged for the same.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 04, 2016
    • Central Bank of India Car Loan
      "Fast process"
      0.5 4.5/5 "Excellent!"
      It was a good loan process with Central Bank when I applied for a car loan.They are very quick than the expected time.They have procesed the application within a days time.The interest rate applied for the loan was around 9.25% as a floating rate for the loan.
      Was this review helpful? 0
      , solan
      Reviewed on Dec 16, 2015
    • Central Bank of India Car Loan
      "Excellent.."
      0.5 5.0/5 "Blown Away!"
      Central bank provided me Rs 11.75 Lakhs when I applied for a Car Loan. I am happy with services which they provide. The offer is really good and the interest rate is 9.09% its a reasonable one. The tenure period is 5 years and it is good that it has part payment options. They are fast in responding, I got my loan amount in just 2 days.
      Was this review helpful? 3
      , vadodara
      Reviewed on Jul 17, 2015
    • Central Bank of India Car Loan
      "Easy and Satisfied car Loan"
      0.5 4.5/5 "Excellent!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2015
    • Central Bank of India Car Loan
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 1
      , goa
      Reviewed on May 27, 2015
    • Central Bank of India Car Loan
      "Good!!!"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Central bank of India. I had good experience and the process went on smooth . The paper works were really quick. The interest rate offered to me was little competitive it was around 10.75%. The charges applied was nil. Basically I would like to say that the bank has to improve the quality of the customer service in branch.
      Was this review helpful? 0
      , goa
      Reviewed on May 07, 2015
    • Central Bank of India Car Loan
      "Good no issues!!!!!"
      0.5 5.0/5 "Blown Away!"
      I applied the car loan with Central bank of India where to have one nationalised bank relationship with lesser interest rates. Its still under process . So far I dont have any issues with them in terms of customer service and response. Overall it was good .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Aug 20, 2014
    • Central Bank of India Car Loan
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      Central Bank of India Car Loan the .05% was the processing fee the charges was nominal, with in 2 days i got loan approval and cheque in hand i applied through on line, interest rate 10.65% its quite less when compare to other banks, i got loan for 7 years, EMI also quite manageable, overall i am satisfied.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 08, 2014
    • Central Bank of India Car Loan
      "Overall Good Service"
      0.5 4.0/5 "Great!"
      Central bank of India CL they did great job service level is great, my only suggestion is they force me to take policy for bajaj alliance and need guarantee some one which is not necessary i feel, best thing was approval process was so fast i got loan with in 3 days and compare to nationalized banks CBI was great, they are taking guarantee, interest rate was good, overall response and customer service is good, formalities are more for the loans.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 10, 2014
    Common Loader Icon

    Central Bank of India Used Car Loan is Rated as "Blown Away!" by 14 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Central Bank of India Used Car Loans

    As a wholly ‘Swadeshi Bank’, Central Bank of India boasts of being the first truly commercial Indian bank which has been providing innovative banking solutions for over a century now. Since its inception in 1911, Central Bank of India has come a long way in growing and strengthening its core businesses transforming every available opportunity successfully into a comprehensive banking solution for customers. The bank was completely nationalized in 1969, with the introduction of a wide range of products and services. The bank’s financial services have been extended across most of the Indian states with a network of 4336 branches and extension counters. Central Bank of India is also a prominent player in assisting with the development of rural areas, promoting the growth of small, medium and large scale industries by introducing various agricultural schemes. Retail banking is a very important facet of its banking services, with the bank providing an entire array of solutions ranging from loans, deposits and cards. Central Bank of India is a major lender of motor loans in India at competitive interest rates, available for all kinds of four wheelers.

    Features of a Central Bank of India Used Car Loan

    Central Bank of India finances all models of used cars not older than 5 years and with an expected life of 10 years as per the valuation report provided. Central Bank of India used car loans can be procured for vehicles taken for personal use only and the bank does not finance any vehicle purchased for hiring or ferrying passengers.

    Quantum of Finance

    Central Bank of India finances up to 24 times the gross monthly salary for an employed professional based on the last salary that has been drawn. Self-employed entrepreneurs will be sanctioned a loan up to two times the average annual income of the last two years. Corporate firms, proprietorships and societies will be granted a used car loan amounting up to three times the average annual cash accrual as per the P/L statements and the audited balance sheet of the company for the last two years.

    Central Bank of India has a cap on the maximum loan amount for used car loans with the amount not exceeding Rs 10 lakhs.

    Loan Margin

    Borrowers are expected to provide a margin of 25% for used car loans and should also furnish the valuation report of the old car from an approved automobile engineer.

    Security

    As security for a used car loan, hypothecation of the vehicle purchased is required and the hypothecation charge should also be registered with the RTO authorities.

