Central Bank of India offers car loans at attractive interest rates and not-too-stringent terms and conditions to their retail customers. Get a car loan for both new cars at the Central Bank of India.
Here are all the related details you would want to know.

Types of car loan schemes of Central Bank of India

Cent Vehicle:
 

This is a term loan for both 2-wheeler and 4-wheeler taken for personal purposes. A maximum loan amount of Rs.10 lakh and Rs.75 lakh will be offered for 2- and 4-wheeler vehicles. The repayment period for such a loan is 60 months and 84 months, respectively.
 

Net Annual Income-wise graded ratio is 

Interest rates of Central Bank of India car loans

The rates provided in the table below are effective from 15 February 2021 and are subject to change from time to time. The Repo Based Lending Rate (RBLR) here is at 6.85% p.a.
 

Salaried Borrowers:
 

Non-Salaried Borrowers:
 

Features and benefits of Central Bank of India car loans

• Financing is provided for both 2-wheeler and 4-wheeler vehicles, irrespective of being new or used vehicles.
• Get a repayment tenure of up to 84 months on financing.
• The margin for financing is a minimum of 10% and 20% up to Rs.20 lakh for 2-wheeler and 4-wheeler loans.
• Financing offered for both Indian- and foreign-made cars.

Eligibility for Central Bank of India car loans

• Age: 18 years to 65 years 
• Permanent salaried employees of Central/state government/local self-government/defence staff/PSU employees/large corporates/reputed establishments.
• Self-employed persons/independent entrepreneurs who have a regular source of income.
• Farmers, irrespective of landholding, engaged in production-oriented agricultural activities and other allied activities.
• Non-resident Indians (NRIs) in India jointly with India, a close relative of the NRI. The vehicle is for use in India only.
• Friends and distant relatives, such as uncles, aunts, nephew, and niece, cannot join as co-borrower.
• Maximum number of applicants are restricted to two.
• Minimum income requirement:
  • Rs.1,80,000 for 2-wheelers
  • Rs.3,00,000 for 4-wheelers

How to calculate EMI on Central Bank of India car loans

Use our car loan EMI calculator to figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

Frequently Asked Questions

Can the bank staff apply for a car loan with the Central Bank of India?

All bank staff members, including probationers, whether singly or jointly with spouse or children, can apply for a car loan.

Is there any criteria that need to be met for a person to become a co-borrower?

The co-borrower must be:

• A blood relative, such as mother, father, spouse, brother, sister, son, and daughter.
• Have a regular source of income.

The income of the co-borrower may be clubbed to calculate the actual eligible loan amount. Further, it is mandatory to have a co-borrower if the applicant is aged above 60 years.

How much loan amount can I expect?
 

The quantum of finance you can expect depends on your income source.

• Salaried applicants: 24 times the gross monthly salary based on the last drawn salary
• Other applicants: Two times the average annual income of the last two years

However, the maximum loan amount one can avail of has the threshold values of Rs.10 lakh and Rs.75 lakh for 2-wheeler and 4-wheeler loans.

Should I provide a personal guarantor to avail of the financing?
 

There is no need to provide a personal guarantor for a loan amount of up to Rs.5 lakh. For a loan amount beyond Rs.5 lakh, a personal guarantor is not necessary in the following cases:

• Any collateral security offered where the market value of the collateral is not less than the loan amount.
• Liquid security is offered at a minimum of 50% of the loan amount.
• The applicant has provided a minimum of two times the prescribed margin.
• The applicant is an employee of the Central/State Government organisation, PSU, or Central Bank of India staff.
• The borrower has a good relationship with the bank for at least five years. The Chief Manager or personnel above this rank can take a decision in such a case to waive the condition of personal guarantee.

A personal guarantee of a person with a net worth not less than the loan amount will be necessary for any other cases.
 

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