| Name of the Loan Product | Interest Rate (p.a.) | Quantum of loan | Processing Fees |
| Cent Personal Loan Scheme | 11% p.a. onwards | 24 times of gross salary subject to maximum of Rs.20 lakh and minimum net take home pay of 50% of gross salary | 1% of the loan amount |
| Name of the Product | Who is Eligible |
| Cent Personal Loan Scheme |
|
| Corporate Employees | Permanent employees of large corporate clients |
| Cent Ratna | Permanent employees of any Navratna/Maharatna/major PSUs |
| Cent Teacher | Permanent teachers/employees of schools/colleges/universities, and other educational and research institutions |
| Cent Suvidha | Salaried employees of schools, colleges, corporate clients, universities, and other organisations |
| Cent Doctor | Medical practitioners |
| Application Form | Filled and duly signed |
| Proof of Identity | Passport, Voter’s ID, Aadhaar Card, Driving License, PAN Card, etc. |
| Address Proof | Driving License, Passport, Voter’s ID, Aadhaar Card, etc. |
| Bank Statement | Previous 3 months |
| Salary Slip | Latest salary slip with the latest Form 16 |
| Photograph | Passport size photograph |
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
| 2023 | Rs.67,243 | Rs.38,781 | Rs.1,06,024 | Rs.4,32,758 |
| 2024 | Rs.2024 | Rs.1,11,777 | Rs.47,259 | Rs.1,59,036 |
| 2025 | Rs.2025 | Rs.1,26,391 | Rs.32,645 | Rs.1,59,036 |
| 2026 | Rs.2026 | Rs.1,42,913 | Rs.16,123 | Rs.1,59,036 |
| 2027 | Rs.2027 | Rs.51,675 | Rs.1,337 | Rs.53,012 |
| Name of the Bank | Central Bank of India | Yes Bank Personal Loan | Kotak Mahindra Bank Personal Loan | State Bank of India |
| Interest Rate (p.a.) | 12.35% and 12.55% p.a. p.a. onwards | 20% p.a. onwards | 10.99% p.a. onwards | 11% p.a. onwards |
| Processing Fee | 1% of the loan amount | 2% of the loan amount | 3% + GST | 1.5% of the loan amount plus taxes |
1. How to contact Central Bank of India personal loan customer care?
You can contact the bank’s customer care by calling the 24×7 toll-free number 1800 22 1911.
2. I am a teacher working in a college. Will I get a personal loan from Central Bank of India if I do not hold a salary account with them?
Under the ‘Cent Teacher’ scheme, you are eligible for a personal loan from Central Bank of India but you will need to maintain a salary account with them while also providing an undertaking that you will not transfer your salary account during the loan tenure. In certain cases, the bank may offer you a personal loan even if you do not hold a salary account with them but you will need to obtain an undertaking from your employer that they will deduct the EMI amount from the employee’s salary and pay it to the bank directly till the loan is fully paid.
3. Do I need to provide any security to avail a Central Bank of India personal loan?
You do not need to provide any tangible security to avail a personal loan from Central Bank of India except in the case of the Cent Doctor scheme where the property or building will be hypothecated to the bank. In other cases, you will have to provide an undertaking from the employer.
4. I work for a PSU. How do I know if my company is included in the list of eligible PSUs for the personal loan from Central Bank of India?
If the PSU you are working for is a reputed one, there are high chances that you will be eligible for a personal loan under the ‘Cent Ratna’ scheme. However, if you wish to make sure that your firm features in the list of eligible firms, you can visit the official website of Central Bank of India for the complete list.
5. Is there a minimum credit score that I need to avail a personal loan from Central Bank of India?
Central Bank of India does not consider your credit score while evaluating your eligibility for a personal loan. However, to be on the safer side, it is always recommended that you maintain a credit score of at least 750.
6. What is the maximum repayment tenure offered on the personal loans from Central Bank of India?
The maximum repayment tenure depends on the type of personal loan you are availing from Central Bank of India. For instance, the maximum repayment tenure on ‘Cent Ratna’ is 60 months while under the ‘Cent Personal Loan Scheme’ it is 48 months.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply Bankzila’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Take charge of your finances with BankZila – the ultimate digital banking platform for easy and secure saving, managing, spending, and borrowing.
All Rights Reserved – © 2023. To Bankzila.