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The personal loans of the Central Bank of India are of many types depending on the type of applicant and the loan type. The eligibility for each such loan type is different. The details of the same are tabled below.
Cent Personal Loan Scheme
Cent Personal Loan is the basic personal loan that is available to eligible applicants to meet their domestic needs. The bank has set eligibility criteria based on the employment status of the applicants and the minimum work experience required to be eligible.
The applicants have to be permanent employees of any of the following organizations,
Permanent or confirmed employees of any of the following entities,
Personal Loan to Pensioners
This type of personal loan is available to eligible pensioners. The eligible purpose for this loan is to meet any personal need except the following,
The eligible applicants for this type of loan are the following persons,
These loans can also be applied jointly provided such co-applicant is the spouse of the pensioner or the legal heir of the family pension beneficiary.
Cent Personal Gold Loan
This is another type of personal loan from the Central Bank of India that is available to eligible applicants. The purpose of this loan is to meet the personal expenses of the applicants provided such expenses are not for agriculture purposes. Cent Personal Gold Loan is in the nature of a demand loan that can be availed by pledging the gold ornaments. The purity required for such gold ornaments is a minimum of 22-carat gold. Applicants can also pledge gold coins sold by the Central Bank of India.
The maximum weight of gold ornaments and gold coins that can be pledged as per the guidelines of the Bank by each applicant is 50 grams.
The application for a personal loan from the bank has to be submitted along with certain documents as per the guidelines of the bank. These documents are part of the application process and non-submission of the same will render the application incomplete. The documents needed for the personal loan application of the bank are basic KYC documents. These documents are detailed below.
The following documents can be provided for identity proof of the applicant
The documents for income proof of the applicant are based on the type of applicant
Bank statement for the past 6 months
Recent Passport Size Photographs
Central Bank of India provides many forms of personal loans for its eligible applicants. The details of the personal loans of the bank are mentioned below.
Personal loans are among the easiest and the quickest forms of cash loans that can be availed by retail customers. These loans can be applied to meet the immediate financial needs of the eligible applicants. These loans are available with easy and affordable repayment options. The purpose of such personal loans can be anything like a wedding in the family or a medical emergency or travel or any other even purchase of some household commodity/durable, etc.
The personal loans of the Central Bank of India are available at attractive rates and for comfortable repayment tenure with flexible repayment options. The highlights of the personal loans of the bank are tabled below.
Quantum of Loan
Rate of Interest
4 years (48 months)
5 years (60 months)
Maximum 12 months from date of sanction
Rs. 500 (excluding service tax)
0.55 of the loan amount (excluding taxes and appraiser fees)
Central Bank of India is a public sector bank that has its headquarters in Mumbai, the financial capital of the country. The bank has its origins in the pre-independence era and caters today to not only national but international customers as well. The bank has its presence across all the states of the country providing banking services in the remotest parts of the nation.
The various products and services of the bank include Retail Banking, Corporate Banking, MSME Banking, NRI Banking and much more. The retail loan segment of the bank includes personal loans that can be availed by eligible borrowers to meet their requirements.
1. Can a self-employed person or professional apply for the Cent Personal Loan Scheme?
A. No. Cent personal Loan Scheme is applicable only for salaried employees who are part of the eligible entities for a minimum period of service as required by the bank.
2. Can a person apply for Cent Personal Gold Loan for agricultural purposes?
A. No. Cent personal loan is a loan to meet the personal expenses of the applicants provides they are not for agricultural expenses.
3. Who can apply for the personal loan to pensioners of the Central Bank of India?
A. The personal loan of the bank for pensioners can be applied by any person or family pensioner (including ex-staff) receiving their pension through any of the branches of the Central Bank of India. The scheme states that the purpose of loan cannot be any of the following,
4. How can I get a personal loan from the Central Bank of India?
A. A person can get the personal loan of the bank through any of the following modes,
5. Where can I get more details about the personal loans from the Central Bank of India?
A. A person can get more details of the personal loan of the Central Bank of India by contacting the nearest branch of the bank or their customer care service at 1800 22 1911
6. Is the Cent Personal Loan a secured loan?
A. No, Cent personal loan is an unsecured loan.
7. What is the maximum eligible limit for Cent Personal Gold Loan?
A. the maximum applicable limit for Cent Personal Gold Loan is mentioned below,
In the case of 22-carat gold ornaments or jewellery
In the case of gold coins sold by the Central Bank of India
Moreover, the other point to remember is that the maximum weight of gold coins per cannot be more than 50 grams per person in case of advance against the security of gold coins. The drawing power of the borrower will be revised on monthly basis depending on the current value of gold.
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