If you are in need of a personal loan and are looking to find the best rates, please read on. In this article, we will discuss the Central Bank of India Personal loan interest rate, eligibility requirements, and necessary documents needed. We hope that this information will help you make an informed decision when applying for a loan.
Central Bank of India Personal Loan Highlights
| Interest rate | 10.75% p.a. onwards |
| Loan Amount | Up to Rs 15 Lakh |
| Tenure | Up to 84 months |
| Processing Fee | 1.00% of loan amount For Defence Personnel: NIL |
Central Bank of India Personal Loan
Central Bank of India offers Personal Loan at interest rates starting from 10.75% p.a. You can take a personal loan up to a maximum of Rs 15 lakh for a maximum tenure of up to 84 months. The bank charges a processing fee of 1% of the loan amount taken by you. However, if there is no processing fee for defence personnel and pensioners.
Central Bank of India Personal Loan Interest Rates – 2022
Central Bank of India personal loan interest rates start from 10.75% p.a. and go up to 10.95% p.a. The bank also provides personal loan to pensioners at the rate of 9.35% p.a.
| Personal Loan Schemes | Interest Rate |
| Cent Personal Loan | 10.75%-10.95% p.a. |
| Cent Pensioners | 9.35% p.a. |
Read Also – HDFC Gold Loan
Types of Central Bank of India Personal Loan
The Central Bank of India offers a range of personal loans to borrowers. Here are the types of personal loans available from the Central Bank:
Cent Personal Loan Scheme
Cent personal loan scheme is the perfect option for borrowers who need a short-term financial solution to meet their personal or domestic requirements. The loan can be used for a range of purposes, including bills, repairs, and emergencies. Plus, the interest rate is incredibly low, making it an affordable option for those in need.
- Loan Amount: Up to Rs 15 Lakh
- Tenure: Up to 84 months
- Processing Fee:
- 1% of the loan amount
- For Defence Personnel: NIL
Cent Pensioners
When it comes to meeting the personal requirements of pensioners, many turn to Cent Pension loans. These loans are designed to meet specific needs, such as covering the costs of education and medical expenses. Additionally, the loans can be used for other purposes, such as purchasing a home or starting a small business.
- Loan Amount: Up to Rs 10 Lakh
- Tenure: Up to 84 months
- Processing Fee: NIL
Central Bank of India Personal Loan Eligibility Criteria
Central Bank of India Personal Loan eligibility criteria is based on certain factors such as age, occupation, and monthly income. The following are the eligibility requirements for a personal loan from the Central Bank of India:
Cent Personal Loan Scheme
- Employees of Railways, Government institutions, Central and State Government, Schools, Hospitals, Municipal Bodies etc. who have completed 1 year of service.
- Employees of Indian and multinational companies who have been in their positions for at least 3 years.
Cent Pensioners
- Pensioners/family pensioners drawing salary through Central Bank of India.
Documents Required for Central Bank of India Personal Loan
Here are the documents you’ll need if you’re applying for a personal loan from the Central Bank of India:
- Identity proof: Aadhaar, Passport, PAN Card, Driving License, Voter ID Card.
- Address proof: Ration Card, Valid Passport, Driving License, Electricity Bill, Telephone Bill.
- Income proof: Recent Salary Slips, Bank Account Statement, ITR, Form 16, etc.
EMI Calculator
The Central Bank of India (CBI) has unveiled a personal loan EMI calculator to help borrowers calculate the EMIs for their loans. The calculator is available on the CBI website and uses data from various lenders to give accurate estimates.
Borrowers can input information such as loan amount, interest rate, tenure and monthly payment to get an estimate of the total EMIs they will need to pay. The calculator also allows borrowers to see the impact of changing any of these parameters, which can help them make a more informed decision about their loan.
The calculator is a useful resource for borrowers who want to know exactly how much they will need to pay each month in order to avoid paying higher EMIs than they need to. It can also help people who are considering taking out a personal loan but don’t know which lender offers the best terms.
How To Apply For Central Bank of India Personal Loan
The process of applying for a personal loan through the CBI is relatively easy and can be done at any of its branches. Here are the steps you need to take:
- Go to the branch where you want to apply and present your Identification Proof (passport or driving license) and proof of address (utility bill or rent receipt).
- Fill out an application form and provide your required documents.
- Submit the application form and all required documents to the bank clerk.
- After receiving approval from the bank, you will receive a loan amount, interest rate and repayment schedule details.
Read Also – YES Bank Home Loan
FAQs
Q. What is the interest rate on a Central Bank of India personal loan?
Ans. The interest rate on a Central Bank of India personal loan is generally around
10.75%-10.95% p.a. However, this can vary depending on the credit history and other factors of the applicant.
Q. How much can I borrow with a Central Bank of India personal loan?
Ans. You can borrow up to Rs 15 lakh with a Central Bank of India personal loan.
Q. How long does it take to receive a Central Bank of India personal loan?
Ans. It typically takes around two weeks to receive a decision regarding your application for a Central Bank of India personal loan. However, this time frame may vary depending on the specific terms and conditions of the loan. Therefore, it is always important to keep up-to-date with changes to your application status.
Q. Can I use my Central Bank of India personal loan to finance my home purchase?
Ans. Yes, you can use your Central Bank of India personal loan to finance your home purchase.
Q. What are the repayment terms for a Central Bank of India personal loan?
Ans. The repayment terms for a Central Bank of India personal loan are up to 84 months.
Q. Can I take out a Central Bank of India personal loan if I am already in debt?
Ans. Yes, you can take out a Central Bank of India personal loan even if you are already in debt. The only condition is that your total outstanding debt burden does not exceed 50% of your annual income.
Conclusion
If you’re looking for a loan to help you get through a tough time, or if you just want to take some steps towards financial stability, then I definitely recommend checking out the Central Bank of India personal loan program.
With rates that are typically lower than what other lenders offer and a range of options that cater to your specific needs, this is an excellent option for anyone in need of quick cash.
