Central Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Central Bank of India Personal Loan: Instant personal loan up to Rs 10 lakh can be taken from the Central Bank of India. The loan is given at an interest rate of 9.85% per annum. The loan can be repaid in 48 monthly installments (EMIs). Processing fee is charged up to 1% of the loan amount, and no processing fee is charged for defense personnel.

Central Bank of India Personal Loan Details

loan amount up to 10 lakhs
Rate of interest 9.85% to 10.05% p.a.
repayment period up to 48 months
processing fee Up to 1% of the loan amount
documentation fees up to Rs 450
Likely minimum EMI per lakh Rs 2,529

Features of Central Bank of India Personal Loan

  • minimum interest rate
  • no guarantor needed
  • minimal paperwork
  • longer repayment period
  • Minimum Income Requirement

Loan Amount: You can take up to a maximum of Rs 10 lakhs under the Cent personal loan scheme and it depends on your eligibility. For Cent Personal Gold Loan, the maximum loan amount that can be availed is 40 lakhs. The maximum limit is Rs 5 lakh for salaried employees and pensioners and Rs 3 lakh for non-salaried applicants under Special St. Kovid.

Interest Rate : Central Bank of India personal loan interest rate ranges from 9.85% to 10.05% p.a.

Processing fee: The processing fee is waived for defense personnel and 1% of the loan amount for other applicants under the Cent Personal Loan Scheme. The processing fee for the Gold Loan scheme is 0.75% of the loan amount. There is no processing fee for the Special St. Covid Scheme.

Repayment Tenure: The repayment tenure of Central Bank of India Cent Personal Loan is 4 years, 12 months for Gold Loan and up to 5 years for Special St. Covid.

Loan Types: Central Bank of India offers three types of personal loans, Cent Personal Loan, Cent Personal Gold Loan and Special Cent Covid Loan.

Central Bank of India Personal Loan Eligibility Criteria

Given below are the personal loan eligibility criteria of Central Bank of India:-

Cent Personal Loan Scheme

  • To apply for the loan, the borrower should be a permanent employee of Indian Railways, Central and State Government, Government Institutions, Schools and Hospitals. Also they should have completed 1 year service in that institute.
  • Permanent employees of Indian or MNCs who have completed 3 or more years of service. Applicant’s age should be 21 years or more
  • Must have a regular source of income
  • Salary slip of last 3 months
  • Address proof and identity proof

Cent Personal Gold Loan

  • Loan is provided by pledging gold ornaments or coins of 22 carat purity sold by the bank.
  • The maximum gold that can be pledged is limited to 50 grams per person.
  • A margin of 30% of the value of gold is provided at the time of loan approval.
  • Applicant’s age should be 21 years or above
  • Address proof and identity proof

Other Fees of Central Bank of India Personal Loan

Processing Fees:

  • Cent Personal Loan Scheme : Nil for Defense Personnel and 1% of the loan amount for others
  • Cent Personal Gold Loan : 0.75% of the loan amount, minimum Rs 500 and maximum Rs 10,000
  • Special St. Kovid Scheme : Nil

Documentation Fees:

  • Cent Personal Loan Scheme: Up to 2 lakhs, Rs 270 + GST; Above 2 lakhs, Rs 450 + GST ​​and Nil for Defense personnel.
  • Cent Personal Gold Loan : Nil
  • Special St. Kovid: Nil

If you have an account with the Central Bank of India, then you can apply for a personal loan through internet banking. Banks also offer pre-approved loan offers to their good customers.

Central Bank Of India Personal Loan Customer Care Number

You can reach out to the Central Bank Of India customer care through any of the following means:-

  • Toll-Free Number: 1800 22 1911
  • Corporate Office Address : Central Bank Of India, Chander Mukhi, Nariman Point, Mumbai – 400021
  • Corporate Office Telephone No. : 022 – 6638 7777

Why choose Central Bank of India for Personal Loan?

Central Bank offers faster approval of personal loans to its customers along with faster method of documentation as compared to other banks and financial institutions. It also offers reasonable interest rates. The current Central Bank of India personal loan interest rate starts from 9.85% p.a.

How do I determine my eligibility for Central Bank of India Personal Loan?

You must have a regular monthly income to avail a personal loan from Central Bank of India. Salaried individuals should have an income of more than Rs 25,000.

How can I apply for Central Bank of India Personal Loan?

You can either apply for a personal loan online or visit the nearest Central Bank of India loan centre.

Will there be any charge for prepayment on Central Bank of India personal loan?

There are prepayment charges on Central Bank of India personal loan. You can prepay only after completing 12 EMIs.

Leave a Comment

Your email address will not be published.