Categories of Central Bank Personal Loan

Through the length and breadth of the country, Central Bank of India has a wide network in 29 states and 6 union territories with 4695 branches, 4 extension counters along with 29 satellite offices. Central Bank supports and promotes small-scale, medium as well as large scale industries and also agriculture.

Types of Central Bank Personal Loan

Personal Loan for Corporate

This loan is given to permanent employees of reputed corporate companies having credit facility with the bank as well as no credit facility with the bank

Features

  • A demand loan facility is offered by the bank.
  • Your salary account must be maintained with the Central Bank branch.
  • You need to provide a final undertaking which you can’t deny, stating the maintenance of your salary account with the Central Bank branch during the continuity of the loan.
  • The applicant must submit Authority letter issued by his employer to deduct money from his salary account to pay EMIs.
  • The computation of personal loan amount sanction depends on the net worth of the corporate company and any profits made.

Personal Loan for Non-Corporate

This loan is given to permanent employees of Indian Railways, Central or Government institutions (school, hospitals) etc who has a minimum of 1 year. Also, the applicant can be a permanent employee of a multinational company with a minimum of 3 years of experience.

Features

  1. You must have a minimum of 5 years of continuous work experience and the salary account must be maintained with the Central Bank branch.
  2. You need to provide a final undertaking which you can’t deny, stating the maintenance of your salary account with the Central Bank branch during the continuity of the loan.
  3. The applicant must submit Authority letter issued by his employer to deduct money from his salary account to pay EMIs.

Personal Loan for Pensioners

This loan is designed to help the senior citizens to meet their urgent financial requirement with monetary support.

Features

  1. Pensioners/Family pensioners should draw pensions from their Central Bank branch.
  2. Pensioners getting pensions disbursed directly into their savings account of Central Bank branches from Treasury/DPDO (Defense Pension Disbursing Office) can opt for this loan.

Cent Teacher

This loan scheme is dedicated to teachers/staff members of educational institutions to fulfill their monetary requirements.

This loan is provided to the following group of employees –

·     Permanent Teachers

·     Permanent employees of research institutes

·     Permanent employees of universities

·     Permanent employees of educational institutes

·     Permanent employees of colleges

·     Permanent employees of schools

Features

  1. A demand loan facility is offered by the bank.
  2. You need to have your salary account must be maintained with the Central Bank branch.
  3. You need to provide a final undertaking which you can’t deny, stating the maintenance of your salary account with the Central Bank branch during the continuity of the loan.
  4. The applicant must submit Authority letter issued by his employer to deduct money from his salary account to pay EMIs.
  5. Central Bank needs a personal guarantee of a co-employee of the educational institution which is worth of equivalent to at least net worth of the loan amount.

Cent Personal Gold Loan

This loan is designed to meet any emergency personal need- any medical operation, your child’s fees for school, to pay any past debts.

Features

  1. The loan is offered either as an overdraft facility against gold jewelry or as Demand loan.
  2. The gold ornament must be of 22-carat purity or gold coins which are sold by Central Bank only.

Cent Ratna Scheme

This loan is given to permanent employees of major PSUs or Maharatna or Navratna awarded PSU.

Features

  1. This loan is for urgent financial needs and not for speculative purpose.
  2. 20 times of gross salary with a maximum of Rs. 6 lakh is the maximum loan amount.

Some other kinds of Central Bank Personal Loans are-

·Cent Doctor

·Cent Subidha

·Cent Kalyani

·Cent Liquid Scheme (Loan against shares)

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Interest rate start 10.75% * Upto 40 Lacs
Loan Duration: 12 - 60 months*

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