COVID-19 Loans for Retail Customers and Businesses.

A COVID Loan to meet your short-term financial needs.

Central Bank of India COVID-19 Loans

As of May 2020, Central Bank of India is offering two loan schemes to help its existing customers deal with the financial aftermath of COVID-19. They are:

  1. Central Bank of India Cent-COVID-19-Sahayata (for Businesses)
  2. Central Bank of India Special Loan Scheme for Self-Help Groups to Overcome COVID-19 (for Self-Help Groups)

We give you important details of each of these COVID-19 loans below. If you need more details about a particular COVID-19 loan scheme, please get in touch with us at [email protected].

Central Bank of India Cent-COVID-19-Sahayata (for Businesses)

This loan helps Central Bank of India’s corporate and MSME customers get some relief from the impact of COVID-19 on their finances. This short-term loan scheme is only in force up to 30th June 2020.

Features of Central Bank of India Cent-COVID-19-Sahayata

  • Quantum of Loan: The bank sanctions up to 10% of the existing fund-based working capital credit facilities up to a maximum of Rs. 50 crore under the Central Bank of India Cent COVID-19 Sahayata loan scheme
  • Interest Rate: The interest rate applicable on this loan is the same as that applicable on the existing working capital facilities availed by the borrower subject to a maximum of one year Marginal Cost of Funds based Lending Rate (MCLR) of Central Bank of India
  • Repayment Period: The loan must be repaid within 24 months including a moratorium period of 6 months from the date of the first disbursement
  • Eligibility: Existing business customers enjoying working capital limits with the bank are eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category
  • Margin: Nil
  • Security: The bank asks for extension of charge on primary/collateral security on the existing loan
  • Guarantee: Central Bank of India asks for existing guarantee to be continued for this loan
  • Pre-payment Charges: There are no prepayment charges for this loan

Central Bank of India Special Loan Scheme for Self-Help Groups to Overcome COVID-19 (for Self-Help Groups)

This loan helps Self-Help Group borrowers to get funds from Central Bank of India to face the financial crisis arising out of COVID-19. SHGs directly or indirectly affected by COVID-19 because of job loss, business loss, income loss, etc. arising out of the lockdown and related reasons are eligible for this loan.

Features of Special Loan Scheme for SHGs to Overcome COVID-19

  • Quantum of Loan: This is a need-based loan and the maximum loan amount is capped at Rs. 1 lakh per borrower and Rs. 10 lakh for the whole group under the Central Bank of India COVID-19 SHG Scheme
  • Interest Rate: The interest rate applicable on this loan is 7.60% per annum
  • Repayment Period: The loan must be repaid within 36 months including a moratorium period of 6 months from the date of the first disbursement
  • Eligibility: Existing SHG customers are eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category. The SHG must not have availed a loan for the same purpose from another bank. A group must not have more than 20 members
  • Margin & Security: Nil
  • Validity: This short-term loan scheme is only in force up to 30th September 2020

Documents Needed for Individuals (Salaried and Self-employed)

  • 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
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

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