Description

Central Bank of India Personal Loans

Personal Loan is the type of loans where you can borrow money from a bank without having to use an asset as collateral. Personal Loans are always the best option in terms of the loans as it makes our life convenient to meet any unexpected expenses be it a short-term or long-term financial need. As there are no restrictions on the end use of the loan amount, the personal loan amount can be used to meet personal financial emergencies such as meeting wedding expenses, home renovation, and home extension expenses and also to meet any other high expenses. 

  • Affordable rate of interest: Central bank of India offers competitive interest rates.
  • No collateral or security required
  • Flexible tenures available
  • Personal Loan for Pensioners: For pensioners who maintain a pension account with CBI, the personal loan is offered at a special rate of interest
  • Multipurpose Personal Loan: CBI Personal Loan can be used for any genuine personal credit need including educational expenses, wedding expenses, travel costs and to meet the expenses of medical emergencies
  • Quick processing and disbursal
  • Loan repayment in easy installments

Interest Rate & Charges of Central Bank of India

Particulars

Personal Loan Scheme

Gold Loan Scheme

Liquid Scheme

Pensioner Scheme

Swabhiman Scheme

Rate of Interest

11.2% p.a.

10.2% p.a.

12.2% p.a.

10.7% p.a.

8.7% p.a.

Loan Tenure

12 – 48 months

12 months

12 months

12 – 24 months

NA

Loan Amount

₹ 10 Lakh

₹ 2 Lakh

₹ 20 Lakh

₹ 5 Lakh

₹ 10 Lakh

CBI Personal Loan Scheme Details

Central Bank of India is one of the oldest serving banking institution in the country, which in turn widely spreads their customer base ranging from large corporate houses, varied business professionals, employees of government institutions and others. To cater to the diversified needs of their expanding customer base, the bank offers a range of personal loans specialized in specific needs for all the applicants.

The product portfolio of Central Bank of India is as follows;

  1. Cent Personal Loan Scheme
  2. Cent Personal Gold Loan Scheme
  3. Cent Liquid Scheme
  4. Cent Pensioner Scheme
  5. Cent Swabhiman Plus Scheme

Cent Personal Loan Scheme

Central Bank of India offers its personal loan facility to salaried individuals working full-time, this loan is offered without any restrictions on its use and can be used for various purposes including travelling, house renovation and medical expenses.

Eligibility Criteria

Key Features

Profession

Salaried person with a Public or Private company

Employer Type

  • Central / State Government Organisation
  • Central / State PSUs
  • All major Corporates including TCS, Infosys and other Private Limited Companies

Applicant Age

21 - 58 years

Rate of Interest

MCLR (12m) + 3.00% p.a. fixed

Maximum Eligible Loan

₹ 10 Lakh

Min. Work Experience

For Non-Govt: 36 months, Minimum 1 year in the current organisation

For Govt: Minimum 1 year

Repayment Period

  1. months to 48 months

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Personal Gold Loan Scheme

Central Bank of India offers a specialized personal loan against the 22 carat pure gold ornaments kept at housed or the 50 gms gold coins sold by the bank. This scheme is meant to provide funds for urgent needs pertaining to agriculture, education or any other medical emergency.

Criteria

Key Information

Type of Facility

Demand or Term loan against the pledge of gold ornaments (22 Carat Pure)

Eligible Loan Amount

  • ₹ 1,750 per gm for gold ornaments or 70% of the current market price of 22 CT 
  • ₹ 1,850 per gm for coins sold by the bank or 80% of the current market price of 24 CT

Weight of Gold coins

50 gms per borrower

Margin

30% of the value at the time of sanction

Rate of Interest

MCLR (12m) + 2.00% p.a. floating

Processing Fees

0.5% of the loan amount + Tax + Appraiser Fee

Repayment Period

12 months

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Liquid Scheme

Central Bank of India offers its customers a scheme for providing loan against the shares and debentures in dematerialized form. 

Criteria

Key Information

Type of Facility

Demand or Term loan against the pledge of Shares and Debentures (Dematerialised)

Eligible Loan Amount

Maximum to the tune of ₹ 20 Lakh

Security

The lien with depository participant should be marked in bank’s favour

Margin

50% of the value of shares worked out on Average price for the last 6 months or current price (whichever is lower)

Rate of Interest

MCLR (12m) + 4.00% p.a. fixed

Processing Fees

0.5% of the loan amount + Tax + Appraiser Fee

Repayment Period

Whenever asked or within 12 months

(Limit may be reviewed on annual basis)

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Pensioner Scheme

Central Bank offers customizable personal loans to senior citizens or pensioners who maintain their pension account with the bank. Also, the loan is offered to the pensioners as well as the family pensioners who are entitled for it.

