Central Bank of India Personal Loan
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Central Bank of India Personal Loans
Central Bank of India Bank Limited is one of the oldest and largest commercial banks in India. The bank has 4730 branches, 5319 ATM's and 4 extension counters across 27 Indian states and three Union Territories. It provides a wide range of banking products and financial services to corporate and retail customers.
Apply for Central Bank of India Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Central Bank of India Personal Loans
Central Bank of India offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Central Bank of India.
Advantages of Central Bank of India
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for Central Bank of India Personal Loans
Important documents to be submitted while applying for personal loans with Central Bank of India
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
Central Bank of India Personal Loans
Catering to the needs of various sections of people, tailor-made Central Bank of India personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Features of Central Bank of India Personal Loan
Key Highlights
| Eligibility Criteria | Salaried/Self-Employed |
| Age | Between 21 years |
| Loan Tenure | Up to 40 months |
| Loan Amount | Up to 10 Lakhs |
| Interest Rate | MCLR(12m) + 3.00% |
Motive:
The aim of the Central Bank of India personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Central Bank of India personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 10,00,000 or 20 times of your gross salary.
Loan Tenure:
Up to 48 months
Prepayment Charges:
ou can make the prepayment after completing 12 EMIs. Prepayment charges are applicable.
Convenient Borrowing:
You can apply online or visit nearby Central Bank of India branches.
Eligibility Criteria
To avail the personal loans from Central Bank of India, you need to have the following eligibility criteria.
- You should be 21 years old or above
- Steady income
- Salary slip of last 3 months
- Proper Address Proof and Identity proof
- Permanent Employees of Railways, Government institutions, Central and State Government, Schools, Hospitals, Municipal Bodies etc. having completed ONE year of service OR Confirmed/ Permanent employees of Indian/multinational Companies having completed minimum THREE years of service.
Interest Rate and Other Charges on Central Bank of India Personal Loans
- The rate of interest is MCLR(12m) + 3.00%
- The processing fee is INR 500 + S.T
EMI Payment Methods
Your Central Bank of India personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Central Bank of India, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Central Bank of India account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Central Bank of India account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Central Bank of India account at your nearest Central Bank of India Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
Central Bank of India Personal Loans Summary
Central Bank of India provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Central Bank of India personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Central Bank of India personal loans do not impose much burden on the customers.
Central Bank of India Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing fee for Bank of Baroda personal loan is 2.00% of the loan amount. Processing fees have to be paid upfront.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Central Bank of India Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Central Bank of India offers personal loans at the cheapest rates of interest, with no security or collateral Central Bank of India offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Central Bank of India personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Central Bank of India personal loan?
You can either apply online or visit the nearest Central Bank of India loan centre for a personal loan.
10. Will there be any charges for prepayment towards my Central Bank of India personal loan?
There are prepayment charges on Central Bank of India personal loan. You can make the prepayment only after completing 12 EMIs.