    Repayment

    Central Bank of India used car loans can be re-paid with two loan tenures depending on the age of the vehicle. For used vehicles aged up to 3 years, loan tenures can be extended up to a maximum of 60 months. Loan tenures can be taken only up to a maximum of 48 months for vehicles aged above 3 years.

    Processing Fees

    Central Bank of India levies a processing fee of 0.50% of the loan amount with the minimum being Rs 2000/- and the maximum being Rs 20,000/- for used four wheelers.

    Guarantee

    Borrowers do not have to provide a personal guarantee for used car loans amounting up to Rs 5 lakhs. Any loan amount above that will require a guarantor.

    Prepayment Charges

    Central Bank of India does not impose any pre-payment penalty on borrowers closing their used car loans from their own sources. However, the bank will charge a penalty of 1% of the outstanding balance on loans closed by using funds from other banks or financial institutions.

    Net Take Home Pay Criteria

    Applicants are required to fall into any one of the below given net take home pay criteria to qualify for a Central Bank of India used car loan.

    Annual Income Net Take Home Pay
    Up to 5 lakhs 35% of the Gross Monthly Income
    5 lakhs to 10 lakhs 30% of the Gross Monthly Income
    Above 10 lakhs 25% of the Gross Monthly Income

    Eligibility criteria for a Central Bank of India Used Car Loan

    Applicants are required to be atleast 18 years or above to qualify for a Central Bank of India used car loan. Central Bank of India sanctions used car loans for the following types of applicants.

    • Permanent Central / State Government employees
    • Defense staff
    • Employees of PSUs
    • Corporate firms and establishments
    • Independent entrepreneurs with a regular source of income
    • Agriculturists / Farmers engaged in production
    • Non-resident Indians as a joint loan with a local Indian resident
    • Central Bank of India staff
    • Corporates / Proprietorships / Partnership Firms

    Salaried individuals are required to have a minimum monthly income of Rs.15, 000/- to qualify for a Central Bank of India used car loan. All other types of applicants have to show an annual income of Rs.1, 80,000/- to be eligible for a used car loan. Borrowers can also take a joint used car loan with a family member having a regular source of income. The income of the co-borrower can be clubbed with the primary applicant to calculate the eligibility criteria.

    Documents required

    1. Original salary slip for one month
    2. Undertakings from the employer
    3. Guarantor’s consent letter (if required)
    4. Authority letter to the Employer for monthly loan deductions and salary remittance
    5. Income Tax Returns
    6. Income Tax Assessment Order
    7. Form 16
    8. Proforma Invoice from the dealer
    9. Bank Accounts Statements
    10. Landholding Details (For Farmers)

    Central Bank of India Used Car Loan Interest Rates

    Central Bank of India’s “Cent Vehicle Loan” can be used to purchase a second-hand car for personal use. Interest on this loan will be charged either by considering the Base Rate or MCLR, with new customers automatically enrolled under MCLR. Existing borrowers can choose between MCLR and base rate based interest, depending on their requirements.

    Central Bank of India Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Following the RBI’s notification, Central Bank of India has introduced MCLR based interest rates, with new borrowers expected to pay interest according to this method. MCLR takes factors like repo rate, lending environment, economic stability, etc. into account while computing the rate. The table below highlights the current rates.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.00%
    1 month 9.30%
    3 months 9.40%
    6 months 9.45%
    1 year 9.50%

    Used car loan interest rates – July 2017

    Central Bank of India can add a certain percentage over and above the MCLR for a particular tenure, with the final rate depending on a number of factors.

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

    Base Rate 9.70% per annum, effective 08/10/2015
    Prime Lending Rate 15% per annum, effective 01/08/2011

    Central Bank of India interest rate for used cars (Based on Base Rate)

    Current customers of “Cent Vehicle Loan” have the option of migrating to a MCLR based system. Those who wish to continue with the old system are required to pay an interest determined by the base rate.

      Fixed Rate Floating Rate
    Interest Rate BR + 1.50% per annum BR + 1.50% per annum

    Note: Interest rates are subject to change and applicants should check prevailing rates while applying. The rates mentioned here are valid as of June 6, 2017, with Central Bank of India having the discretion to modify them without prior notice.

    EMI calculator for Central Bank of India Used Car Loans

    Understanding the cost associated with a used car loan is always important while planning on an investment. Borrowers should always have a fair idea of how much they would spend on a car loan inclusive of the interest rate and the EMI expenses. Various tools are available to provide borrowers with a detailed estimate of their car loan expenses and a car loan EMI calculator is one such tool. BankBazaar’s used car loan EMI calculators efficiently calculate the interest rates and EMIs for a Central Bank of India car loan with only a few inputs from the customers. The used car loan EMI calculator is present under the “Finance Tools” menu on the homepage of BankBazaar.com. Customers are required to input certain details like loan amount, processing fees, tenure and the interest rates charged by Central Bank of India on used car loans to get an elaborate forecast of their car loan repayment schedule.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.