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Central Bank of India offers car loans to their customers to purchase new or used cars for personal use. The loan is called ‘Cent Vehicle’. It comes with various features and benefits for the customers. Customers should be aware of the eligibility criteria to avail this loan before submitting the application. Rejection of your loan application could have adverse effects on your future loan applications.
About Central Bank of India Car Loan Eligibility
Understanding ‘Cent Vehicle’ Car Loans
1. The following persons are eligible to apply for this car loan –
2. Age criteria – All applicants should be over the age of 18 years and within 65 years of age
3. Income criteria – The Gross Annual Income should be a minimum of Rs.2,40,000/-
4. Security – Hypothecation of the purchased vehicle to the bank will serve as security for the loan
5. Repayment tenure – For new vehicles, the bank allows a repayment tenure of up to 7 years and up to 5 years for used vehicle purchase
There are various factors affecting one’s car loan eligibility.
Credit Score - This criteria plays a major role in your car loan processing. Credit Score indicates the financial standing of the applicant to the bank. Higher the credit score, the higher the chances of loan approval. A healthy credit score can also help you to get conducive loan terms & interest rates.
Salary/Income – The Gross Annual Income is taken in to consideration while loan processing. Banks would decide the quantum of the loan amount based on the salary of the applicant so that it corresponds to their repayment capability. Higher income and a lower loan amount are considered ideal by the banks and are approved easily.
Age of the applicant – Age of the applicant indicates the number of earning years left for the borrower to repay the loan. Longer the earning years left easier for the borrower to repay the loan.
Pre-existing loans/liabilities – Any existing debt for the applicant can put pressure on the car loan repayment. Hence banks look into any pre-existing liabilities while deciding the loan amount and the tenure. They also look into the repayment pattern on these existing loans or EMIs to understand the credibility of the applicant.
Some simple precautions towards your financial management can help you improve your car loan eligibility
1. Pay attention to your credit score – Credit score is important while applying any type of loan. Hence, keep up to date with your current score and make sure you take necessary steps to improve it. You can achieve this by maintaining a healthy repayment schedule on your existing credit cards or other loans. Make sure that all EMIs are paid on time. Have a healthy revolving debt with your credit cards to improve your credit score.
2. Bring in co-applicants – If you have other family members who are earning, you can add them as co-applicants on the loan. Their income shall also be taken into consideration to calculate the debt to income ratio, which will increase the approval rating. This can be any family member like spouse, father, mother, siblings. This can be done even if the car is not purchased in their name.
3. Clear pre-existing loans or debts – You can try and repay any existing loans or debts. Not having any pre-existing liabilities will increase your chances for loan approval. The debt-to-income ratio needs to be kept at a healthy level.
The following documents are required by banks while submitting your car loan application
For Salaried Individuals:
For Self-Employed Individuals
1. What are the reasons my loan application might get rejected?
The banks may reject your car loan application for any one of the following reasons:
2. Is it possible to negotiate the rate of interest with the bank?
Yes, If you are eligible for a car loan, it is possible to negotiate better terms and rate of interest with the bank. However, this depends on factors like your credit score, salary and ultimately the discretion of the bank.
3. What are EMIs?
EMIs or Equated Monthly Instalments is the regular instalment amount you pay back to the bank towards your loan. EMIs offer an affordable financial solution to buy a car by breaking down the repayments in smaller amounts and spread across a certain tenure.
4. How can I improve my credit score?
Having a healthy credit score is important to secure any kind of loan and it is simple too to improve your credit score. Have a clean repayment history on all your debts, credit cards and any other liabilities. Maintain a healthy revolving credit with your credit card to increase your credit score. Make timely payments on all the dues and if possible pre-close existing loans
5. What is the interest rate offered on car loan from Central Bank of India?
The latest car loan interest rate from Central Bank of India stands at MCLR + 0.40% for new cars and MCLR + 1.50% for used car purchases. It starts from 8.70%.
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