Description

Central Bank of India offers a personal loan in multiple categories for different purposes. If you want to get a personal loan under any of the categories, it is important to know whether you qualify for the loan. Here are eligibility criteria for each scheme.

Eligibility criteria for Central Bank of India personal loan scheme (Corporate)

The applicants should be part of a corporate company to be eligible for the personal loan for the corporate scheme.

Citizen

Resident of India

Age

As per the bank’s guidelines 

Income

As per terms and conditions set by the bank

Employment 

Should be a permanent employee

CIBIL

750

Interest rate

12.55% per annum

Loan tenure

Up to 36 months

Eligibility criteria for Central Bank of India CENT personal loan scheme

The borrower should have at least one year experience if he/she is employed with state or central government and 3-year experience if he/she works for an educational institution or a reputed private company or an MNC.  

Citizen

Resident of India

Age

As per the bank’s guidelines 

Income

As per terms and conditions set by the bank

Work experience 

  • Minimum 1-year experience for government employees
  • Minimum 3-year experience for private company employees

CIBIL

750

Interest rate

12.55% per annum

Loan tenure

Up to 48 months

 

Eligibility criteria for Central Bank of India CENT Ranta

Citizen

Resident of India

Age

As per the bank’s guidelines 

Income

EMIs should not exceed 40% of the net take-home salary

Work experience

Permanent employees of major PSUs, Maharatna or Navratna

CIBIL

750

Interest rate

12.55% per annum

Loan tenure

Up to 60 months

 

 

Eligibility criteria for Central Bank of India CENT Teacher

The applicant should be a teacher and hold his/her salary account with Central Bank of India to qualify for the CENT Teacher personal loan scheme. 

Citizen

Resident of India

Age

As per the bank’s guidelines 

Income

EMIs should not exceed 40% of the net take-home salary

Work experience

Permanent employees 

CIBIL

750

Interest rate

12.55% per annum

Loan tenure

Up to 48 months

Factors that affect Central Bank of India personal loan eligibility

  • Employment type: Government employees or employees of reputed private organizations who have banking relationship with Central Bank of India can get a personal loan.
  • EMI/NMI ratio: It is one of the most important factors considered for a personal loan. The bank calculates Personal loan EMI of the applicant against his net monthly income to assess the eligibility for a personal loan. To be eligible, your obligations including EMI of Central Bank India personal loan should not exceed 40% of your monthly income. 
  • Credit history: You need to have a good and clean credit history. If you have skipped or failed to repay any EMI, your credit score will suffer, and hence your chances of getting a loan will be slim.
  • Relationship with the bank: Most of personal loan schemes by Central Bank of India are designed for existing customers of the bank. For example, if you have savings account or salary account with the bank, it will increase your chances of getting a personal loan
  • Necessary documents: You need to submit the required documents like your identity card, address proof, employment proof and income proof.  

FAQs

Q1What is the difference between a personal loan and loan against property?
Personal loan is an unsecured loan offered for any personal financial needs. Whereas, loan against property is a secured loan and if a borrower fails to repay the loan the bank may seize the property.
Q2What is the interest rate for personal loans by Central Bank of India?
Central Bank of India personal loan interest rates start from 12.55% per annum. However, the final rate will depend on several factors including the loan amount, tenure, income and credit score of the individual.
Q3 Can Central Bank of India personal loan be applied online?
As of now, Central Bank of India doesn’t offer an online application facility. You can visit the nearest the branch of the bank to apply for a personal loan.
Q4 What type of documents required for getting a personal loan?
You will need to submit documents like identity cards like voter’s ID card, Aadhaar card, address proof i.e. any of utility bill, and income proof like pay slips, ITR certificate, Form 16 and bank statement.
Q5 What are the processing charges for personal loans from Central Bank of India?
You will need to pay a processing fee of Rs. 500 + GST to get a personal from Central Bank of India.