Central Bank of India Cent Personal Loan

Thinking of a Personal Loan to Consolidate your Debts?

Take a look at Central Bank of India Personal Loan Scheme.

Central Bank of India Cent Personal Loan

This loan helps borrowers get financial assistance to meet their urgent financial needs. Most people use personal loans to meet urgent expenses such as wedding expenses, travel expenses, medical expenses and so on, however, it can also be used to consolidate debts. Borrowers can avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts.

Features of Cent Personal Loan

Why this Loan?

  • The Central Bank of India Cent Personal Loan is meant for borrowers who need financial assistance to meet urgent personal needs
  • This loan is specifically designed for salaried employees of public sector units and reputed private sector companies having completed at least one year of service and confirmed employees of reputed Indian and multinational companies having completed at least three years of service
  • This is an unsecured loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to 20 times of monthly gross salary of the borrower subject to a maximum of Rs. 10 lakh


  • 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 3%. As of October 2020, the interest rate applicable to this loan is 9.85% for low-risk borrowers and 10.05% for high-risk borrowers


  • This loan must be repaid within 4 years in EMIs


  • Confirmed employees of Public Sector Undertakings, Central Government, State Government units with at least one year of service
  • Confirmed employees of reputed national and multinational companies with at least three years of service
  • The minimum Net Take Home Salary should not be less than 40% of the gross salary of the borrower after meeting the proposed loan instalment

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

Processing Charges

  • The bank charges Rs. 500 excluding GST for processing this loan

Documents Needed

  • 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
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns

Reference Facts

  • 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