Whenever you are in need of quick funds, you often request your friends or family members to provide the same. But not always they can extend you the help because of their priorities and other reasons. So, invariably it’s a bank that takes you through such demanding times. Talking about the bank, you can rely on the customized products and services of Central Bank of India, a renowned public lender that thrives on meeting the diverse needs of the customers via attractive personal loan products. With low interest rates and processing fee, the bank is an effective mean to service your personal needs. So, why to wait? Just glance through the personal loan information of Central Bank of India as we go along in the article.

Central Bank of India Personal Loan Interest Rates 2024

Eligibility Criteria

• Age at least 21 and less than 58
• Salaried / Self – Employed with regular income,Earn more than the minimum income required

Know Your Eligibility for Central Bank of India Personal Loan

Now let us understand the loan amount eligibility with the help of an example below.

Suppose you are working in a renowned company and earning an attractive salary of INR 50,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your personal loan eligibility.

In bank’s point of view, it will assume that you are able to save around INR 25,000 per month out of your monthly income of INR 50,000. So, your savings can be used to repay the EMIs of your personal loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

• Amount – INR 1 lakh
• Loan Tenure – 5 years
• Rate of Interest – 9.70% p.a
• Your monthly EMI will be INR 2,110
• So your calculation for personal loan would be
• INR 1 lakh x 25,000/2110=INR 11.84 Lakhs
• So, your personal loan amount eligibility is INR 11.84 Lakhs

Central Bank of India Personal Loan EMI Calculator

EMI is nothing, but the sum of the interest and principal which is payable each month on personal loan. So, now you must be wondering how Central Bank of India calculates your EMI when it comes to personal loan. Well, your EMI gets calculated in a very easy and simple manner. The EMI Calculator takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.

Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards the personal loan.

For Example: If you are interested in availing a loan of INR 5,00,000 from Central Bank of India for 5 years, and the bank is charging an interest rate of 10.15% per annum. What would be the EMI, total interest outgo and total amount payable from your pocket?

In fact, for your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Documentation Required

Central Bank of India Personal Loan Apply

If you are someone who wants to apply for a personal loan in Central Bank of India, you would be glad to know that it is absolutely easy for you to apply. The process is extremely easy, simple and quick as you have many options available in front of you. Yes, you can either apply online at bank’s website or you can simply visit the bank branch and ask for an application form or you can download the form online and submit the same at any bank branch. It is that simple and easy!

Central Bank of India Personal Loan Application Form

If we talk about an application, it is one such mandatory document that an applicant needs to submit to the lender in order to avail a loan. The form needs to be duly signed and correctly filled with the appropriate personal as well as professional details. Make sure you submit the correct details as wrong information can reject your loan application. An applicant can either download the form online or collect the same from the bank branch. The applicants need to fill the following details-Name, Age, Income, Gender, Marital Status, Employment Type, Work Experience, etc.

Features and Benefits

• High Loan Limit: You can borrow up to INR 10,00,000 or 40% of your gross annual income from the bank. Government employees or individuals working in multinational or corporate offices can get the loan.
• Attractive Interest: The interest over the borrowed amount is dependent on the 1-year MCLR of the bank that is 7.60%. The MCLR further adds a spread of 3% over the MCLR. All that adds to 10.60% p.a.
• Flexible EMI:The loan can be paid in a maximum of 48 installments. You can choose from 12 to 48 months to repay the loan.
• Quick Approval:You can get the loan easily by providing details and a few documents with a processing fee of INR 5,000 + GST.