Central Bank of India Personal Loan

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Rates as low as 10.50%*
Loans Up to 30 Lacs
Same Day Disbursal
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Central Bank of India Personal Loan

Central Bank of India Personal Loan

Before taking the Personal Loan, you should know how beneficial Personal Loan is? It can be used for any Financial crises which you are facing. You want to go for the abroad, and you don’t have that budget, or you want to pay your hospitals bills, but your pocket doesn’t allow you then you should go for the Personal Loan option.

Central Bank of India Personal Loan at a Glance
Interest RateStarts at 11.05%
Lowest EMI per Lakh₹2587 for a tenure of 48 months
Tenure12 to 48 months
Processing Fee2% + GST
Prepayment ChargesUp to 3%

What is the Central Bank of India Personal Loan?

Central Bank of India Personal Loan is an unsecured loan which provides you with the loan based on your CIBIL Score. In this loan, you are not required to submit any collateral to the lender in exchange for the amount of the loan. The interest rate in the Central Bank of India Personal Loan is low as compared in the market.

Click here to know more about Personal Loan.

Uses of Central Bank of India Personal Loan

  1. You are allowed to pay your previous debts with the help of Central Bank of India Personal Loan.
  2. With the Central Bank of India Personal Loan, you can pay your hospital bills. It is helpful in your medical conditions also.
  3. If you want to secure your future and for that want to go abroad, you can avail the Central Bank of India Personal Loan and fulfil your desire.
  4. For the agricultural process also, Central Bank of India Personal Loan helps you to achieve your target.
  5. You can also plan a big fat wedding with the help of Central Bank of India Personal Loan.

Eligibility criteria of Central Bank of India Personal Loan

  1. For the Salaried Applicants, the minimum age required is 21 years to maximum 60 years.
  2. Applicants of the Metropolitan city should have an income of at least 18,000 per month.
  3. Applicants of the Non-Metropolitan city should have an income of 12,000 per month.
  4. It is must that the applicant should have the work experience of at least  three years in the same company to avail the Central Bank of India Personal Loan.
  5. The salary of the applicant should come to their respective bank accounts only.
  6. Good CIBIL Score is needed as you only get  Central  Bank of India Personal Loan based on CIBIL Score. It should be more than 700.
  7. It is must to provide the bank statements of the last three months.
  8. The salary slip of the last six months is also required if you want to apply for the Central Bank of India Personal Loan.

Central Bank of India Personal Loan : Self-employed Applicant

  1. For the Self-employed  Applicants, the minimum age required is 25 years to maximum 65 years.
  2. The applicant should file the ITR from the last three months. It is mandatory.
  3. The ITR should be of at least Rs 2.5 lakh per annum.
  4. The Loan will be approved if you have a good credit score, your credit score should be more than 700, and your previous debts should be clear.
  5. If the applicant is doing  a business, then the company should be running from the last three years.

The documentation process of the Central Bank of India Personal Loan

The  Central Bank of India Personal Loan requires some documents of the applicants  that are as  follows:

  1. Identity proof: It contains Aadhaar Card/ Voter Card/ Driving License/ Passport.
  2. Residence proof: It contains Aadhaar Card/ Voter Card/ Driving License/ Passport/ Ration Card/Utility bills of last three months.
  3. If the applicant is living in the rented house, then he has to submit his rent agreement, water and electricity bill and the owner address.
  4. PAN Card is must as it an essential document under the KYC formality,
  5. Salaried applicant has to submit their salary slip of last three months and also the bank statements of the previous six months.
  6. Self Employed applicant has to submit the ITR of the last three years and also have to provide the registration of their business.
  7. The applicant has to give two passport size photographs without wearing the specs.

Interest rates of the Central Bank of India Personal Loan

  1. Central Bank of India Personal Loan provides you with the best interest rates as compared in the market.
  2. It usually starts from 10.77% and can be up to 30% per annum.
  3. The processing fees for the loan amount is 2.50%.

Pre-payment Charges on Central Bank of India Personal Loan

The applicant can close their Loan after giving 6 EMI’s. For the pre-payment, the charges applied are 4% of the principal outstanding balance.

What do you mean by pre-payment?

Before applying for a Personal Loan, the lender will give you a specific tenure to repay the loan amount. The EMIs will be fixed. But if you want to close your Loan before the last date, it is called as Pre-Payment. Not every bank will provide you with this facility, but the Central Bank of India is here to help you. Although the applicant has to pay some penalty charges, these charges are very nominal.

Features of Central Bank of India Personal Loan

  1. Very easy to apply and access.
  2. The documentation process is understandable
  3. Affordable Interest rates keeping in view the requirements of the applicant.
  4. The tenure period is from 1 year to 5 years
  5. No need of collateral for Central Bank of India Personal Loan.
  6. Uncomplicated process.
  7. Quick disbursal in Central Bank of India Personal Loan.
  8. No limitation on using the loan amount.

