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 – June 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 |

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Table of Contents
Central Bank of India Personal Loan Interest Rates
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
Banks/NBFCs | Interest Rates (per annum) |
HDFC Bank | 10.50% – 21% |
SBI | 9.80%-13.80% |
ICICI Bank | 10.50% onwards |
Axis Bank | 10.25% onwards |
Kotak Mahindra Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
IDFC First Bank | 10.49% – 25% |
Bajaj Finserv | 13.00% onwards |
Tata Capital | 10.99% onwards |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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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
Also Check: Leading Banks/NBFCs offering 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
- 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.

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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. Does Central Bank offer pre-approved instant personal loans?
A. No, Central Bank of India does not offer pre-approved personal loans.
Q. At what credit score can I avail Central Bank Personal Loan?
A. Central Bank of India has not specified the cut-off credit score for personal loan applicants. However, applicants with credit scores of 750 and above usually have higher chances of availing personal loan at lower rates of interest. Click here to apply for personal loans offered to applicants with lower credit score.
Q. Can I choose between fixed and floating rates of interest?
A. Central Bank of India offers personal loans at floating rates of interest only. Click here to apply for personal loans offered at fixed interest rates.
Q. Do you need a co-borrower while applying for Central Bank Personal Loan?
A. The applicants availing Cent Pensioners Personal Loan can have their spouse or legal heir of family pension beneficiary as co-borrower while applying for personal loan.