Business Loan Rates 2024
Central Bank Of India Business Loan
Last Updated : May 10, 2018, 12:52 p.m.
The Central Bank Of India lends SME and MSME loans to help the business units grow and expand. The funds are allocated to the entities with diverse profile under different schemes proposed by the bank. The quantum of loan, tenure, interest rate and processing fee vary from scheme to scheme. For details read below –
CBI Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 8.70% - 12.80% |
| Loan Amount | Up to ₹5,00,000 |
| Tenure | Up to 10 years |
| Processing Fee | Nil |
How To Apply
The candidate can apply for a loan by visiting the nearest bank branch.
CBI Business Loan EMI Calculator
Now know your EMI in few easy steps. Just place the loan amount, tenure and the rate of interest in the calculator and the calculator will compute the EMI value for you in a fraction of second. It will also reveal the total amount of interest charged on the loan during the tenure.
For Instance – If I avail a loan of ₹ 5,00,000 to finance the emerging business needs for the tenure of 10 years at an interest rate of 8.55%p.a. take a look below to know the EMI Calculations
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 33,078 | ₹ 41,474 | ₹ 4,66,921 |
| 2 | ₹ 36,019 | ₹ 38,532 | ₹ 4,30,901 |
| 3 | ₹ 39,223 | ₹ 35,329 | ₹ 3,91,678 |
| 4 | ₹ 42,711 | ₹ 31,840 | ₹ 3,48,966 |
| 5 | ₹ 46,509 | ₹ 28,042 | ₹ 3,02,457 |
| 6 | ₹ 50,646 | ₹ 23,906 | ₹ 2,51,811 |
| 7 | ₹ 55,150 | ₹ 19,402 | ₹ 1,96,661 |
| 8 | ₹ 60,054 | ₹ 14,497 | ₹ 1,36,606 |
| 9 | ₹ 65,395 | ₹ 9157 | ₹ 71,211 |
| 10 | ₹ 71,255 | ₹ 3341 | ₹ 0 |
Table Showing Loan Schemes, Eligibility, Amount of Loan and Tenure
| Loan Scheme | Eligibility | Quantum of Loan (in ₹) | Tenure | Processing Fee |
|---|---|---|---|---|
| CENT- Business Gold Loan | Existing as well as New Customers Individual aged between 18 years to 60 years Proprietorship and Partnership firm engaged in Business activities | Minimum: 10,000 Maximum: 20,00,000 | 12- 36 Months | Up to 5 lacs - Nil Above 5 lacs to 20 lacs – ₹250 per lac |
| CENT - Contractor | Civil Contractors/ Construction Contractors Sub Contractors executing works on behalf of main contractors who have been allotted works by Main Contractors | On basis of projected cash flow for the entire repayment period. | Term Loan - 5 years CC/ OD – 1 year | 1% of the loan amount and maximum up to ₹2,00,000 |
| CENT - Doctor | Individuals/ Partnership/ Companies/ Trusts Applicants/ Promoters should have recognized qualification in any branch of medical science like MBBS/ BAMS/ BDS/ BHMS or any recognized degree in Physiotherapy/ Radiology etc. and should have minimum practical experience required to establish Hospital/Nursing Home/ Clinic In case of Individual, he/she should be a qualified and registered medical practitioner and should have minimum practical experience required to establish Hospital/Nursing Home/Clinic Partnership: Out of total partners at least 50% should be qualified and registered medical practitioners Company: At least 50% of the promoter/directors should be qualified and registered medical practitioners Trusts: Trusts should be registered and should have the power to borrow. At least one of the trustees should be qualified medical professional and Registered Medical Practitioner | Minimum – 1,00,000 Maximum- 5,00,00,000 | Not Specified | Not Specified |
| CENT - Trade | All types of Traders including Retailers / Distributors / Commission Agents / Arthiyas/Dealers of major companies etc | Maximum - 5,00,000 | Not Specified | Up to ₹20,000 |
| CENT - Professionals | Professionals: Registered Medical Practitioners, Chartered Accountants, Company Secretaries, Consultant Engineers and Architects, Management Consultants, Tax Consultants, Free-lance accredited Journalists/ Cameraman/ Caterers who are holding either a degree or diploma from established institutions and established in their profession Individuals/ Jointly/ Partnership firm (excluding partnership firm where HUF is a partner) / Joint Stock Company (excluding persons engaged in Real Estate/ Speculative Activities / Capital Market Activities) excluding businessmen Minimum experience of 3 years in the specific field Minimum age 25 and maximum up to 65 years The applicant should be an Income tax assesse | For Individual : Minimum Limit is ₹1Lakh & Maximum Limit is ₹1 crore For Firm / Corporate / Companies : Minimum Limit is ₹1Lakh & Maximum Limit is ₹5 crore | Term Loan- 10 years Working Capital- 1 year | Up to ₹5 lakh- Nil Above ₹5 lakh – 0.75% of the loan amount with subject to a minimum of ₹5,000 |
Documents Required:
- Application form
- Proof of Identity: Voter’s ID Card/ Passport/ Driving License/ PAN Card/ Signature identification from present bankers of proprietor, partner of director (if a company)
- Proof of residence: Recent telephone bills, electricity bill, property tax receipt /Passport/ Voter’s ID Card of Proprietor, partner of Director (if a company)
- Proof of business Address
- Last three years balance sheets of the units along with income tax/ sales tax returns etc. (Applicable for all cases from₹2 lakhs and above) However, for cases below fund based limits of₹25 lakhs if audited balance sheets are not available, then unaudited balance sheets are also acceptable as per extant instructions of the bank
- Copy of Sales tax / VAT /any other Tax Registration
- Memorandum and articles of association of the Company/ Partnership Deed of partners etc.
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns
- Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable
- SSI / MSME registration if applicable
- Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan (for all cases of₹2 lakhs and above)
- In case of takeover of advances, sanction letters of facilities being availed from existing bankers/ Financial Institutions along with detailed terms and conditions
- Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities
- Position of accounts from the existing bankers and confirmation about the asset being standard with them (Required only in case of takeover)
Features
- Multiple schemes to choose from
- No processing fee up to ₹5 lakh loan
- Attractive rate of interest
- Availability of Collateral free loan up to₹1 crore