Criteria

Key Information

Type of Facility

Term loan for Pensioners & Family Pensioners

Eligible Loan Amount

For age up to 75 years

  • 18 months pension or ₹ 5 Lakh

For age above 75 years

  • 12 months pension or ₹ 2 Lakh

Security

No security requirements

Rate of Interest

MCLR (12m) + 1.50% p.a. fixed

Processing Fees

0.5% of the loan amount + Tax + Appraiser Fee

Repayment Period

12 months to 24 months

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Swabhiman Plus Scheme

Central Bank of India offers a unique scheme exclusively for senior citizens who are owners and occupants of a self-acquired, inherited or gifted residential property. All those who are using the property as their primary place of residence can avail a personal loan against the property through the bank.

Criteria

Key Information

Type of Facility

Term loan for senior citizens (owners of a residential property)

Eligible Applicants

  • The applicant’s age must be between 60 to 99 years
  • Married couples can apply as co-borrowers/joint-borrowers

Eligible Loan Amount

  • Liable to the market value of the property, as assessed by the bank’s sources (Minimum ₹ 10 Lakh)
  • Age of the applicant
  • Prevailing Rate of Interest

Security

The property is to be kept as a collateral 

Rate of Interest

MCLR (12m) + 0.50% p.a. fixed

Processing Fees

0.15% of the loan amount (Subject to Min. of ₹ 500 and Max. ₹ 10,000)

Purpose

  • Outright payment towards the Life time annuity plan from any Insurance Company.
  • Borrower shall be covered under an individual policy assignable to the bank

Repayment

The annuity payments shall be transferred to the borrower’s designated bank account at the Central Bank of India

Repayment Period

Till the demise of the last surviving borrower

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Here are some key benefits of the Central Bank’s Swabhiman Scheme;

Easy Settlement: The bank offers a one-time settlement option to the borrowers under the Swabhiman scheme. The loan gets due and is to be paid at the demise of the last surviving co-borrower, or in case the borrower no longer wishes to utilize the mortgaged property as the primary place of living. The loan is settled with the proceedings of sale of the property. However, any other property of the deceased or the heirs to the borrower are not liable for loan settlement.

Loan Pre-payment: In case, the borrower wishes to pre-pay the loan amount and does not want to continue with the loan, the bank offers a no cost pre-payment facility. 

Policy surrender: The Central Bank of India ensures that the applicants are under no obligation to continue with the policy and the loan once processed and disbursed, the borrowers can surrender the policy purchased through loan proceedings at any point in time.

Central Bank of India Personal Loan Documents Required

For obtaining the maximum amount of personal loan from Central Bank of India, a borrower should produce the following documents according to their business profiles as follows:

List of common documents

  • Duly signed loan application form
  • Passport sized photographs
  • Copy of Identity Proof: Passport/PAN Card/Voters ID card/Driving License etc.
  • Copy of Address Proof: Ration card/Driving License/Voters ID card/Passport/Telephone Bill/Electricity bill
  • Processing fee cheque
  • Banks statement of last 3 months/6 months bank passbook.

Documents required for salaried individuals

  • Latest salary slip
  • Current dated salary certificate with the FORM - 16

Documents required for self-employed individuals

  • Bank statement (Latest)
  • ITR or Form - 16 (Latest)

Personal Loan EMI Calculator - Central Bank of India

Cent Personal Loan Scheme

Amount borrowed @ 11.55% p.a. for a tenure of 3 years: -

Loan Amount

ROI @ 11.55%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.010

(Effective ROI per month)

36

₹ 2,37,598

₹ 6,599

₹ 37,598

₹ 3,00,000

₹ 3,56,397

₹ 9,899

₹ 56,397

₹ 4,00,000

₹ 4,75,196

₹ 13,199

₹ 75,196

₹ 5,00,000

₹ 5,93,996

₹ 16,499

₹ 93,996

₹ 10,00,000

₹ 11,87,992

₹ 32,999

₹ 1,87,992

Comparative;

Bank

Loan Amount

ROI*

Tenure (Months)

Repayment

EMI

Interest

ICICI Bank

₹ 2,00,000

0.009

12

₹ 2,12,395

₹ 17,699

₹ 12,395

HDFC Bank

0.013

₹ 2,17,186

₹ 18,098

₹ 17,186

SBI

0.010

₹ 2,13,517

₹ 17,793

₹ 13,517

IndusInd Bank

0.012

₹ 2,16,054

₹ 18,004

₹ 16,054

Central Bank of India

0.010

₹ 2,12,732

₹ 17,727

₹ 12,732

*ROI denotes the Effective Rate of Interest per month

Cent Pensioner Scheme

Amount borrowed @ 9.7% p.a. for a tenure of 5 years: -

Loan Amount

ROI @ 9.70%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.008

(Effective ROI per month)

