Central Bank of India Car Loan
Last Updated : April 5, 2017, 9:45 a.m.
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
| Particulars | Details |
|---|---|
| Interest Rate | New Cars: 8.70% p.a. Pre-owned Cars: 9.80% p.a. |
| Loan Amount | New Cars : Max. upto ₹75 Lakh Pre-owned Cars: Max. upto ₹ 10 Lakh |
| Loan Tenure | New 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 Fee | As Per Bank Norms |
| Prepayment Fee | As 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 ₹ ) |
|---|---|---|---|---|---|
| 500000 | 1 | 8.80% | 43679 | 24153 | 524153 |
| 500000 | 2 | 8.80% | 22797 | 47116 | 547116 |
| 500000 | 3 | 8.80% | 15853 | 70721 | 570721 |
| 500000 | 4 | 8.80% | 12395 | 94964 | 594964 |
| 500000 | 5 | 8.80% | 10331 | 119843 | 619843 |
| 500000 | 6 | 8.80% | 8963 | 145352 | 645352 |
| 500000 | 7 | 8.80% | 7994 | 171486 | 671486 |
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 18-65 years | 18-65 years |
| Minimum Income | Minimum gross annual salary of Rs 2.4 lacs per annum | Minimum gross business income of Rs 2.4 lacs per annum |
| Employment/Business Continuity | Not specified by the bank | Not specified by the bank |
Documentation
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/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 account | IT 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 Card | Driving License/Passport copy/PAN Card |