Personal Loan Rates 20181222 views
Table of Contents
- 1 About Central Bank of India Personal Loan
- 2 Central Bank of India Personal Loan Interest Rates
- 3 Central Bank of India Personal Loan EMI Calculator
About Central Bank of India Personal Loan
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.
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Central Bank of India Personal Loan Interest Rates
|Interest Rates||10.25% - 12.50%|
|Loan Amount||Up to ₹ 500 Lakh|
- 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 ₹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 ₹25,000 per month out of your monthly income of ₹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- ₹ 1 lakh
Loan Tenure-5 years
Rate of Interest-9.70% p.a.
Your monthly EMI will be ₹2,110
So your calculation for personal loan would be
₹ 1 lakh x 25,000/2110=₹11.84 Lakhs
So, your personal loan amount eligibility is ₹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 ₹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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 5,00,000 10.15% 1 ₹ 43,993 ₹ 27,914 ₹ 5,27,914 ₹ 5,00,000 10.15% 2 ₹ 23,107 ₹ 54,570 ₹ 5,54,570 ₹ 5,00,000 10.15% 3 ₹ 16,169 ₹ 82,078 ₹ 5,82,078 ₹ 5,00,000 10.15% 4 ₹ 12,717 ₹ 1,10,432 ₹ 6,10,432 ₹ 5,00,000 10.15% 5 ₹ 10,660 ₹ 1,39,628 ₹ 6,39,628 Year Principal Interest Balance Amount 1 ₹ 80,868 ₹ 47,057 ₹ 4,19,131 2 ₹ 89,470 ₹ 38,456 ₹ 3,29,660 3 ₹ 98,985 ₹ 28,940 ₹ 2,30,675 4 ₹ 1,09,513 ₹ 18,412 ₹ 1,21,161 5 ₹ 1,21,250 ₹ 6764 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|Duly filled prescribed application form||Duly filled prescribed application form|
|Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor||Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor|
|Income proof:Salary slips for last 3 months, ITR/Form 16 for last 3 years||Income proof:Last two years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.|
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.
Types of Personal Loan Offered by Central Bank of India
|Schemes||Interest Rate||Loan Amount||Tenure||Processing Fee||Guarantee|
|Corporate Employees||MCLR +3.50%||Twenty times of gross salary subject to maximum of Rs.500,000/- and minimum net take home pay of 40% of gross salary||36 Months||Rs. 500||Authority Letter,|
Salary to be routed through account maintained with bank branch.
|Non-Corporate Employees||MCLR+4.50%||Twenty times of gross salary subject to maximum of Rs.500,000||48 Months||Rs. 500||Third party guarantee by a person having worth at least equal to loan amount and acceptable to Bank.|
|Cent Ratna||MCLR+ 3.50%||Twenty times of Gross Salary||60 Months||Rs. 500||Personal guarantee of one co-employee of worth at least equal to loan amount|
|Cent Personal Gold Loan||Demand Loan-MCLR + 1% p.a. Overdraft - MCLR + 2% p.a.||Rs.10,000 - 20,00,000||12 to 36 Months||0.25% of the loan amount||Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank|
|Cent Teacher||MCLR+2.75%||Twenty times of gross salary subject to maximum of Rs.500,000/- and minimum net home pay of 40% of gross salary||48 Equated Monthly Installments or within the left over period of service whichever is less.||Rs.500||Personal Guarantee by co-employee of worth at least equal to loan amount.|
|Cent Suvidha||MCLR+4.00%||Rs.1,00,000/- or one month's net salary whichever is less||Loan to be renewed annually.||Nil||Undertaking from the employer to credit monthly salary.|
|Cent Liquid||MCLR + 4.00%||Rs.20.00 lakhs||On Demand or 12 months whichever is earlier.||Shares in dematerialised form only. The lien with Depository Participant should be marked in Banks favour.|
|Cent Doctor||MCLR+2.50 %- 2.25%||Rs.100,000-|
Rs 50.00 lakh
|6 Months-10 Years||0.5% of the loan amount||Personal Guarantee of all the Partners, Promoter Directors, Trustees to be taken in case of Partnership, Limited Company and Trust account respectively.|