Central Bank of India Personal Loan

• The scheme is valid for Permanent Employees of Indian Railways / Government establishment / Central or State Government Schools or Hospitals etc.
• The employee should have completed at least 5 years of continuous service and are maintaining salary account through Central Bank Branches.
• The maximum loan eligibility amount is 20 times the gross monthly salary subject to max. of INR 500,000/- and minimum net take home salary of 40% of the gross salary post deduction of all statutory dues, EMI towards the repayment of any existing loan including the EMI of proposed loan.
• The Salary of the employee should be credited to salary account maintained with central bank branch.
• The applicant needs to furnish a final undertaking for maintenance of the account with central bank and shall not transfer the salary account to other Bank branch during continuity of loan. The undertaking shall be duly registered with and recognized by the employer of the borrower.
• Authority Letter issued by employer needs to be submitted by the applicant to debit the salary account for monthly installments.
• In case the salary is not credited through central bank , the below mentioned  undertaking is required for sanction of loan;
•  Irrevocable undertaking letter from the employer authorizing the bank to deduct proposed EMIs from the salary account of the borrowing employee and payment of the loan EMI directly to the central Bank, until full loan amount is paid off.
• Undertaking letter should cover debits not only from salary component but also from any bonus or ex-gratia payment or terminal dues in case of retirement of the employee including events such as death or cessation of service for any particular reason.
• The maximum tenure allowed for loan Repayment is 48 Months or leftover service period, whoever is less in the form of Equated Monthly Installments (EMIs)
• Currently the Interest Rate offered for personal loan to the employees of Non Corporate client is MCLR+4.50%
• The Processing Fee is charged @ Rs. 500/- per application for such customer who are not holding salary account. For such customer who has salary account with central bank, No processing fee is charged.
• Acceptable Third party guarantee by an individual having net worth at least equivalent to sanctioned loan amount is required.

Eligibility

• All Permanent Employees of Indian Railways, Central Government institutions, Central or State Government employees such as those in schools, colleges or Hospitals etc are eligible for loan under this scheme.
• The applicant should have completed at least 5 years of continuous service and holding a salary account at lending branch where the loan has been applied.

• A special Personal Loan scheme to Permanent employees of any top rated public sector units i.e Maharatna or Navratna or Major PSUs.
• The loan is offered for meeting any urgent financial contingency other than speculative purpose.
• The maximum loan amount offered is 20 times of the Gross Salary subject to Maximum Rs. 6 lakhs per employee.
• Personal guarantee of a co-employee of equivalent net worth to loan amount is needed.
• The loan can be repaid in Maximum 60 EMI, commencing post 1 month of loan disbursal.
• The interest rate currently applicable is MCLR + 3.50%.
• An Interest concession of 50 basis points is offered to such borrower who is holding Salary Account with the Bank's Branch.
• The Net take home salary post deduction of the proposed loan EMI should be higher than 40% of the gross salary component.
• Maintaining a salary account in Central bank branch is not mandatory to avail this loan scheme. However the Borrower will have to open a saving account with minimum average balance of Rs.10, 000/- and continue the account till the loan is completely paid off.
• ECS Mandate towards deduction of EMI is obtained from the applicant and updated with the Bank branch where the salary of borrower is credited.

Eligibility

• Cent Ratna Scheme is exclusively available for Permanent employees of any Maharatna/ Navratna or Major PSU only.
• The list of eligible companies is available on the bank’s website.
• The minimum monthly Net take home pay should be more than 40% of the gross salary post deduction of the proposed loan EMI.

• A demand loan scheme to meet any financial exigency in situation such as marriage or medical or educational needs etc.
• The loan is offered in either Demand Loan variant or as an Overdraft facility against Pledge of gold ornaments
• The ornaments should be of pure 22 Carat gold or Gold Coins sold by central Bank only.
• The Minimum loan amount is Rs.10000/ to a Maximum limit of Rs.20 lakhs.
• Loan amount per gram for gold ornament is Rs.2000/- per gram or 70% of the prevailing market price of 22 carat pure gold whichever is less.
• For gold coins sold by central Bank, the loan amount offered per gram is Rs.2100/- or 70% of the prevailing market price of 24 carat pure gold whichever is less.
• in case of advance against security of gold coins, the pledged gold coins shouldn’t weigh more than 50 gm per borrower
• The Drawing power for overdraft facility is subject to revision on monthly basis as per the market value of gold.
• The loan tenure varies between 12 to 36 Months
• The limit for overdraft facility is reviewed annually.
• Processing fee is applicable @ 0.5% of the loan amount and applicable Appraiser Fee.
• Over Draft renewal charges is applicable @ 0.25% of limit sanctioned.
• The rate of interest currently offered is  MCLR (8.50) + 2% p.a = 10.50% p.a for Overdraft loan.

One Year MCLR Rate is 8.50%

• A special personal loan scheme for senior citizens who are drawing their pension/ family pension to meet any urgent genuine personal borrowing requirement.
• The Pensioners / Family Pensioners individuals who are drawing pension through central Bank’s branches are eligible to avail this scheme.
• All such Pensioners who are getting their monthly pension as direct disbursal into  saving accounts with central branches from Treasury/DPDO (Defense Pension Disbursing Office) directly are also eligible for this scheme
• The ex staff who are pensioners or family pensioners of central Bank can also avail the loan.

• The loan also covers all other Pensioners who are drawing their pension through the Treasury department or Defense Pension Disbursing Office in the saving accounts maintained with central bank.

Loan amount

Pensioner age	Loan amount
Up to 75 years	18 months pension or Maximum Rs.500,000/-
Above 75 years	12 months pension or  Maximum Rs.2,00,000/-

Eligibility

• All Pensioners or Family Pensioners drawing their pension through Central Bank branches are eligible to be covered under this personal loan scheme.

