Description

Central‌ ‌Bank‌ ‌of‌ ‌India‌ ‌is‌ ‌a‌ ‌government-owned‌ ‌bank‌ ‌that‌ ‌offers‌ ‌various‌ ‌financial‌ ‌services.‌ ‌‌Its ‌business‌ ‌loan‌ ‌was‌ ‌introduced‌ ‌keeping‌ ‌in‌ ‌mind‌ ‌the‌ ‌need‌ ‌o‌ ‌small‌ ‌and‌ ‌medium‌ ‌enterprises‌ ‌who‌ ‌need‌ ‌instant‌ ‌loans‌‌ ‌The‌ ‌loans‌ ‌are‌ ‌available‌ ‌online‌ ‌as‌ ‌well‌ ‌as‌ ‌offline‌ ‌to‌ ‌meet‌ ‌with‌ ‌new‌ ‌generation‌ ‌demand.‌ ‌ ‌

The‌ ‌Central‌ ‌Bank‌ ‌offers‌ ‌various‌ ‌types‌ ‌of‌ ‌business‌ ‌loans‌ ‌to‌ ‌make‌ ‌sure‌ ‌many‌ ‌borrowers‌ ‌are‌ ‌covered‌ ‌coming‌ ‌from‌ ‌different‌ ‌paths‌ ‌of‌ ‌life.‌ ‌We‌ ‌will‌ ‌cover‌ ‌those‌ ‌essential‌ ‌details‌ ‌you‌ ‌need‌ ‌to‌ ‌know.‌

Central Bank of India business loan interest rate 2020

Type 

Charges

Loan Amount

Up to Rs 1 crore

Interest rate

8.55% to 12.80% P.A

Loan tenure

12 months to 10 years

Processing charges

Nil for up to Rs 50,000

Central Bank of India Business loan schemes

There are five types of Business loans offered by the Central Bank of India. 

  1. Cent – Business Gold loan
  2. Cent – Construction equipment finance scheme( CCEF)
  3. Cent – Doctor
  4. Cent – Kalyani
  5. Cent – Mortgage – Education Institutions 

Cent – Business Gold Loan

This loan is offered to existing customers and new borrowers engaged in business activities. Individuals, Partnerships, and Proprietorships are eligible to apply for the Business loan

  • The loan amount is offered from Rs 10,000 to Rs 20 lakhs. 
  • The margin is 20%. 
  • The rate of interest is between MCLR+ 0.50% and MCLR+ 1.00%. 
  • The loan repayment tenure is between 1 year and 3 years. 
  • The processing fee is zero up to Rs. 5 lakhs and Rs. 250 (per lakh) above Rs.5 lakhs. . 
  • The borrower's age should be between 18 years to 60 years. 
  • The borrower should pledge Gold coins, Jewellery, and Gold ornaments. 
  • The gold should 22 or 24 Karats purity. 
  • The Gold ornaments should be hallmarked. 

Cent – Construction Equipment Finance scheme ( CCEF) 

Those who are involved in construction activities are eligible to apply for this loan. It could be used to finance new equipment's/machinery. 

  • The loan amount is offered up to Rs 5 crores. 
  • The margin is 25% of the cost of Vehicles/Equipment/Machinery. 
  • The rate of interest is between MCLR+ 0.50% and MCLR+ 1.00%. 
  • The loan tenure is between 1 year and 5 years. 
  • The processing fee is Zero up to Rs. 5 lakhs and Rs.200 (per lakh) on the loan above Rs. 5 lakhs.  
  • The borrower has to pledge collateral or security. 
  • The collateral has 25% of the loan amount. 

Cent – Doctor

This loan is offered to those borrowers who want to set up their clinic, Pathological Laboratory, X-Ray Lab, Clinic-cum Residence, and others. 

  • The borrower could be an Individual, Trust, Partnership, or a company. 
  • The borrower should qualify for any branch of Medical science like MBBS/BDS/BAMS/BHMS or any other recognized degree. 
  • The borrower should have the minimum practical experience to establish a clinic. 
  • For a company, partnership, or trust, at least 50% of the director/promoter should be qualified and registered medical practitioners. 
  • The loan amount is offered from Rs. 1 lakh up to Rs. 5 crores. 
  • The margin is 15% against equipment and 25% against the construction of Clinic/Nursing Home. 
  • There is no need for collateral up to Rs. 1 crore. 
  • The collateral requirement is up to at least 50% of the loan amount above Rs 1 Crore. 

Cent- KALYANI

This loan is offered to women to encourage their entrepreneurial spirit.  The loan could be availed to start a new venture or expand the current one. 

