Central Bank of India Personal Loan
The central bank of India is one of the largest and oldest commercial banks in the nation, owned by the Government of India. This bank is based in Mumbai and holds over 4100 branches all across the Indian states and 3 union territories. Since its establishment, this bank has launched a number of innovative and unique banking products to serve their customers. This bank is specialized in offering various services and products. But, if we talk about personal loans in specific, the Central Bank of India Personal Loans are offered both to corporates as well as non-corporate individuals to meet their domestic needs at a competitive rate of interest and tenure. Their official website elicits the detailed information about personal loans from the Central Bank of India and the rest of its offerings. While visiting the site of Central Bank of India, you can even grab other latest and appealing deals offered by this bank. Read the reviews of the customers how central bank of India personal loan fulfills the diverse requirements of their customers – be it their child’s education, marriage, home renovation, vehicle purchase, or any other such requirements.
Best Features & Benefits
Central Bank of India provides 6 different types of Personal loans depending upon the customer type and their credentials:
- Personal loan for Corporates
- Personal Loan Scheme for Employees of Non-corporate clients
- Cent Ratna – A personal loan scheme for permanent employees for large PSUs, Navratna or Maharatna.
- Cent Personal Gold loan: this is a demand loan provided during exigencies such as education or marriage
- Pensioners Personal Loan Scheme
- Cent Teacher Personal loan: exclusively for teachers or staff member or Educational institutions
Salient Features of Personal Loan:
While the features and benefits would be distinctive to the product type, the key features of all the branches of Central Bank of India personal loans are:
- Easy repayment option – you can choose from 3 years to 5 years of repayment option
- Swift documentation and sanction process which make it easier to apply for the loan
- Online eligibility check option – with this option, you would never need to waste your time in providing all the documents and then being rejected for the loan.
- Low-interest rates allow you to pay faster EMIs and pay off your debts faster
- Direct debit from the bank account also possible to avoid any delays in repayment
Eligibility & Documentation
There are few basic factors that determine the eligibility criteria of the applicant to get their central bank of India personal loan approved. Central bank offers varied types of personal loan to all types of candidates whether they are salaried or self-employed. The bank never asks the purpose of your loan. Like other standard financial institutions, they also follow certain rules and regulations. All the salaried and self-employed individuals can avail the personal loan after going through the following eligibility criteria listed below:
- The minimum age limit of an applicant is 21 years and maximum age limit is around 58 years.
- The income of applicants is the major factor to get approval for a personal loan. They are required to have 40% of their gross salary as their monthly salary.
- The bank credits personal loan up to 10 lakhs to meet all diverse aspects of the applicant.
- It is always beneficial to close your earlier EMI’s as they lower the chances of your eligibility to get a personal loan.
Increase your eligibility chances by paying off your credit card bills and by choosing longer tenure loan that lasts up to 48 months. Your credit score and history also matters a lot for loan approval.
List of Documents for approval of personal loan:
- Duly signed in application form with latest colour photograph
- For Identification verification please submit any of your Pan card, Passport, Driving License, Voter’s ID, Employee ID, Bank Passbook, Ration card
- For Address proof verification please submit your Passport, Utility Bill (that includes your Current Bill, Gas Bill, Phone Bill), Bank account statement or passbook, Voter’s ID, Ration card, LIC policy and so.
- Residence ownership proof (electricity bill, property document, maintenance bill),
- Proof of income (monthly salary or business)
- IT Tax Returns and Form 16
- Last 6 months to a 1-year bank statement
- Mention if having any other loans
- Other investment proofs (fixed deposits, assets, shares etc)
- Have an account and Processing fee cheques
How to Apply for a central bank loan?
With minimal documentation and verification procedures, one can avail of their varied services and products offered by the bank. The candidates need to fill up the form by hand or even go online.
How can you check the status of your loan?
While your personal loan is still processing the candidates can check their central bank of India loan status, they should visit the site with loan application form number which will state the status of their personal loan. If you missed noting your form number don’t worry you can approach their helpline or call centre services, open for customers queries. Their representatives will attend your call and let you know the status of your loan.
What are the standard Interest rates offered by this bank?
The central bank of India interest rates for a personal loan is fixed at about 11% for a tenure of 48 months for any employed or self-employed applicant with additional processing charges that include a minimum of Rs.500 with applicable taxes. The higher the interest rates the less money in the customer’s pocket. That’s why low-interest rates help the individuals by not affecting common people or businessmen, and they can purchase more goods according to their needs.
How does an EMI calculator help you get a personal loan?
It is advantageous to utilise the central bank of India personal loan EMI calculator. It not only simplifies your calculation for tedious tasks and EMI of a personal loan but also checks your eligibility as to how much loan amount you can avail. It also calculates your EMI loan amount in seconds for a fixed tenure. Never disclose your central bank of India account details to any third party. You can monitor your number of EMI’s payment with the help of your account number.
Please visit the official site of Central bank of India to get answers for the following FAQs:
1) What are the eligibility criteria for different cent loan schemes?
The Cent Ratna scheme is for permanent employees of large-scale PSUs and the Cent Personal Gold scheme is for situations of emergency like marriage in the family etc.
2) How beneficial are the central bank of India interest rates?
Central Bank of India offers lowest interest rates to its customers
3) How does an EMI calculator set your loan amount?
You need to mention the Loan amount required along with your age and the term that you are opting for.
4) What is the documentation needed to apply for a personal loan?
Basic KYC documents like Address proof, Identity proof and age proof is required along with income documents like ITR or Form 16.
5) How to apply for an online personal loan?
You can either login to the Central Bank of India website or download form from the various websites that offer personal loan applications