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 its distribution of its large network in all 29 states and also in 6 out of 7 Union Territories of India. Central Bank of India holds a very important place among the Public Sector Banks on account of its network of 4,730 branches, 1 extension counters, along with 10 satellite offices at different centers spread widely across the country.
Central Bank of India Personal Loans
Personal Loan are 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. Central Bank of India Personal Loan is one of the best-in-class personal loan schemes which comes with numerous benefits and features to meet all your personal requirements at any point in your life. Get lowest online personal loan interest rates from Central bank of India at Afinoz.com, one of India’s best loan providers. Apply online for CBI personal loan at Afinoz.com and get a step closure to your dreams and goals.
CBI personal loan scheme details:
Central Bank of India provides diverse personal loans to cater exclusive needs of different types of customers. Central Bank of India Personal Loans promises to fulfill all the different necessities of their customers.
CBI offers the following types of personal loans-
- Personal Loan Scheme for corporate: This personal loan scheme is meant for permanent employees of large corporate clients.
- Personal Loan Scheme for non corporate: This personal loan scheme is meant to meet personal/domestic expenses of non-corporate clients.
- Cent Ratna Scheme: This CBI Personal Loan scheme is meant to meet the requirements of Permanent employees of any Maharatna/Navratna/Major PSUs but not for any speculative purpose.
- Cent Personal Gold Loan: This scheme is meant to meet urgent personal expenses like marriage/medical/educational needs, etc. other than for agricultural purpose on the pledge of gold/gold ornaments.
- Cent Teacher scheme: This scheme is meant to meet personal/domestic expenses of teachers.
- Cent Suvidha scheme: This CBI personal loan scheme is meant to satisfy any personal exigencies of salaried employees.
- Cent doctor scheme:This personal loan scheme is meant for doctors, who can use it for the purchase of equipments, setting up of a Clinic, X-ray Lab, Pathological Laboratory, Nursing Home, Poly Clinics etc., clinic-cum-residence, expansion/renovation/modernization of existing premises, purchase of vehicles, ambulance, computer or for working capital requirement including stock of medicine /disposables.
- Cent pensioner scheme: This personal loan scheme is meant for pensioners drawing pensions through branches of central bank of India.
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Feature and Benefits of Central Bank of India Personal Loan:
Central bank of India has attractive features and benefits from easy loan approval to higher loan amount with flexible loan tenure. Here are some features and benefits of CBI personal loan:
- 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, 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
Central Bank of India personal loan eligibility or Central Bank of India personal loan interest rates can be easily assessed through Afinoz. If there is any query about Central Bank of India personal loan application, you should log on to afinoz.com or call us on +919899889816 or mail us at firstname.lastname@example.org and get all the details quickly.
We also offer other financial products such as Business Loan, Home loan, Personal Loan By SBI, Car loan, Education loan, PNB Business Loan etc. from the top banks and NBFCs at the lowest possible interest rate with no hassle. Our aim is to make financial products reasonable and easily accessib to everyone. We promise to provide quick, reliable, transparent and confidential solutions without any charge. We provide Best Personal Loan In India.
Central Bank of India Personal Loan Eligibility Criteria:
Eligibility for Central Bank of India personal loan is decided on the basis of certain parameters. A loan seeker must come under the below mentioned eligibility criteria to avail a personal loan from Central Bank of India:
CBI Personal loan scheme for corporate eligibility
All employees of Corporate Clients who enjoy credit facility with Central bank of India and also employees of other Corporate who are not enjoying any credit facility with the bank are eligible for this personal loan scheme.
- Quantum of loan: Individuals can avail twenty times of gross salary subject to a maximum amount of Rs. 5 lakhs and minimum net take home pay of 40% of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the installment of proposed loan.
CBI Personal loan scheme for non-corporate eligibility
Permanent Employees of railways, government institutions, central and state government, schools, hospitals, municipal bodies etc. must have completed 1 year of service in the same organization or confirmed employees of Indian/multinational companies having completed minimum 3 years of service are eligible to take personal loan from CBI.
