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Central Bank of India Personal Loan Details

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Central Bank of India Personal Loan Details Updated on
Loan Amount
  • Cent Personal Loan Scheme = Up to Rs. 10 lakhs
  • Cent Personal Gold Loan = Up to Rs. 40 lakhs
  • Special Cent COVID – Personal Loan = Up to Rs. 3 lakhs or Up to Rs. 5 lakhs
Loan Tenure
  • Cent Personal Loan Scheme = Up to 48 months
  • Cent Personal Gold Loan = Up to 12 months
  • Special Cent COVID Personal Loan = Up to 5 years with 3 months moratorium included
Interest Rate
  • Cent Personal Loan Scheme = 9.85% to 10.05%
  • Cent Personal Gold Loan = 9.05%
  • Special Cent COVID – Personal Loan = 8.50%, but adjusted with reset in Repo Rate

Central Bank of India personal loan can help you manage your financial requirements, with ease. The bank has numerous personal loan schemes to offer its customers helping them fulfil their financial requirements. There is also a special Cent personal loan for COVID treatment. There is a facility of a loan against gold jewellery and bank-sold gold coins. So, the personal loan is all-inclusive or benefits that help meet urgent fund requirements.

In this post, we will discuss types of Central Bank of India Personal Loan schemes, their features, end purpose, loan amount, eligibility criteria, tenure, repayment, terms and conditions, interest rates, processing fee, guarantee, and other details.

Features and Types of Central Bank of India Personal Loan

Here are the types of personal loans by the Central Bank of India and their features:

1. Cent Personal Loan Scheme

Here are the details of this Central Bank of India Personal Loan:

  • Purpose and Loan Amount: You can take this loan to meet domestic and personal expenses. The loan amount is up to 20 times your gross salary, which is subject to Rs. 10 lakhs (maximum), and take-home pay minimum as 40% of gross salary after considering the repayment of different loans, payment of statutory fees, and EMI of the Central Bank personal loan.
  • Eligibility Criteria: The loan is for the permanent employees of government institutions, railways, schools, central and state government, municipal bodies, hospitals, etc. You must have completed at least a year of service or are a permanent/confirmed employee of a multinational or Indian company with at least 3 years of service.
  • Tenure: You have to pay the EMIs for repayment of the loan. The tenure is up to 48 months.
  • Interest Rate: The Central Bank of India personal loan interest is as per the Revised Repo Based Lending Rate (RBLR) = Repo + Spread + Credit risk premium. For the low risk category it is = Repo + 5.85% + 0.00%, i.e. 9.85%. For medium risk category it is = Repo + 5.85% + 0.200% i.e. 10.05%. The Repo rate is 4.00%.
  • Processing Fee: The processing fee is 1.00% of the loan amount. There are no such charges if the borrower is defense personnel.

2. Cent Personal Gold Loan

Here are the details of a personal gold loan by the Central Bank of India:

  • Purpose: This is a demand loan against gold ornaments. The purity of the gold jewellery must be at least 22 carats. If you are pledging gold coins sold by a bank, then the maximum weight of the asset per person is 50 grams. The loan is to meet urgent personal expenses such as medical, marriage, education, etc. The jewel loan is not for agriculture purposes.
  • Loan Amount and Margin: The margin by the bank is 30% of the gold's market value at the time of loan sanction. The minimum and maximum loan amounts are Rs. 10,000 and Rs. 40 lakhs, respectively. The drawing power of the borrower is reviewed monthly based on the gold's market value.
  • Tenure: The repayment period is 12 months from the loan approval.
  • Interest Rate: The Central Bank of India personal gold loan interest rate is Repo based lending rate. The RBLR = Repo + Spread + Credit Spread, which is Low/Medium Risk = 4.00% + 5.05% = 9.05%.

