An Overdraft Scheme to home loan borrowers to consolidate your debts from Central Bank of India.
A simple overdraft facility for home loan borrowers to consolidate their loans.
Central Bank of India Cent OD Top-up Facility to Cent Home Loan Beneficiaries
This loan helps Cent Home Loan Beneficiaries to meet their personal needs including wedding expenses, overseas travel expenses, medical emergencies, and so on. This loan cannot be availed for speculative reasons. This loan can be used to pay-off high-interest loans, thereby consolidating debts.
Features of Cent OD Top-up Facility to Cent Home Loan Beneficiaries
Why this Loan?
- The Cent OD Top-up Facility to Cent Home Loan Beneficiaries is designed to help Cent Home Loan borrowers to meet their genuine financial needs other than speculation, real estate investment or other prohibited activities
- Borrowers can also avail this scheme as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The maximum loan amount sanctioned by the bank under this loan is Rs. 5 crore
- The interest rate applicable to this loan is defined as the sum of one-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium of 1.00%. As of October 2020, the MCLR of Central Bank of India is 7.90% bringing the effective interest rate at 8.60%
- This overdraft must be repaid within 12 months
- Individuals who have availed the Cent Home Loan alone or with a joint borrower are eligible for this loan
- NRI borrowers who have availed the Cent Home Loan jointly with a resident close relative are also eligible for this loan
- This loan cannot be availed for speculation, real estate investment or other prohibited activities
- The bank asks for extension of charge on the property mortgaged under the Cent Home Loan scheme to cover the new overdraft facility
Margin Money (Borrower’s Contribution to Total Cost)
- As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative to know more details
- The bank charges up to 0.50% of the loan amount for processing the loan with a maximum of Rs. 10,000
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Documents related to the Central Bank of India Pension account
- Letters should be addressed to the Pension Disbursing Authority and the particulars of the loans granted should be noted invariably in the Pension Register/PPO maintained with the pensioner and SB master
- Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111