Borrowers can get a personal loan from Central Bank of India to meet their personal expenses including medical bills, home repair, wedding, higher education, etc. Central Bank of India offers a personal loan under different categories and interest rates vary accordingly.  

Central Bank of India personal loan interest rate

Cent Personal Loan


  • Low-risk category: Repo + 5.85 % + 0.00 % = 9.85%
  • Medium-risk category : Repo rate + 5.85% + 0.200% = 10.05%

Processing fees

  • Rs.500.00 + S.T


Cent Personal Gold Loan

Interest rate

Repo + Spread + Credit Spread = 4.00+5.05 =9.05%

Processing fees

0.5% of the loan amount plus service tax as applicable 


Cent Liquid Scheme

Interest rate

  • Low/ medium risk category: Repo + spread + credit spread = 4.00 + 7.15 + 0.00=11.15.%
  • High-risk category : Repo + spread + credit spread = 4.00+7.15+.020= 11.35%

Processing fees


Factors that affect Central Bank of India Personal Loan rates

  • Credit score: Lenders use the credit score of an applicant to assess his/her creditworthiness while offering a personal loan. Individuals with a good credit score are considered less risky customers and charged a lower interest rate.
  • Income level: Income of an applicant tells about their repayment capacity. Borrowers with high income can easily qualify for a personal loan at lower interest rates. Central Bank of India offers lower interest rates to employees of government organizations and reputed corporate organizations as they have a steady income and hence the bank has lower risk.    
  • Existing loans: Existing obligations are carefully examined by lenders for a personal loan. People with high financial obligations may find it difficult to get a personal loan at lower interest, even despite their higher income.  
  • Relationship with Central Bank of India: If you are an existing customer of Central Bank of India by having a salary account/ savings account or credit card and have good relationship with the bank, there are chances that the bank may agree to offer you attractive rates. 
  • Negotiation skills: Eligible customers who fulfil all eligibility criteria can negotiate the discounts on a personal loan. In this case, meeting bank officials in person will be a great idea. You can visit the nearest branch of the Central Bank of India to negotiate your personal loan interest rates

How to calculate interest rates on Central Bank of India personal loan?

An EMI or Equated Monthly Instalment is made of two components - principal plus interest rate- that a borrower has to pay every month to pay off a personal loan. To find out how much interest you are paying through your EMI every month or the overall interest rate payable throughout the loan tenure, you can use a personal loan EMI calculator online. The EMI calculator uses the following formula:

Here is a general mathematical formula which is used to calculate EMI on loans:

P x R x (1+R)^N] / [(1+R)^N-1]


  • P indicates the principal of your loan amount
  • R indicates Rate of interest
  • N indicates Tenure (loan term in some years)

You can use interest rate calculator, EMI calculator and tenure calculator on to find out any of the components. The EMI calculator also displays an amortization table that includes details of the EMI amount that goes towards the principal amount payment and the interest amount.

Central Bank of India personal loan vs other personal loans


Interest rate (p.a.)


Loan amount

Processing fee

Central Bank of India

9.85% p.a. onwards

12 to 48 months

Up to Rs. 20 lakh

Rs.500.00 + S.T


10.75% - 21.30%

12 to 60 months

Up to Rs. 15 lakh

Up to 2.5% of the sanctioned amount


11.25% - 22%

12 to 60 months

Up to Rs. 20 lakh

Up to 2.5% of the sanctioned amount

Union Bank of India

8.90% onwards

12 to 60 months

Up to Rs. 10 lakh

Up to 0.5 of loan disbursed

Axis Bank

12% - 24%

12 to 60 months

Rs. 50,000 to Rs. 15 lakh

Up to 2% + GST

Yes Bank


12 to 60 months

Rs. 1 lakh to Rs. 40 lakh

Up to 2.5% of the loan + GST


Q1 What credit score is ideal to get a personal loan at an attractive interest rate?
A credit score of 750 and above is considered a good fit to get a personal loan at an attractive interest rate from Central Bank of India. However, other factors like credit score, income and loan tenure also play an important role in the interest rate offered.
Q2How soon can I get a personal loan after application?
After you submit the loan application, the bank executive will get in touch with you to know other details. After approval of the loan application, you can expect the loan within 48 hours in your bank account.
Q3 What makes a personal loan from Central Bank of India the right choice?
By getting a personal loan from Central Bank of India, you can enjoy benefits like competitive interest rates, personalized loan schemes, minimal processing fees and instant disbursal, among others.
Q4 I have a loan with another bank, is it possible to get Central Bank of India personal loan?
Yes, you can apply for a personal loan from Central Bank of India despite existing loans. However, your debt to income ration i.e. all obligations including the EMI of this loan should not be more than 40% of your gross take-home salary.
Q5 Does Central Bank of India offer discounts on a personal loan interest rate for existing customers?
Yes, individuals who have a good relationship with the bank can negotiate interest rates. You can call Central Bank of India customer care team or directly visit the bank branch to negotiate the interest rates.
Q6How can I track the current status of my loan application?
If you have applied for a personal loan with Central Bank of India, you can call customer care team of the bank at 1800 22 1911 (Toll free) to know the current status of your application.