- Quantum of loan: Individuals can avail twenty times of gross salary subject to a maximum amount of Rs. 10 lakhs and minimum net take home pay of 40% of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the installment of proposed personal loan.
CBI Cent Ratna personal loan scheme eligibility
- Quantum of Loan: Individuals can get a loan amount of 20 times of their gross salary subject to a maximum amount Rs. 6 lakhs per employee under this CBI personal loan scheme.
- Guarantor: This scheme requires you to provide a personal guarantee of one co-employee of net worth at least equal to the loan amount
- 50 basis points in Interest concession will be provided to the individual maintaining and operating Salary account with the Central Bank's Branch.
CBI Cent personal gold loan scheme eligibility
- Nature of Facility: Demand Loan against security of gold ornaments of 22 Carat purity or Gold Coins subject to a maximum of 50 grams per person sold by Central Bank of India.
- Security: Borrower should have to pledge gold ornaments of 22 Carat purity or Gold Coins sold by CBI.
- Margin: 30% of the loan amount at the time of sanction.
- Maximum Limit of loan per gram
- Rs. 1,750 per gram of gold ornaments or 70% of the existing market prices of 22 carat gold whichever is less.
- In case of gold coins sold by CBI, Rs. 1,850 per gram of gold coins or 70% of the existing market price of 24 carat gold whichever is less.
- The weight of coins pledged should not go beyond 50 grams per borrower in case of personal loan against security of gold coins.
- Drawing power will be revised duly on monthly basis based on the market value of gold or gold coins.
CBI Cent teacher personal loan scheme eligibility
- Permanent Teachers/Employees of Schools/Colleges/Universities and other Educational and Research Institution and whose salary routed through account maintained with Central Bank of India branch are eligible to take loan under this scheme.
- Quantum of loan :- Twenty times of gross salary subject to maximum of Rs.5 lakh and minimum net home pay of 40% of gross salary after considering the factors like payment of statutory dues, repayment of various other loans including the installment of proposed loan.
- Take home pay:- net take home pay should be minimum 40% of Gross salary including installment of the proposed personal loan.
- Guarantee: - there is a requirement of Personal Guarantee by co employee of net worth at least equal to loan amount.
CBI Cent Suvidha personal loan scheme eligibility
- Salaried employees of Corporate Clients/Schools/Colleges/Universities/Other Organizations, whose salary is routed through Central Bank of India branches at least for one year, can avail loan under this personal loan scheme of CBI.
- Quantum of the loan: - Overdraft may be allowed up to Rs.1 lakh or one month's net salary whichever is less.
CBI Cent doctor personal loan scheme eligibility
- Individuals/Partnership/Companies/Trusts are eligible to avail this scheme.
- Applicants should have recognized qualification in any branch of medical science like MBBS /BAMS/BDS/BHMS or any recognized degree in Physiotherapy/Radiology etc. & should have minimum practical experience required to establish Hospital/Nursing Home/Clinic.
- Partnership: - Out of total partners, at least 50% should be qualified and registered medical practitioners.
- Company: - At least 50% of the directors must be qualified and registered medical practitioners.
- Trusts: - Trust should be registered and should have the power to borrow and at least one of the trustees should be qualified medical professional and registered medical practitioner
- Quantum of Loan:
- Minimum loan amount: Rs. 1 lakh
- Maximum loan amount: Rs.5 crores
- Loan amount in Rural/Semi-Urban areas: Rs 50.00 lakhs
- Working Capital limit of up to Rs. 5 lakhs may be considered, if required, within overall limit of Rs.50 lakhs
- Urban / Metro Areas - Rs.5 crores
- Working Capital Limit of up to Rs. 10 lakhs may be considered, if required, within the overall limit of Rs.5 crores
- Margin: - 25% against the construction of Nursing Home/Clinic and 15% against equipment
- Security: - Hypothecation of assets acquired out of the bank finance/ EM of property in case of construction of building
- Collateral - No guarantee or collateral for loans up to Rs.1 crore, which are to be covered under CGTMSE Guarantee only
- For loans above Rs.1 crore, collateral up to at least 50% of the loan amount to be taken.
