Central Bank of India Personal Loan

 

About Central Bank of India Personal Loan

Central Bank of India is a government-owned banking establishment that is also counted amongst the largest and oldest commercial banks of India. It is headquartered in Mumbai and has 5319 ATMs, 4715 branches and 4 extension counters across India. Central Bank of India offers different personal loan products to help non-corporate and corporate individual clients meet their unique immediate financial needs. These different personal loan products are: personal loan scheme for corporate employees, personal loan scheme for non-corporate employees, Cent Ratna scheme, Cent Teacher, Cent Personal Gold Loan, Cent Suvidha, personal loans to pensioners, Cent Doctor, Cent Liquid Scheme (offering loan against shares) and Cent Kalyani. All these personal loan types are targeted at different consumer groups. For instance, personal loan scheme for corporate employees is meant for permanent employees of big corporations who also have an account with Central Bank of India. On the other hand, Cent Teacher is meant for employees or permanent teachers of universities / colleges / schools and other types of research and education institutes who are disbursed their salaries through their Central Bank of India accounts.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

The eligibility criteria for Central Bank of India personal loan is different for its different loan products. It is important that you understand the eligibility criteria well to make sure that your application is considered and approved. For instance, if you’re applying for a personal loan under Cent Ratna scheme, it’s important for you to be a permanent employee of any Major / Navaratna / Maharatna / Miniratna PSU and that the personal loan amount should be used for non-speculative purposes. The list of eligible companies are detailed in a separate Annexure-I provided by the bank, including entities like Coal India Limited, NTPC Limited, Indian Oil Corporation Limited, Steel Authority of India Limited and more. You would also be asked to submit valid documents proving your employment with such PSU. Below are the eligibility criteria you should fulfil in order to apply for a Central Bank of India personal loan.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Central Bank of India Personal Loan Features / Details

One of the reasons why a great multitude of people choose Central Bank of India for their personal loan requirements is because of the bank’s customer-centric features. The bank offers a toll-free number which you can reach any time of the day/night and get your queries answered. It should be required to repay the personal loan in anywhere from 12 to 60 months depending on the exact personal loan product you opt for. The minimum and maximum loan amount, as well as other features might change from one personal loan type to the other. You can go over the Central Bank of India personal loan features / details below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Central Bank of India Personal Loan Fees / Charges

As is the norm, processing fee is charged for processing of the Central Bank of India personal loan too. This fee, like the eligibility criteria and features, varies from one personal loan product to the other. For instance, a processing fee of Rs. 500 is charged for personal loan scheme for corporate employees, while none is charged for Cent Suvidha; 0.5% of loan amount (maximum Rs. 10,000) is charged as processing fee in case of Cent Doctor. You can go through the exact Central Bank of India Personal Loan Fees / Charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees