Please 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
|Interest rate||Starting at 8.45% p.a.|
|Loan Amount||Up to Rs. 10 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fees||Up to 1% of the loan amount|
|Types of Loans||Cent Personal Loan Scheme and Personal Loan to Pensioners|
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 medical emergencies, home renovation, marriage expenses, vacation expenditures, etc.
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 12 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.
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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||9.85% onwards|
|Cent OD Facility to Pensioners||8.45% onwards|
|Cent Pension Loan Scheme||8.45% onwards|
1. Cent Personal Loan Scheme
- You should be a permanent employee of government institutions, railways, central and state government, hospitals, schools, municipal bodies, etc. and should have completed 1 year of service.
- 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.
Types of Central Bank of India Personal Loan
Given below are the different personal loan schemes offered by Central Bank of India:
Cent Personal Loan Scheme:
- Can be availed to meet any personal or domestic expenses.
- Cent Personal Loan Scheme is offered for amounts ranging up to Rs. 10 lakh.
- Repayment tenure can range up to 48 months.
- Requires no collateral/ security.
Cent Pension Loan Scheme
This scheme provides financing through loans against shares and debentures. Key features of this secured personal loan are as follows:
- It can be availed in the form of overdraft or demand loan.
- Offered for amounts ranging up to Rs. 10 lakh.
- Repayment tenure can range upto 12 months. However, the limit may be reviewed on annual basis and renewed on merits.
Personal Loan to Pensioners
The scheme can be availed to meet any genuine personal need other than speculation, investment in real estate or prohibited activities. It comes with the following key features:
- It can be either availed in the form of a demand loan or overdraft with diminishing DP.
- Offered for amounts ranging up to Rs. 10 lakh.
- Requires the pensioner’s spouse or legal heir(s) of family pension beneficiary to join as a co-borrower.
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.
How to apply for Central Bank of India Personal Loan with Paisabazaar
Following are the step-by-step guide to apply for a Central Bank of India personal loan on Paisabazaar.com:
- 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 Central Bank of India (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
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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.
If you have applied for a personal loan with 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 are some of the key fees and charges associated with a Central Bank of India Personal Loan:
|Processing Charges||Up to 1% of loan amount|
|Pre-payment Charges||As per loan agreement|
*Above figures excluding applicable GST
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:
|Comparison Criteria||Central Bank of India||ICICI Bank||Axis Bank||HDFC Bank||Citi Bank|
|Interest Rate||Starting at 8.45% p.a.||Starting at 11.50% p.a.||Starting at 12.00% p.a.||Starting at 11.50% p.a.||Starting at 9.99% p.a.|
|Tenure||12 months to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs.10 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 1% of loan amount||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
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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
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
Q1. What is the maximum tenure of a personal loan offered by Central Bank of India?
Personal loans offered by Central Bank of India currently have a maximum tenure of 60 months.
Q2. 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.
Q3. 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.
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 Central Bank of India for details regarding the personal loan interest rate that may be applicable to you.