  • The loan could help to meet the capital expenditure or day to day expenses. 
  • The loan amount is offered up to Rs. 1 crore. 
  • The margin is 20%. 
  • The rate of interest is between MCLR+0.25% and MCLR+0.50%.
  • There is no need for collateral or security. 
  • The loan is covered by CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises). 
  • The processing fee is NIL. 

Cent - MORTGAGE- EDUCATIONAL INSTITUTIONS

The purpose of this loan is to assist the borrower in meeting operational expenses. The loan is available for real estate or capital market activity. 

  • The loan amount is offered from Rs 1 lakh to Rs 500 lakhs. 
  • The rate of interest is MCLR + 4.50 % for Term Loan and Over Draft.
  • The loan repayment tenure is up to 10 years. 
  • The processing fee depends upon the loan amount. 
  • The education institute should exist for minimum 5 years, and at least 2 batches of students should have passed out. 
  • The institute should be recognized by the governmental body such as IMC/AICTE/UGC. 

The generic eligibility criteria for Central Bank of India business loan

  • The borrower's age should be between 21 years to 65 years to apply for the business loan. 
  • The borrower could be an Individual, private company, partnership firm, or proprietor. 
  • The business must have a minimum ITR of Rs 1.5 lakh p.a 
  • The business should be profitable for the last 2years. 
  • The business must have an annual turnover of a minimum of Rs. 40 lakhs. 

Central Bank of India Business loan documents required

  • The loan application form
  • Proof of identity ( Aadhar card, PAN Card, Voter ID card, Driving license) 
  • Proof of residence ( Electricity bill, telephone bill, Passport, Property tax receipt) 
  • Proof of Business Address
  • Balance sheet for the last three years ( Income tax, Salas tax returns) 
  • Registration papers
  • Memorandum and Articles of Association
  • Rent agreement
  • MSME/SSI registration papers if applicable
  • Projected balance sheets for the next two years.
  •  Sanction letters of facilities for the takeover of advances 

Features and Benefits of Central Bank of India Business loan

Central Bank of India offers multiple types of Business loans as per borrowers' needs. The loan amount is big to cover any business expense; the interest rate is quite lucrative compared to other bank business loans. 

  • The borrower could apply for the loan online. 
  • The loan tenure is flexible, going up to 10 years. 
  • The processing fee is relatively low. 
  • There are no hidden charges.
  • The loan procedure is completely transparent. 

Central Bank of India Business loan EMI Calculator

A business loan is a fixed amount, which has to be repaid monthly. Therefore EMIs play a crucial role in choosing the loan amount. This is the reason a borrower must calculate the EMI before applying for the business loan. 

An EMI calculator is an excellent tool to calculate the EMI. There are three essential elements in it. 

  • The loan amount
  • The rate of interest
  • The loan tenure

Open the EMI Calculator, enter these details; the Calculator will show you the monthly EMI. 

How to apply for a Central Bank of India Business loan at Afinoz?

Here are the steps you can follow to apply for a CBI Business loan at Afinoz. 

  • First, download the Afinoz app available on the Google play store. 
  • Check the loan eligibility by entering the essential details. 
  • Choose the loan amount and the loan tenure based on your eligibility. 
  • Upload the required documents mentioned in the app. 
  • Submit the loan amount. 
  • The verification process will begin. 
  • When the verification process is completed, the loan amount will be disbursed. 

 If you are not comfortable with the online process, you can visit the nearest Central Bank of India to apply for the loan. 

Central Bank of India Business loan status

With the Afinoz app, it is easy and convenient to track your business loan application status. Open the app, go to the menu, look for the the application status option. Enter the required details. The app will show the latest status. 

Central Bank of India Business loan Customer care

For any query, one could always get in touch with Central Bank of India customer care. Its toll number are 1800 22 1911, 1800 110 001 and 1800 180 1111. The official email address is digitalsupport@centralbank.co.in

FAQs

Q1 How to check the loan eligibility for a CBI business loan?
You can use the Afinoz app to check the loan eligibility for the business loan.
Q2 What is the maximum loan amount I can get?
You can get a minimum of Rs 10,000 and a maximum of Rs. 5 crores-loan amount depending upon your eligibility.
Q3Will I have to offer collateral?
It depends upon the business loan amount.
Q4 Is there is a processing fee for the Central bank of India business loan?
Yes, the processing fee ranges from 0 to Rs. 250 per lakh depending upon the loan amount.
Q5 What is the timeline to get the loan amount?
It takes from 3 to 7 days to complete the verification process, disbursing the loan amount.