Central Bank of India Car Loan

About Central Bank of India Car Loan

Car symbolizes the dream product and its possession is a matter of huge rejoice among most of the people in India. When you plan to buy your dream car, make sure you consider the points like equated monthly installments (EMIs), interest rate, processing fees, prepayment charges, etc. Approach a lender that can offer you a higher amount of loan at attractive interest rates and minimal charges. One such lender that has attributes is Central Bank of India, which can offer you an attractive car loan deal based on your eligibility. Headquartered in Mumbai, the 1911-founded lender has a wide network of over 4000 branches and 5,000 ATMs across the country. Interested to know how Central Bank of India can help you buy your dream car? Read out the information below and plan your dream car buy.

Central Bank of India Car Loan Interest Rates

ParticularsDetails
Interest RateNew Cars: 8.70% p.a.

Pre-owned Cars: 9.80% p.a.
Loan AmountNew Cars : Max. upto ₹75 Lakh

Pre-owned Cars: Max. upto ₹ 10 Lakh
Loan TenureNew Cars : Upto 7 Years

Pre-owned Cars : 5 years (for cars upto 3 years old) & 4 years (for cars more than 3 years old)
Processing FeeAs Per Bank Norms
Prepayment FeeAs Per Bank Norms

Central Bank of India Car Loan Calculator

The car loan calculator or EMI calculator will help you arrive at the expected EMI, interest and overall outgo on your loan amount. If you know all that, then your ride via a car becomes bumpy-free in the true sense. Knowing the EMI in advance can help you experience a bumpy-free ride via your favourite car as you can budget effectively for a hassle-free repayment of the loan each month. Assume you want to apply for a 7-year car loan of ₹5 lakhs from Central Bank of India. The EMIs and other payment variables are shown in the table below for you to look at.

Table showing interests and EMIs on car loan of ₹ 5,00,000 for different periods at Central Bank of India

Loan Amount
(in ₹ )
Loan Tenure
(In years)
Interest Rate(in % p.a.)EMI(in ₹ )Total Interest Outgo(in ₹ )Total Amount(EMI+Interest) (in ₹ )
50000018.80%4367924153524153
50000028.80%2279747116547116
50000038.80%1585370721570721
50000048.80%1239594964594964
50000058.80%10331119843619843
50000068.80%8963145352645352
50000078.80%7994171486671486

Eligibility Criteria

ParametersSalaried ProfessionalSelf-employed
Age18-65 years18-65 years
Minimum Income Minimum gross annual salary of Rs 2.4 lacs per annumMinimum gross business income of Rs 2.4 lacs per annum
Employment/Business Continuity Not specified by the bankNot specified by the bank

Documentation

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Identity Proof PAN Card/ Voter ID/Passport/Driving License, photograph PAN Card/ Voter ID/Passport/Driving License, photograph
Income Proof Form 16 for last 2 years, Salary slip for last 3 months, proof of employment in the same organisation for two years, salary certificate, bank statement showing salary credit into the accountIT returns for the last 2 years along with income computation, bank statement for the last 3-6 months
Address Proof Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Sign Verification Proof Driving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card

 

 

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EMI Calculator