Central Bank of India Personal Loan
Central Bank of India, established in 1911 and headquartered in Mumbai, offers a personal loan at a floating interest rate of 11.25% to 11.75%. The processing fee is 1.00% plus GST, waived for defence personnel; a documentation charge of ₹270 plus GST applies up to ₹2 lakh and ₹450 plus GST above that, also waived for defence personnel.
The loan amount is calculated as 24 times gross monthly salary, capped at ₹20 lakh, repayable over 84 EMIs in multiples of 12, with tenure up to 84 months. The minimum net take-home pay must be 50% of gross salary after statutory deductions.
The loan requires either the employer's irrevocable undertaking or a personal guarantee with net worth equal to or greater than the loan amount; the guarantee requirement is waived for Class-I government employees with a CIBIL score above 750, and no guarantor is needed at a CIBIL score of 800 or above. Minimum loan amount, minimum tenure, minimum CIBIL score for standard eligibility, age limits, minimum salary, employment type eligibility, prepayment penalty percentage, and standard documentation requirements are not published for this product.
Eligibility
Loan terms
- Processing fee 1.00%+GST (NIL for defence personnel)
- documentation charge ₹270+GST (up to ₹2L) / ₹450+GST (above), NIL for defence
- loan amount = 24× gross monthly salary, capped ₹20L
- repayment 84 EMIs in multiples of 12
- minimum net take-home 50% of gross after statutory deductions
Documents
- PAN and Aadhaar
- Last 3 salary slips (salaried) or 2-year ITR (self-employed)
- 6-month bank statement
- Passport-size photograph
Fees & charges
FAQ
Lenders price on your credit score, income, employer category and tenure. A score above 750 typically unlocks the lower end of each range shown. The exact rate is confirmed by the lender at underwriting.
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.
Most lenders allow prepayment after a few EMIs. Charges vary by lender and are shown in the fees section; RBI caps foreclosure charges on floating-rate loans to individuals.