Central Bank of India Personal Loan - Frequently Asked Questions

I want to apply for Central Bank of India’s Cent Ratna scheme. Are there any concessions offered on the interest rates?

Yes, Central Bank of India offers concession of 50 basis points on the rate of interest to loan applicants who maintain and operate salary accounts at their branches.

My husband is drawing family pension through Central Bank of India. Do I get any kind of concession on the interest rate if I borrow under the Personal Loan to Pensioners scheme?

Yes, Central Bank of India offers interest concession of 50 basis points to spouses of pensioners drawing family pension through any of its branches.

I am teacher with a post office issued National Savings Certificate VIII Issue. Will the NSC help in getting a deduction on the rate of interest for a personal loan at Central Bank of India?

Central Bank of India offers a personal loan called Cent Teacher which is offered to teachers based on certain terms and conditions.

Under the Cent Teacher personal loan scheme, a concession of 1% is offered on the rate of interest if liquid security such as National Savings Certificate, Kisan Vikas Patra or Fixed Deposit is available to cover for the personal loan.

I am thinking of applying for the personal loan scheme from Central Bank of India called ‘Cent Kalyani’. What is the maximum loan amount offered under this scheme?

The maximum loan amount offered under Central Bank of India’s Personal Loan scheme, Cent Kalyani, is Rs.100,00,000.

For the Cent Personal Gold Loan scheme offered, what is the loan amount I will get?

The minimum amount of loan will be Rs. 10,000 and the maximum amount offered will be Rs. 20,00,000. The amount will be either on the pledging of gold ornaments made of either 22 carat or 24 carat purity or even gold coins which are sold by Central Bank.

Are there any concessions on interest rates for the Cent Ratna scheme?

If the applicant of the loan maintains and operate their salary account with Central Bank, they will be provided a 50 basis points of interest concession from the actual interest rate.

Is a pensioner eligible for a personal loan? If yes, what is the maximum loan amount?

Yes, pensioners are eligible for personal loans from Central Bank of India. If the pensioner is up to the age of 75 years then, he/she is eligible for an amount of either 18 months of pension or Rs. 5,00,00. If the pensioner is above the age of 75 years then, he/she is eligible for an amount of either 12 months of pension or Rs. 2,00,000.

I would like to apply for the Cent Kalyani scheme, what is the maximum loan amount offered as per this scheme?

The maximum loan amount offered under the Cent Kalyani scheme is a maximum of Rs. 100,00,000.

What are the eligibility conditions for the Cent Kalyani scheme?

Any woman above the age of 18 years can apply for this loan from Central Bank of India, there will be no income ceiling for assistance.

Can a student avail a personal loan from Central Bank of India?

No. Students arent eligible for Central Bank personal loan.

If apply for a personal loan, should I provide any security in order to obtain the loan?

Yes, when applying for the Personal loan from Central Bank, the applicant has to provide a security.

The applicant must have their salary routed through an account that is maintained by Central Bank. And must also provide an undertaking stating the loan amount can be debited from their salary.

In case the loan is applied as per the Cent Personal Gold loan then, the pledged ornaments and coins will act as security.

If the loan is applied as per the Cent Ratna Scheme then, an employee or co-worker must stand as guarantor, and should have the ability to cover the loan amount.

If the applicant is applying for the loan as per the Cent Suvidha loan an undertaking will need to be provided from the employer to credit the salary in an account maintained by Central Bank.

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