Available to salaried corporate and government employees as well as self- employed individuals/professionals, the Central Bank of India Personal Loan provides customised solutions designed to fulfil various personal financial needs. The bank currently offers unsecured personal loans of up to Rs. 10 lakh and ensures that the loan amount is sanctioned with minimal formalities and hassle. The personal loans offered by Central Bank of India can help an individual deal with various situations like a medical emergencies, home renovation, marriage expenses, vacation expenditures, etc.
Table of Contents
Features of Central Bank of India Personal Loan
- Loan amount: Central Bank of India offers a maximum personal loan amount of Rs. 10 lakh. Maximum loan amount offered to an individual may however change based on salary, credit score, repayment history, employer, applicant’s age, etc.
- Flexible tenure: The loan can be repaid with flexible repayment options. Central Bank of India personal loan tenure can range from 36 to 60 months depending on the type of scheme availed.
- Fast processing: Central Bank of India Personal Loan can be applied from the comfort of your home or office and ensures fast processing if you meet the eligibility criteria and submit all the necessary documents.
- Various schemes: There are multiple schemes offered under the Central Bank of India Personal Loan category that are customised to cater to different needs of different types of applicants.
Central Bank of India Personal Loan Interest Rates
The following are the interest rates applicable to various personal loans offered by the Central Bank of India:
| Type of Central Bank of India Personal Loan | Interest Rate (p.a) |
| Cent Personal Loan Scheme | 11.00% onwards |
| Cent OD Facility to Pensioners | 9.50% onwards |
| Cent Pension Loan Scheme | 10.00% onwards |
| Cent Liquid Scheme | 12.00% onwards |
Eligibility Criteria
1. Cent Personal Loan Scheme
- You should be a permanent employee of government institutions, railways, central and state government, hospitals, schools, municipal bodies, hospitals, etc. and should have completed 1 year of service.
Or
- You should be a permanent employee of a Multinational/Indian company and should have completed at least 3 years of service.
2. Cent OD Facility to Pensioners
- Pensioners / family pensioners drawing pension through Central Bank of India branches including Ex-staff of Central Bank of India can avail this loan
3. Cent Pensioners
- Pensioners / Family Pensioners drawing pension through our Bank’s branches.
- The Pensioners who are getting their pension disbursed through Treasury/DPDO (Defence Pension
Disbursing Office) directly to the credit of their saving accounts with Central Bank of India branches are also eligible. - Pensioners/Family Pensioners of Central Bank of India.
4. Cent Liquid Scheme
Individuals who are the bonafide owners of the shares / debentures and are maintaining DEMAT account with Depository Participant are eligible for the Cent Liquid Scheme.
Documents Required for Loan Application
Central Bank of India provides different schemes under the personal loan category and the documents for each scheme may vary from each other. However, the basic documents required for each type of personal loan scheme are as follows:
- Identity proof: Passport, PAN Card, Voter ID Card, Driving License, Aadhaar
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips
How to apply for Central Bank of India Personal Loan with Paisabazaar
Following are the step-by-step guide to apply for Central Bank of India Personal Loan:
- Fill out the online loan application form on Paisabazaar.com
- Check offers from various prospective lenders sorted by chances of approval
- Select the loan offer(s) from UCO Bank (if available) or call Paisabazaar for assistance
- Provide a few additional details about yourself on an online form so that your personal loan application can be forwarded to your chosen lender
Personal Loan Verification Process
Step 1: After the completed online application is forwarded by Paisabazaar, lender’s representative will give you a verification call to schedule pick-up of any documents that may be required. Alternately you may be able to upload digital copies of key documents online.
Step 2: Once you have provided all the required documents such as KYC, income proof, etc. documents, they are verified by the lender.
Step 3: After verification, you get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan.
Step 4: Once the bank receives confirmation from your side that the loan terms are acceptable, the loan amount is disbursed.
Check Central Bank of India Personal Loan Application Status
If you have applied for personal for Central Bank of India, you can check your loan application status online. You are required to enter Reference Number and Mobile Number (as on the loan application). Enter the OTP received on your registered mobile number to get the latest status of your personal loan application.
Fees and Other Charges
Given below table is the fee and other charges associated with Central Bank of India Personal Loan.
| Particulars | Charges |
| Processing Charges | Rs.500 to Rs.15,000 |
| Pre-payment Charges | Up to 2% of the loan principal prepaid |
*Above figures excluding applicable GST
How to login on Central Bank of India Portal
Mentioned below are the steps required to login on Central Bank of India portal:
Step 1: Visit the official website of Central Bank of India.