3. Special Cent COVID – Personal Loan

Here are the details of the Central Bank Personal Loan for COVID patients:

  • Purpose: This special personal loan is for COVID treatment of self or family members (son, daughter, spouse, brother, sister, parents) who are Corona positive on or after 01.05.2021. The loan is for existing borrowers of the bank with a mortgage loan or home loan and to the salaried customers/pensioners who receive salary/pension from the Central Bank of India branch. The amount gets disbursed directly into the borrower’s savings account.
  • Loan Amount: The minimum loan amount is Rs. 25,000. The maximum amount for borrowing for salaried people and pensioners is 12 months gross salary/pension with capping up to Rs. 5 lakhs, respectively. For non-salaried borrowers, the income per annum must be Rs. 3 lakhs or income as per the latest ITR, whichever is lower. There are no processing fees and prepayment or foreclosure charges.
  • Income Criteria: The take-home pay must be at least 40% of gross pension/income/salary after all the required deductions, including EMIs for the proposed loan.
  • Terms and Conditions: This Central Bank of India personal loan is for the customers of the particular bank only. There is a facility of reimbursement, subject to submission of proof of expenses from the hospital in the customer's name or the family member's name, and a COVID positive certificate.
  • Eligibility Criteria: The age limit is a minimum of 21 years and a maximum of 60 years for borrowers with home/mortgage loans. For pensioners, the age limit is 70 years, and for salaried people, it is 60 years. The moratorium period must be completed and at least 3 EMIs must have been paid by the customer. Also, the account should be Standard Assets as of 31 March 2021.
  • Tenure: The tenure for pensioner and the non-salaried borrower is up to 5 years. This includes the 3-month moratorium. During the moratorium period, the bank will charge interest. For salaried borrowers, the maximum tenure is 5 years with 3 months moratorium included or within leftover service, whichever takes place the first.
  • Interest Rate: The Special Cent COVID Personal Loan interest rate for low and medium risk is RBLR (6.85%) + 1.65% = 8.50%. Variation in interest due to adjustment of Repo rate will be recovered at the end of repayment tenure. The reset of Repo-linked loans will be 3 months from the first date of disbursal/reset/renewal. The bank carries out a credit rating, wherein the minimum hurdle rate is 50.
  • CIC Score: The minimum CIC (Credit Information Company) Score of the borrower must be 700 (Experian) or 675 (TransUnion CIBIL/CRIF). An Aadhaar/PAN number is required of the borrower/guarantor. The bank must be satisfied with the borrower's credit history. The applicant must not have any writer-offs/defaults. Applicants who do not have a credit history or have a scope of -1 can also apply, and their proposals shall be considered by the bank.
  • Guarantee/Undertaking of the Employer: For pensioners drawing pension from the Central Bank of India, the guarantee is for the spouse of the pensioner, or legal heir of the family pension as co-borrower. For mortgage or home loan customers, the guarantors of the existing loan must also offer a guarantee for the personal loan. For salaried customers, one guarantor is needed with a net worth equal to the personal loan amount.

Frequently Asked Questions for Central Bank of India Personal Loan

Here are the FAQs on Central Bank of India FAQs:

For a loan up to Rs. 2 lakhs, the charge is Rs. 270 + GST. For a loan over Rs. 2 lakhs, the charge is Rs. 450 + GST. There are no charges for defence personnel.

There are no charges for documentation of the Central Bank of India Personal Gold Loan.

The processing fee is 0.75% of the loan amount. This includes the appraiser fee for the valuation and testing of the gold jewellery. The minimum and maximum fees are subject to Rs. 500 and Rs. 10,000, respectively.

When a security is taken for the loan, it cannot be released by the bank until you close the personal loan, even if you have closed the existing home or mortgage loan. A Letter of Negative Lien/Undertaking has to be obtained wherever required. For pensioners, PPO is obtained.

You will have to complete and sign the loan application form. Along with this, you have to submit a term loan agreement, consent letter of the guarantor, letter of interest variation, acceptance of sanction letter by the guarantor or borrower, letter of guarantee, and letter of waiver.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of the Central Bank of India.

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