How can you apply for Central Bank of India Personal Loan?

It is the trouble-free process, applying for the Central Bank of India Personal Loan. You have to follow the following steps.

  1.  Firstly, visit our official site at Dialabank.
  2.  Then fill the online application form for the Personal Loan.
  3.  Fill your contact number and e-mail online. It is mandatory.
  4.  You will get a call back automatically within 24 hours from our Relationship Manager as you fill the form.

Why Dialabank for the Central Bank of India Personal Loan?

  1. Dialabank is India’s first financial helpline company and has experiences of many years of serving the requirements of the people.
  2. Interest rates are meagre as compared to the market.
  3. Experts of customer query. Will respond you for your questions like the wind.
  4. We don’t charge any amount of money from you for guidance.
  5. For more information, you can contact 9878981166.

FAQs About Central Bank of India Personal Loan

1. What is Central Bank of India personal loan?

You can avail of Central Bank of India’s ‘Cent Personal Loan Scheme’ to meet and fulfill all your personal and domestic expenses and needs. Under this scheme, the Central Bank of India disburses a maximum of ₹10 lakhs based on your eligibility and monthly income. The maximum loan tenure is of 48 months.

2. How does Central Bank of India personal loan work?

When you submit your application along with the requested documents the loan officer verifies them. Upon verification of your eligibility your application is approved for futher processing. Once you receive the loan amount in your bank account you can use it for any personal or domestic expense and lessen your financial burden.

3. What is personal loan rate of interest in Central Bank of India?

The personal loan rate of interest in the Central Bank of India is 3% higher than the current 12 months MCLR rate. Currently, it is 11.05% per annum at 8.05% 12 months MCLR.

4. What is the procedure of personal loan in Central Bank of India?

You will need to fill out an application form and submit along with it the needed documents to the banker. Your application will then go through a verification process to determine your eligibility. Once the documentation process is complete the loan amount gets disbursed into your bank account. You can now use this amount to pay for your personal expenses and repay it in easy monthly installments.

5. How can I get Central Bank of India personal loan?

Personal loans are available to meet personal financial needs. You can easily get a personal loan from the Central Bank of India by visiting their branch with your KYC documents and income proof. Upon verification and approval, the loan amount is transferred to your bank account. You can also apply online with Dialabank from the comfort of your home and get the best deals and offers.

6. How to apply for personal loan in Central Bank of India?

Apply for a Central Bank of India personal loan either by visiting the nearest branch with your documents or apply online at Dialabank’s digital portal in quick and easy steps.

7. Why apply for Central Bank of India personal loan?

Central Bank of India is one of the oldest and largest commercial bank in India. They provide personal loans catering to your small and daily financial needs. The documentation process is simple and you get low rates of interest starting at just 11.05% per annum.

8. How much EMI on Central Bank of India personal loan?

Central Bank of India’s ‘Cent Personal Loan Scheme’ can be used to meet all your personal expenses. The EMI which comprises of your principal loan amount and interest can be calculated using an EMI calculator easily available on the internet. The EMI depends on your loan amount, rate of interest, and loan tenure.

9. How much CIBIL score required for Central Bank of India personal loan?

A CIBIL score in excess of 750 can easily get you a personal loan from the Central Bank of India. The higher your CIBIL score the better are your chances for loan approval.

10. Minimum credit score needed for Central Bank of India personal loan?

A credit score is calculated based on your past credit files and gives an estimate of your repayment abilities. You will need a credit score of at least 700 to become eligible for a personal loan. You should always repay your loan on time and maintain a healthy credit score.

11. How to calculate Central Bank of India personal loan EMI?

EMI is the monthly installment that you pay against the loan that you have availed. You can easily use Dialabank’s EMI calculator to calculate an estimated monthly installment.

12. What can I use Central Bank of India personal loan for?

Central Bank of India’s ‘Cent Personal Loan’ can be used to meet all your personal and domestic expenses. Be it a wedding, a vacation, bill payments, and etc.

13. How to prepay Central Bank of India personal loan?

Once you have enough funds to repay the entire loan amount you can simply visit the Central Bank of India branch and inquire for the foreclosure procedure of your loan. You may be required to pay a foreclosure charge as applicable.

14. How to repay Central Bank of India personal loan online?

If you have an account with Central Bank of India you can easily make online payments for your personal loan through net banking or via their mobile app.

15. What documents are needed for Central Bank of India personal loan?

You will need your basic KYC documents like Aadhar Card, PAN Card, Voter ID, income proofs like a bank statement and salary slips, and two recent passport-sized photographs along with a duly filled in application form.

16. How to check Central Bank of India personal loan status?

To check your loan application status you can simply visit the online portal of Central Bank of India and fill in your details on their online status checker to stay updated.

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