Step 2: Click ‘Online Banking’.
Step 3: Click ‘Internet Banking’.
Step 4: Enter your Central Bank of India Internet Banking credentials to log in.
Step 5: After successful login, you can check your account balance, apply for new loan, and check loan application status, transfer funds and also perform other banking activities.
Central Bank of India Personal Loan Statement
You can check your personal loan statement either online or offline.
- If you have a prior relationship with the Central Bank of India, you can view or download the personal loan statement directly by logging into the Central Bank of India portal.
- Alternatively, you can visit the nearest branch of Central Bank of India and request for a physical copy of the personal loan statement (charges may be applicable).
EMI Calculation
The rate of interest for Central Bank of India Personal Loan varies between 9.55% to 12.05% p.a. The table shows how monthly EMIs vary based on different loan amounts, tenures and interest rates:
| Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||||
| 1-year loan tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
| 5 lakh @ 9.55% p.a. | Rs. 43,853 | Rs. 22,969 | Rs. 16,028 | Rs. 12,574 | Rs. 10,513 |
| 10 lakh @ 11% p.a. | Rs. 88,382 | Rs. 46,608 | Rs. 32,739 | Rs. 25,846 | Rs. 21,742 |
| 20 lakh @ 11.25% p.a. | Rs. 1.76 lakh | Rs. 93,448 | Rs. 65,715 | Rs. 51,935 | Rs. 43,735 |
Comparison of Central Bank of India PL vs. Other Lenders
The following is a comparison of Central Bank of India personal loans vs. PL offers from other top lender in India:
| Comparison Criteria | Central Bank of India | ICICI Bank | Axis Bank | HDFC Bank | Citi Bank |
| Interest Rate | 9.55% to 12.05% | 11.50% to 19.25% | 12% to 24% | 11.25% to 21.50% | Starting from 10.99% |
| Tenure | 12 months to 48 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to Rs.20 lakh | Up to Rs.20 lakh | Rs.50,000 to Rs.15 lakh | Up to Rs.40 lakh | Up to Rs.30 lakh |
| Processing Fee | Up to Rs.500 plus GST | Up to 2.25% of loan amount plus GST | Up to 2% of loan amount plus GST | Up to 2.50% of the loan amount + GST | Up to 3% of the loan amount + GST |
Central Bank of India Customer Care
- You can call on 1800-22-1911 (toll free) to get assistance over the phone
- You can visit the nearby Central Bank of India branch in-person for assistance
Also Read Central bank of India Personal Loan Customer Care.
Benefits of Applying for a Personal Loan on Paisabazaar
Mentioned below are some of the important benefits of applying for personal loan at Paisabazaar
- It is convenient to apply for personal loan at Paisabazaar from the comfort of home or office
- Quick processing and easy documentation helps in quick disbursal of personal loan
- You can easily compare and choose different lenders through given interest rates, charges and fees
- Paisabazaar’s customer care team is highly dedicated to provide end-to-end assistance to customers
Important Aspects
Here are some of the important aspects you need to consider before availing personal loan:
- Before you apply for personal loan, interest rates and charges should be compared online to get the best deal
- Check your credit score or CIBIL score before applying for personal. Low credit score may lead to rejection of your loan application status
- Borrow as per your need only and not just because it is easily available.
- Always evaluate the complete cost of the loan
FAQs
Q1. How do I check if I am eligible for Central Bank of India personal loan?
You can check your personal loan eligibility by using Paisabazaar’s personal loan eligibility calculator.
Q2. What would be my tenure?
The bank offers flexible tenure that is it lets you choose the desired repayment period within the maximum limit. However, the tenure offered depends on the personal loan scheme that you opt for.
Q3. Can I reapply for Central Bank of India personal loan if my application gets rejected?
You will have to contact the back to check the same.
Q4. Can I apply for Central Bank of India personal loan offline?
Yes, you can visit the nearest branch of Central Bank of India to apply for a personal loan.
Q5. Do I get a special low interest rate if I have a high CIBIL Score?
If you have a high CIBIL score of 750 or more, you may be designated as a lower risk borrower which may make you eligible for a lower interest rate personal loan. However, you do need to contact the bank for details regarding the Central Bank of India personal loan interest rate that may be applicable to you.