60

₹ 2,53,196

₹ 4,219

₹ 53,196

₹ 3,00,000

₹ 3,79,795

₹ 6,329

₹ 79,795

₹ 4,00,000

₹ 5,06,393

₹ 8,439

₹ 1,06,393

₹ 5,00,000

₹ 6,32,992

₹ 10,549

₹ 1,32,992

₹ 10,00,000

₹ 12,65,984

₹ 21,099

₹ 2,65,984

Customer Care Number - Central Bank Of India

Central Bank of India offers a 24X7 customer support to all its customers. In case of any query regarding the ongoing loan process, the loan application, transactions related to the loan disbursal, the customers can call on 1800-22-1911 which is a toll-free number.

Why apply for your Central Bank of India Personal Loan through Afinoz

Afinoz.com is one of India's leading personalized financial marketplaces and has been awarded for the same by market leading researchers. The company has created a diversified platform which lets you choose the best personal loan from a wide range of options available in the market. All the options that are displayed on our website are system generated after considering your specific needs and requirements regarding the funds.

Instant Approval – After you choose your desired product, once you fill in and submit the application form along with the required documents, you will get your e-approval within 2 to 3 days of your application.

Real-time application tracking – Keep track of your application status in real-time with a unique transaction ID which gets generated when your loan application is successfully submitted. We ensure that all the applicants are well informed about their application process at each step via SMS and emails.

Online eligibility check – Do all your dealings with the bank online, through our platform. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Central Bank of India for your personal financing needs.

Secure Environment – Afinoz.com has a built-in security mechanism in place for all of your personal information which is shared with us, we have stored it in a secure environment within our system. This information is then sent to the bank in an encrypted format and is processed through a secure channel.

24/7 Customer Service – At any stage of the process if in case you have a query or you seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solution to your problem. So, there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.

No third-party agent – Through its platform, the online loan application process availed through Afinoz.com is absolutely free. Through Afinoz, one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and additional costs.

Free quotations – Explore and avail online deals on Central bank Of India personal loans and free un-biased quotes of personal loan with most suitable interest rates. All you have to do is select the loan amount that you wish to borrow and the anticipated repayment tenure of your personal loan. You will get a targeted online quote within minutes of your application

About the bank

Central Bank of India is one of the largest and oldest government-owned commercial bank in India headquartered in Mumbai, Maharashtra. The bank was established in 1911. Among the other Public Sector Banks, Central Bank of India can be described as an All India Bank, because of the distribution of its large network in all 29 states and also in 6 out of 7 Union Territories of India. 

FAQs
Q1 I want to apply for the Cent Personal Gold scheme offered by CBI. What is the loan amount I can get per gram?
The list of the maximum loan amount you can get per gram is as follows: For gold ornaments: You can get a loan amount of Rs. 2,000 per gram of gold/ 70% of the current market of 22-carat gold. For gold coins sold by the Central Bank of India, you can get Rs. 2,100 per gram of gold/ 70% of the current market value of 24-carat gold. The weight of the coin that is provided as a guarantee should not exceed 50 grams per borrower.
Q2 I want to apply for the CBI’s Cent Ratna scheme. Are there any concessions offered on the interest rate?
Yes, CBI offers a concession of 50 basis points on the rate of interest to borrowers who maintain and operate salary accounts at CBI branches.
Q3 Are pensioners eligible for a personal loan from Central Bank of India?
Yes, pensioners are eligible to apply for a personal loan from CBI.
Q4 What is the maximum tenure of Central Bank of India personal loan?
Central Bank of India provides maximum loan tenure of 60 months for all personal loan borrowers.
Q5 Do I need to submit any security to avail a personal loan from CBI?
Yes, you need to provide security as per the bank’s norms.
Q6 Why should I go for Central Bank of India Personal Loan apply?
Here are some of the compelling reasons why you should opt for Central Bank of India Personal Loan apply – • You can use the loan amount pretty much for any purpose. No questions asked! • With Central Bank, you can have a flexible personal loan tenure to suit your need • You can opt for a fixed Central Bank of India Personal Loan interest. The same will be charged on a monthly reducing basis. • You will not be asked to pledge collateral against the loan if you meet the Central Bank of India Personal Loan eligibility • With this loan, you may set up multiple options such as auto-debit, PDC or ECS for automatic payment of EMI on any given month.
Q7 How can I keep a track of my Central Bank of India Personal Loan apply?
When you do a Central Bank of India Personal Loan apply, you are given a unique transaction id (generated when you submit the loan application). You will be kept informed about your loan application status at every step through SMS and emails. You can speak to the bank executives any time, in case you have any query. For any query about Central Bank of India personal loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at info@afinoz.com.
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