Central Bank of India Personal Loan 2022

Central Bank of India Personal Loans

Personal Loan is the type of loans where you can borrow money from a bank without having to use an asset as collateral. Personal Loans are always the best option in terms of the loans as it makes our life convenient to meet any unexpected expenses be it a short-term or long-term financial need. As there are no restrictions on the end use of the loan amount, the personal loan amount can be used to meet personal financial emergencies such as meeting wedding expenses, home renovation, and home extension expenses and also to meet any other high expenses. 

• Affordable rate of interest: Central bank of India offers competitive interest rates.
• No collateral or security required
• Flexible tenures available
• Personal Loan for Pensioners: For pensioners who maintain a pension account with CBI, the personal loan is offered at a special rate of interest
• Multipurpose Personal Loan: CBI Personal Loan can be used for any genuine personal credit need including educational expenses, wedding expenses, travel costs and to meet the expenses of medical emergencies
• Quick processing and disbursal
• Loan repayment in easy installments

Central Bank of India is one of the oldest serving banking institution in the country, which in turn widely spreads their customer base ranging from large corporate houses, varied business professionals, employees of government institutions and others. To cater to the diversified needs of their expanding customer base, the bank offers a range of personal loans specialized in specific needs for all the applicants.

The product portfolio of Central Bank of India is as follows;

1. Cent Personal Loan Scheme
2. Cent Personal Gold Loan Scheme
3. Cent Liquid Scheme
4. Cent Pensioner Scheme
5. Cent Swabhiman Plus Scheme

Cent Personal Loan Scheme

Central Bank of India offers its personal loan facility to salaried individuals working full-time, this loan is offered without any restrictions on its use and can be used for various purposes including travelling, house renovation and medical expenses.

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Personal Gold Loan Scheme

Central Bank of India offers a specialized personal loan against the 22 carat pure gold ornaments kept at housed or the 50 gms gold coins sold by the bank. This scheme is meant to provide funds for urgent needs pertaining to agriculture, education or any other medical emergency.

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Liquid Scheme

Central Bank of India offers its customers a scheme for providing loan against the shares and debentures in dematerialized form. 

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Pensioner Scheme

Central Bank offers customizable personal loans to senior citizens or pensioners who maintain their pension account with the bank. Also, the loan is offered to the pensioners as well as the family pensioners who are entitled for it.

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Cent Swabhiman Plus Scheme

Central Bank of India offers a unique scheme exclusively for senior citizens who are owners and occupants of a self-acquired, inherited or gifted residential property. All those who are using the property as their primary place of residence can avail a personal loan against the property through the bank.

*MCLR for Central Bank of India is subject to change, and is at bank’s disposal. Current MCLR (12m) = 8.2% p.a.

Here are some key benefits of the Central Bank’s Swabhiman Scheme;

Easy Settlement: The bank offers a one-time settlement option to the borrowers under the Swabhiman scheme. The loan gets due and is to be paid at the demise of the last surviving co-borrower, or in case the borrower no longer wishes to utilize the mortgaged property as the primary place of living. The loan is settled with the proceedings of sale of the property. However, any other property of the deceased or the heirs to the borrower are not liable for loan settlement.

Loan Pre-payment: In case, the borrower wishes to pre-pay the loan amount and does not want to continue with the loan, the bank offers a no cost pre-payment facility. 

Policy surrender: The Central Bank of India ensures that the applicants are under no obligation to continue with the policy and the loan once processed and disbursed, the borrowers can surrender the policy purchased through loan proceedings at any point in time.

For obtaining the maximum amount of personal loan from Central Bank of India, a borrower should produce the following documents according to their business profiles as follows:

List of common documents

• Duly signed loan application form
• Passport sized photographs
• Copy of Identity Proof: Passport/PAN Card/Voters ID card/Driving License etc.
• Copy of Address Proof: Ration card/Driving License/Voters ID card/Passport/Telephone Bill/Electricity bill
• Processing fee cheque
• Banks statement of last 3 months/6 months bank passbook.

Documents required for salaried individuals

• Latest salary slip
• Current dated salary certificate with the FORM - 16

Documents required for self-employed individuals

• Bank statement (Latest)
• ITR or Form - 16 (Latest)

Cent Personal Loan Scheme

Amount borrowed @ 11.55% p.a. for a tenure of 3 years: -

Comparative;

*ROI denotes the Effective Rate of Interest per month

Cent Pensioner Scheme

Amount borrowed @ 9.7% p.a. for a tenure of 5 years: -

Central Bank of India offers a 24X7 customer support to all its customers. In case of any query regarding the ongoing loan process, the loan application, transactions related to the loan disbursal, the customers can call on 1800-22-1911 which is a toll-free number.

Afinoz.com is one of India's leading personalized financial marketplaces and has been awarded for the same by market leading researchers. The company has created a diversified platform which lets you choose the best personal loan from a wide range of options available in the market. All the options that are displayed on our website are system generated after considering your specific needs and requirements regarding the funds.

Instant Approval – After you choose your desired product, once you fill in and submit the application form along with the required documents, you will get your e-approval within 2 to 3 days of your application.

Real-time application tracking – Keep track of your application status in real-time with a unique transaction ID which gets generated when your loan application is successfully submitted. We ensure that all the applicants are well informed about their application process at each step via SMS and emails.

Online eligibility check – Do all your dealings with the bank online, through our platform. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Central Bank of India for your personal financing needs.

Secure Environment – Afinoz.com has a built-in security mechanism in place for all of your personal information which is shared with us, we have stored it in a secure environment within our system. This information is then sent to the bank in an encrypted format and is processed through a secure channel.

24/7 Customer Service – At any stage of the process if in case you have a query or you seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solution to your problem. So, there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.

No third-party agent – Through its platform, the online loan application process availed through Afinoz.com is absolutely free. Through Afinoz, one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and additional costs.

Free quotations – Explore and avail online deals on Central bank Of India personal loans and free un-biased quotes of personal loan with most suitable interest rates. All you have to do is select the loan amount that you wish to borrow and the anticipated repayment tenure of your personal loan. You will get a targeted online quote within minutes of your application

About the bank

Central Bank of India is one of the largest and oldest government-owned commercial bank in India headquartered in Mumbai, Maharashtra. The bank was established in 1911. Among the other Public Sector Banks, Central Bank of India can be described as an All India Bank, because of the distribution of its large network in all 29 states and also in 6 out of 7 Union Territories of India.