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.
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
|Net Annual Income||EMI/NMI not to exceed|
|Up to 5||55%|
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.
|Internal Risk Rating Score||CIBIL/CRIF above 725ORExperian above 750(A)||CIBIL/CRIF 701-725ORExperian 726-750(B)||CIBIL/CRIF 675-700ORExperian 700-725(C )|
|71-100 (CBI-1 to 3)||RBLR+CRP(0.40%)=7.25%||RBLR+CRP(0.50%)=7.35%||RBLR+CRP(0.60)=7.45%|
|50-70 (CBI-4 to 6)||RBLR+CRP(0.65%)=7.50%||RBLR+CRP(0.75)=7.60%||RBLR+CRP(0.85)=7.70%|
|Internal Risk Rating Score||CIBIL/CRIF above 750ORExperian above 775(A)||CIBIL/CRIF 726-750ORExperian 751-775(B)||CIBIL/CRIF 700-725ORExperian 725-750(C )|
|71-100 (CBI-1 to 3)||RBLR+CRP(0.40%)=7.25%||RBLR+CRP(0.50%)=7.35%||RBLR+CRP(0.60%)=7.45%|
|50-70 (CBI-4 to 6)||RBLR+CRP(0.65%)=7.50%||RBLR+CRP(0.75%)=7.60%||RBLR+CRP(0.85%)=7.70%|
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.
All bank staff members, including probationers, whether singly or jointly with spouse or children, can apply for a car loan.
The co-borrower must be:
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.
The quantum of finance you can expect depends on your income source.
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.
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:
A personal guarantee of a person with a net worth not less than the loan amount will be necessary for any other cases.