Central Bank of India Personal Loan Eligibility Criteria 2022

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.

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

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

 

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

 

 

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

• 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.