Central Bank of India New Car Loan
Central Bank of India, a public sector bank established in 1911 and headquartered in Mumbai, offers a car loan with a floating interest rate ranging from 7.65% to 9.3%. The processing fee is 0.50% of the loan amount plus GST, subject to a minimum of ₹2,000 plus GST and a maximum of ₹20,000 plus GST, and the bank states this fee is waived till 31.12.2026; a documentation charge is NIL.
The loan is financed against the On-Road Price of the vehicle only, with accessories excluded, and margin requirements are 10% of the on-road price for loans up to ₹25 lakh and 20% above that. The loan is restricted to personal use and not available for commercial or hiring purposes, and hypothecation is registered on the VAHAN portal; personal guarantee is waived for loans up to ₹25 lakh.
The maximum loan amount is ₹2 crore, with a maximum tenure of 84 months. Prepayment penalty, minimum loan amount, minimum tenure, minimum CIBIL score, borrower age limits, minimum salary, employment type eligibility, RBI registration class, and documentation requirements are not published for this product.
At 7.65%, Central Bank of India has one of the lowest starting rates of the 12 lenders we track for new car loans.
Eligibility
Loan terms
- Processing fee 0.50%+GST, min ₹2,000+GST, max ₹20,000+GST (fully waived till 31.12.2026)
- documentation charge NIL
- margin 10% up to ₹25L, 20% above
- financed on On-Road Price only, accessories excluded
- personal-use only, not commercial/hiring
Documents
- PAN and Aadhaar
- Last 3 salary slips (salaried) or 2-year ITR (self-employed)
- 6-month bank statement
- Passport-size photograph
- Vehicle quotation / proforma invoice
Fees & charges
FAQ
Used-car loans price higher than new-car loans because of the collateral risk — see the separate used-car page. Salary-account customers often get a small rate discount on new cars.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.