- For loans above Rs.1 crore, personal guarantee of all the Partners, Promoter Directors, Trustees to be taken in case of Partnership, Limited Company and Trust account, respectively.
Cent pensioners personal loan scheme
- Pensioners/Family Pensioners drawing pension through Central Bank are eligible to avail loan under this scheme. The Pensioners who are getting their pension through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their accounts with CBI branches are also eligible to get loan under this scheme.
- Loan quantum
- For pensioners aged up to 75 years and who are eligible for 18 months pension get maximum loan quantum of Rs 5 lakhs
- For pensioners aged above 75 years and who are eligible for 12 months pension get maximum loan amount of Rs. 1 lakhs
Eligibility and EMI calculator: Now, you can easily evaluate and calculate your Central Bank of India personal loan eligibility and Central Bank of India personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
Impact of credit score on eligibility
CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s credit worthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
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)
Apply for Central Bank of India personal loan online at Afinoz.com. You can call us at +919899889816 or email us at email@example.com.You can check your eligibility and tentative EMI for Central Bank of India personal loan using our utility tools like personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your Central Bank of India loan application through Afinoz.com, you can effortlessly track your loan application status on our website on a real time basis, 24x7.
|Central Bank of India personal loans interest rates|
|Personal loan for corporate||Personal Loan for non- corporate||Cent ratna scheme||Cent Personal Gold Loan||Cent teacher scheme||Cent suvidha scheme||Cent doctor scheme|
|General Interest-Rates||MCLR+3.50% P.A||MCLR(12m)+3% P.A||MCLR+3.50% P.A||MCLR(12m)+2.00 P.A (floating)||MCLR+2.75% P.A||MCLR+4%||MCLR+2.25% TO 2.50% P.A|
|Loan tenure||Up to 36 months||Up to 48 months||Up to 60 months||From 12 months to 48 months||Up to 48 months||From 12 months to 48 months||-|
|Processing Fee||Rs. 500 per proposal||Rs 500 + Service Tax||NIL||0.5% of the loan amount||RS. 500 per proposal||NIL||0.5% of the loan amount|
|Loan Amount||Up to Rs. 5 lakhs||Up to Rs. 10 lakhs||Max Rs. 6 lakhs||-||-||Up to Rs. 1 lakh||-|
Special Note: Rates are subject to periodic change. Personal loan interest rates in central bank of India and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Central bank of India etc.
Why should you apply for Central Bank of India Personal Loan through Afinoz.com?
Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
- Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. 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.
- Secure Environment - Afinoz.com has a built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. 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 – Afinoz.com online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
- Free quotations – Get online deals on Central Bank of India personal loans and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.
Compare Orintal personal loan with other Banks
Query- I want to apply for the Cent Personal Gold scheme offered by CBI. What is the loan amount I can get per gram?
Reply-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.
Query- I want to apply for the CBI’s Cent Ratna scheme. Are there any concessions offered on the interest rate?
Reply- 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.
Query- Are pensioners eligible for a personal loan from Central Bank of India?
Reply- Yes, pensioners are eligible to apply for a personal loan from CBI.
Query- What is the maximum tenure of Central Bank of India personal loan?
Reply- Central Bank of India provides maximum loan tenure of 60 months for all personal loan borrowers.
Query- Do I need to submit any security to avail a personal loan from CBI?
Reply- Yes, you need to provide a security as per the bank’s norms.
For any query about Central Bank of India personal loan application, you can log on to afinoz.com or give us a call at +919899889816 or mail us at firstname.lastname@example.org.