Compare & Choose from the Best Personal Loan OffersPlease Note: Central Bank of India is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Central Bank of India Personal Loan Highlights – Jan 2022 | |
| Interest rate | 9.85% – 10.05% p.a. |
| Loan Amount | Up to Rs 10 Lakh |
| Tenure | Up to 5 years |
| Processing Fee | 1% of Loan Amount For Pensioners: NIL |
Table of Contents
Apply for a Personal Loan online with minimal documentation Apply Now
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 | 9.85%-10.05% |
| Cent Pensioners | 8.45% |
Comparison of Central Bank of India Personal Loan vs. Other Lenders
The following is a comparison of Central Bank of India personal loans vs. PL offers from other top lender in India:
| Banks/NBFCs | Interest Rates (per annum) |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Also Know: Which Banks/NBFCs offer lower interest rates on personal loans in India?
Central Bank of India Personal Loan Fees and Charges
Cent Personal Loan
| Particulars | Charges |
| Processing Charges | Up to 1% of loan amount For Defence Personnel: NIL |
| Documentation Charges | Up to Rs 2 lakh: Rs 270 + GST Above Rs 2 lakh: Rs 450 + GST For Defence Personal- NIL |
Cent Pensioners
| Particulars | Charges |
| Processing Charges | NIL |
| Documentation Charges | Rs 500 + GST |
*Above figures excluding applicable GST
Types of Central Bank of India Personal Loan
Cent Personal Loan Scheme
- Purpose: To meet the personal or domestic requirements of the borrowers
- Loan Amount: 20 times of gross salary subject to maximum amount of Rs 10 lakh. Minimum Net Take Home Pay should be at least 40% of gross salary after deduction of statutory dues, EMI of proposed loan and other loans, etc.
- Tenure: Up to 4 years
- Processing Fee: 1% of loan amount
For Defence Personnel: NIL
Cent Pensioners
- Purpose: To meet the personal requirements of pensioners other than speculative purposes, real estate investments or prohibited activities
- Loan Amount:18 times monthly pension subject to maximum limit of Rs 10 lakh
- Tenure: Up to 5 years
- Processing Fee: NIL
Know All About: Personal Loan for Pensioners
Eligibility Criteria for Central Bank of India Personal Loan
Cent Personal Loan Scheme
- Permanent employees of State/Central Government, Schools, Hospitals, Railways, Municipal Bodies, with one complete year of service
- Permanent employees of Indian companies/MNCs with at least 3 years of service
Cent Pensioners
- Pensioners/family pensioners drawing salary through Central Bank of India
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, ITR, Form 16, etc.
Check your Free Credit Score to get best personal loan offers Check Now
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
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 a personal loan. Low credit score may lead to rejection of your loan application.
- Borrow as per your need only and not just because it is easily available.
- Always evaluate the complete cost of the loan
FAQs
Q. How can I utilise the personal loan availed from Central Bank of India?
Personal loans offered by Central Bank of India come with flexible end-usage and can be availed to deal with any personal financial need.
Q. Can I reapply for Central Bank of India personal loan if my application gets rejected?
You will have to contact the bank to check the same. However, it is usually advisable that you wait for 6 months after rejection of the previous application before reapplying with the same bank.
Q. 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.
Q. 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 Central Bank of India for details regarding the personal loan interest rate that may be applicable to you.
