Central Bank Of India Personal Loan Interest Rates

Central Bank of India provides Personal Loans at highly competitive interest rates. The interest rate for these Personal Loans depends on the loan amount, tenure, type of loan, and income eligibility of the applicant. The applicant's credit score also has an impact on the personal loan interest rates.

Below is the interest rate table for each Personal Loan product offered by the bank:

Central Bank of India offers its Personal Loan products to provide monetary support to every section of society. Central Bank of India personal loan is available for salaried employees and pensioners. Central Bank of India provides Personal Loans depending on the person's requirements eligibility and other criteria. Key features of the Central Bank of India Personal Loan are provided below.

Central Bank of India has been providing services for a very long time and has developed a lot of customer-centric products. The bank provides customised schemes for different kinds of requirements. Below are the benefits of the Central Bank of India Personal Loan:

• Avail customised scheme as per your requirement and eligibility. A lot of schemes are available.
• Competitive interest rates as compared to Personal Loan products from other banks
• Low processing fees and charges for your Personal Loan application
• No prepayment charges for Personal Loans

Central Bank of India offers personalised loan products for its customers at competitive interest rates and higher tenures. The Personal Loan by the Central Bank of India can be availed for any purpose such as marriage, education, agriculture activities, etc.

Central Bank of India offers the below-mentioned two types of Unsecured Personal Loans:

CENT Personal Loan Scheme:

• The loan is available for salaried individuals to meet any of their personal expenses
• The loan is available for only permanent salaried employees working in any bank, government company, private institution, etc.
• In the case of employees working in a government-based firm, the applicant needs to have a minimum work experience of 1 year, while, for employees working in any private institutions/MNCs, the minimum work experience needed is 3 years.
• The maximum loan amount that can be availed is up to 20 times the gross salary of the applicant, up to an amount of 10 Lakhs.
• The rate of interest starts from 12%.
• The maximum tenure which can be availed in 48 months
• The processing fee is 500 plus applicable taxes

CENT Pensioners:

• This loan is available for any personal expenses required by pensioners and family pensioners drawing pension through Central Bank of India's branches, pensioners and family pensioners of Central Bank of India, and defense pensioners.
• The loan can be used for any personal purpose such as house improvement, purchase of any commodity, etc.
• The maximum loan amount that can be availed is up to 18 months of pension (maximum 5 Lakhs) for pensioners of up to 75 years of age and up to 12 months of pension (maximum 2 Lakhs) for pensioners above 75 years of age.
• The maximum tenure is 18 months for pensioners under 75 years and 12 months for pensioners above 75 years.

The bank issues certain charges when you submit your loan application. These charges may be related to your documentation process, application processing, prepayment, etc.

It is better to be prepared for all expenses while applying for the Personal Loan. Below are the charges applicable on the Central Bank of India Personal Loan:

Here are the eligibility criteria details for the Central Bank of India Personal Loan:

An application form is not enough to start the approval process of your loan application. The bank also requires you to provide certain documents to verify all the claims that you make in your loan application. Although the document list can vary for different types of products, certain documents are necessary for all kinds of applications. These are documents related to your identity, residence, and income proof. The mandatory documents for personal loans which is verified by banks.

The documents that you will need: Duly filled application form

Identity proof: Aadhar Card, PAN Card, Voter ID Card, International passport

Residential Proof: Aadhar Card, Passport, Telephone Bill, Electricity Bill

Proof of Income (for salaried employees):

• 3 months of salary statement (for salaried employees).
• 6 months of bank statement
• Last 2 years Form-16 or IT-returns
• Proof of pension depositing into your account in case of pensioners

Other documents:

• Processing fee cheque
• 2 passport-sized photographs

The EMI (or Equated Monthly Instalment) is the amount that you will have to pay to the bank every month as part of your loan repayment. The EMI amount is crucial for your application as this is the amount that you will have to pay on a long-term basis. The bank also determines your eligibility using the EMI amount. Also, the EMI amount depends on your loan amount, rate of interest, and tenure. Finalizing an appropriate EMI amount means finalizing your loan amount and tenure. This makes you more confident about your loan application and increases your chances of approval.

The EMI amount is calculated through a complex calculation process. It can be time-consuming and irritating to do these complex calculations yourself. Moreover, doing these calculations multiple times for different loan-tenure ratios can take too long. For this reason, tools like EMI Calculator were introduced. An EMI Calculator requires details like your loan amount, rate of interest, and tenure and gives you the calculated EMI amount along with the total interest and the total amount. The EMI Calculator provides immediate results and helps you speed up this part of the application greatly.

MyMoneyMantra provides you with this EMI Calculator as well through its website. The EMI Calculator can be accessed by logging in to the MyMoneyMantra website and going to the Financial Tools. Click on the EMI Calculator tab that you see there. The EMI Calculator tool opens up and you can enter your loan amount, rate of interest, and tenure in the fields mentioned. The tool will then display the calculated EMI amount along with the total interest and the total amount to be repaid. If you find that the EMI amount doesn't seem satisfactory for you, you can try to calculate again with different loan amounts and tenure until you find the ideal amount.

Central Bank of India has an efficient customer care system set up to ensure that customers always receive immediate assistance for all their needs. Customer care executives are even available to visit your place and help you apply for a personal loan.

Below are the customer care details that you can use to contact the bank:

Toll-free numbers: 1800 110001 & 1800 180 1111