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Lending being one of the primary functions of the bank, Central Bank of India has a wide range of loan products that take care of all the types of consumer needs. The bank offers loan products like personal loans, home loans, vehicle loans, educational loans, loans specifically designed for women or senior citizens, loans for small or medium size businesses and much more. Among the vehicle loans, known as Cent Vehicle, the bank provides loan facility for purchase of new cars as well as used /pre-owned cars as well as two-wheelers for personal use only (not for hiring or any other commercial use).
The used car loans of the bank are a popular choice of financing option in this category due to its competitive rate of interest and long repayment tenure.
The details of the bank’s Cent Vehicle loans for used cars are provided here.
About CENTRAL BANK OF INDIA Used Car Loan
The eligibility criteria for the bank's vehicle loans are similar for the new cars as well as used cars. The details of the eligible persons and the related requirements are detailed below.
The bank requires many documents as part of their documentation process for applying for a loan. These documents are the usual KYC documents and are enlisted below.
Central Bank of India provides loans for the purchase of used cars that are not older than 5 years. Loans can be sought for the purchase of such cars from authorized dealers or from sellers. However, applicants cannot get loans for purchase of cars for other than personal use.
Amount of loan to be sanctioned
The maximum amount that can be sanctioned as a loan for purchase of used cars is Rs. 10,00,000. This amount is steeper as compared to many other banks in similar categories. The quantum of loan that can be sanctioned for salaried or non-salaried persons is further subject to the following restrictions.
The bank offers a repayment period of 5 years or 60 months for its used car loan category. The tenure is flexible depending on the discretion of the applicant as well as the applicant’s profile (credit score, amount of loan sought, etc.)
Rate of interest
The rate of interest for the bank’s used car loans is very competitive as compared to many other lenders in the market. Central Bank of India calculates the rate of interest by following the Risk Weigh based on Manual Rating Model Score in case of new or old vehicles. The bank determined the rate of interest based on the following classification.
The rate of interest of the bank is approximately around 9.95% 10.05% which is considered to be a very reasonable and affordable rate of interest in this category.
Central Bank of India requires a margin of at least 25% of the value of the vehicle to be purchased out of the loan given. The value of the vehicle is taken to be either,
The bank considers the vehicle purchased out of the loan to be a primary security against the loan given. Bank is eligible for hypothecation of the vehicle in case of default in repayment of the loan. The charge of the bank for hypothecation has to be registered with the RTO.
The bank does not levy any prepayment penalty or charge on the borrowers for prepayment of the loan anytime during the tenure of the loan.
The loan application process of the Central Bank of India is a very easy and customer friendly procedure. The application form for Cent Vehicle Loan Scheme is available at the bank’s website. Customers can download the same in the PDF format or the Word Document Format. Applicants then need to duly fill the form and sign it (co-applicant’s signature also required in case of joint application).
This form then has to be submitted to the bank’s nearest branch along with the required KYC documents as mentioned above. The bank will then review the application and the documents submitted. After due diligence and satisfaction of the repaying capacity of the applicant, the bank may sanction the loan. The amount sanctioned may vary (as per bank guidelines and credit worthiness of the applicant) at the time of sanctioning the loan which is a very rare case. The bank will have to communicate such reduction in loan amount to the applicant.
The customers can contact the bank for any information that they may require pertaining to the used car loans (rate of Interest, documents required, the maximum amount of loan that can be sanctioned, etc.). The means/ways that the customer can contact the bank is given below.
Mumbai – 400 021
Email Id - complaints[at]centralbank[dot]co[dot]in (for domestic customers)
agmnricell[at]centralbank[dot]co[dot]in (For NRIs)
nricell[at]centralbank[dot]co[dot]in (For NRIs)
1. What is the maximum age limit to apply for Cent Vehicle Used Car Loan?
The maximum age limit to apply for Cent Vehicle Used Car Loans is 65 years.
2. What is the maximum tenure available for used car loans?
The bank provides tenure of 5 years or 60 months for repaying the used car loan.
3. Can a person apply for the used car loan jointly?
The bank allows the applicants to apply for the loan jointly with a family member or a close relative.
4. Does the bank levy any prepayment penalty for used car loans?
The bank does not charge any prepayment penalty on prepayment of loan any time during the tenure of the loan.
5. Does the bank permit non-residents to apply for used car loans?
Central Bank of India permits the non-resident also to apply for used car loans under the Cent Vehicle Loan Scheme.
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