• A dedicated personal loan scheme to the teachers/ staff member of educational institutions to meet any urgent personal or domestic expenses, other than speculative in nature.
• The Permanent Teachers or staffs of Schools / Universities / Colleges and any other reputed Educational and Research Institute are covered under the scope of this loan scheme.
• The salary account should be maintained with central Bank branch.
• The maximum loan eligibility amount is 20 times the gross monthly salary subject to max. of INR 500,000/- and minimum net take home salary of 40% of the gross salary post deduction of all statutory dues, EMI towards the repayment of any existing loan including the EMI of proposed loan.
• The Salary of the staff should be credited to salary account maintained with central bank branch.
• The applicant needs to furnish a final undertaking for maintenance of the account with central bank and shall not transfer the salary account to other Bank branch during continuity of loan. The undertaking shall be duly registered with and acknowledged by the employer of the borrower.
• Authority Letter issued by employer needs to be submitted by the applicant to debit the salary account for monthly installments.
• In case the salary is not credited through central bank , the below mentioned  undertaking is required for sanction of loan;
•  Irrevocable undertaking letter from the employer authorizing the bank to deduct proposed EMIs from the salary account of the borrowing employee and payment of the loan EMI directly to the Central Bank, until full loan amount is paid off.
• Undertaking letter should cover debits not only from salary component but also from any bonus or ex-gratia payment or terminal dues in case of retirement of the employee including events such as death or cessation of service for any particular reason.
• The maximum tenure allowed for loan Repayment is 48 Months in the form of Equated Monthly Installments (EMIs)
• Currently the Interest Rate offered for cent teacher’s personal loan scheme is MCLR +2.75%.
• Further concession of 1% on interest rate, in case liquid security is provided in the form of Fixed Deposit / NSC/KVP to cover the loan.
• Personal guarantee of a co-employee of the school/ university of equivalent net worth to loan amount is needed.
• The Processing Fee is charged @ Rs. 500/- per application.

Eligibility

• All Permanent Staff, Teachers & Employees of Schools or Colleges either affiliated under central government or any state government or an autonomous body
• Professor / Asst. Professor, lecturer of any reputed University or Research Institute or other Educational institutions.
• The above applicant should hold a salary account with central bank branches.

• An overdraft loan scheme for salaried individuals to meet any urgent personal exigencies.
• The loan is aimed to provide financial assistance to salaried staff of corporate companies/ Educational institutes such as Schools, Colleges or Universities with salary account in Central Bank.
•  Permanent staff of any other reputed organizations having Savings accounts with central bank branches for more than one year is also covered under the scheme.
• The loan is subject to satisfactory transactions in the account.
• The Overdraft limit offered is up to Rs.1 lakh or 1 month's net take home salary whichever less.
• The limits are reviewed annually.
• The prevailing rate of interest on Cent suvidha scheme is MCLR+4.00%.
• Nil processing charge.
• The Salary of the staff should be credited to salary account maintained with central bank branch.
• The applicant needs to furnish an irrevocable undertaking for maintenance of the account with central bank and shall not transfer the salary account to other Bank branch during continuity of overdraft facility. The undertaking shall be duly registered with and approved by the employer of the borrower.
• If the salary is not credited through central bank , the below mentioned  undertaking is required for sanction of loan;
•  Irrevocable undertaking letter from the employer authorizing the bank to deduct payment of overdraft interest amount from the salary account of the borrowing employee directly to the Central Bank, until full overdraft amount is paid.
• Undertaking letter should cover debits not only from salary component but also from any bonus or ex-gratia payment or final payment in case of retirement of the employee including events such as death or cessation of service for any particular reason.

The following documents need to be submitted for availing the loan:

1. Identity Proof –  Any one of the below mentioned documents having the individual’s photograph along with his or her name against the photograph can be submitted as identity proof

1. Copy of Passport
2. Pan Card
3. Voter ID card
4. Driving License.
5. Any other Identity card issued by Central/ state government
6. Address Proof – The proof of residence for current address required for the verification process of the bank

1. Ration Card
2. Electricity Bill
3. Telephone Bill
4. Rental Agreement
5. Valid Indian Passport.
   1. Last 3 months bank statement
   2. Last 3 Months Latest Salary Slip or current dated Salary Certificate/ Form 16.
   3. Authority Letter issued by employer to debit the salary account for monthly installments.

For non Salary account holder, Irrevocable undertaking letter from the employer authorizing the prevailing banker to deduct proposed EMIs from the salary account of the borrowing employee and payment of the loan EMI directly to the central Bank.

• Once applied , the bank shall give an acknowledgement of application to all the applicants as well as all information pertaining to interest rates along with the annualized rates of interest and if the interest rates are offered on floating or fixed,
• All the charges & fees payable towards for loan processing and all other charges applicable such as pre-payment options and charges shall also be duly informed
• In the event of delayed payment or non- payment, a penal rate of interest @ 2% shall be applicable on over & above the regular interest rate for delayed repayments,
• In case customer wants to switch their loan from fixed to floating rates or vice-versa, conversion charges towards switching the interest reset clause is applicable
• A complete list  of documents required to be submitted is given along with the loan application form is given so as to enable applicant to submit the application completed in all respects. If required, the bank offers assistance to its applicant in filing up the application form.
• One approved, the borrowers are provided a sanction letter detailing particulars of amount sanctioned and the terms and conditions.
• Apart from sanction letter, an amortization schedule is also provided with the schedule of repayment of the principal and interest component for the entire duration of the loan