Central Bank of India Personal Loan Interest Rates 2022

Borrowers can get a personal loan from Central Bank of India to meet their personal expenses including medical bills, home repair, wedding, higher education, etc. Central Bank of India offers a personal loan under different categories and interest rates vary accordingly.  

Cent Personal Loan
Interest	Low-risk category: Repo + 5.85 % + 0.00 % = 9.85% Medium-risk category : Repo rate + 5.85% + 0.200% = 10.05%
Processing fees	Rs.500.00 + S.T

 

Cent Personal Gold Loan
Interest rate	Repo + Spread + Credit Spread = 4.00+5.05 =9.05%
Processing fees	0.5% of the loan amount plus service tax as applicable

 

Cent Liquid Scheme
Interest rate	Low/ medium risk category: Repo + spread + credit spread = 4.00 + 7.15 + 0.00=11.15.% High-risk category : Repo + spread + credit spread = 4.00+7.15+.020= 11.35%
Processing fees	NA

• Credit score: Lenders use the credit score of an applicant to assess his/her creditworthiness while offering a personal loan. Individuals with a good credit score are considered less risky customers and charged a lower interest rate.
• Income level: Income of an applicant tells about their repayment capacity. Borrowers with high income can easily qualify for a personal loan at lower interest rates. Central Bank of India offers lower interest rates to employees of government organizations and reputed corporate organizations as they have a steady income and hence the bank has lower risk.    
• Existing loans: Existing obligations are carefully examined by lenders for a personal loan. People with high financial obligations may find it difficult to get a personal loan at lower interest, even despite their higher income.  
• Relationship with Central Bank of India: If you are an existing customer of Central Bank of India by having a salary account/ savings account or credit card and have good relationship with the bank, there are chances that the bank may agree to offer you attractive rates. 
• Negotiation skills: Eligible customers who fulfil all eligibility criteria can negotiate the discounts on a personal loan. In this case, meeting bank officials in person will be a great idea. You can visit the nearest branch of the Central Bank of India to negotiate your personal loan interest rates. 

An EMI or Equated Monthly Instalment is made of two components - principal plus interest rate- that a borrower has to pay every month to pay off a personal loan. To find out how much interest you are paying through your EMI every month or the overall interest rate payable throughout the loan tenure, you can use a personal loan EMI calculator online. The EMI calculator uses the following formula:

Here is a general mathematical formula which is used to calculate EMI on loans:

P x R x (1+R)^N] / [(1+R)^N-1]

Where,

• P indicates the principal of your loan amount
• R indicates Rate of interest
• N indicates Tenure (loan term in some years)

You can use interest rate calculator, EMI calculator and tenure calculator on Afnioz.com to find out any of the components. The EMI calculator also displays an amortization table that includes details of the EMI amount that goes towards the principal amount payment and the interest amount.

Lender	Interest rate (p.a.)	Tenure	Loan amount	Processing fee
Central Bank of India	9.85% p.a. onwards	12 to 48 months	Up to Rs. 20 lakh	Rs.500.00 + S.T
HDFC Bank	10.75% - 21.30%	12 to 60 months	Up to Rs. 15 lakh	Up to 2.5% of the sanctioned amount
ICICI Bank	11.25% - 22%	12 to 60 months	Up to Rs. 20 lakh	Up to 2.5% of the sanctioned amount
Union Bank of India	8.90% onwards	12 to 60 months	Up to Rs. 10 lakh	Up to 0.5 of loan disbursed
Axis Bank	12% - 24%	12 to 60 months	Rs. 50,000 to Rs. 15 lakh	Up to 2% + GST
Yes Bank	10.99%	12 to 60 months	Rs. 1 lakh to Rs. 40 lakh	Up to 2.5% of the loan + GST