Looking for a Small Business Loan Against Property from Central Bank of India?

Get all the information you need on Cent Mortgage Scheme from Central Bank of India below.

Central Bank of India Cent Mortgage Loan

This loan helps businesses in the MSME sector meet their needs by availing a loan against property. The immovable property must be located in metro, urban or semi-urban centres. Property located in rural centre is also eligible for this loan if it is being mortgaged for purposes other than for agricultural use.

Features of Cent Mortgage Loan

Why this Loan?

  • The loan is meant for small business owners who want to avail a loan against immovable property for meeting business or personal needs
  • The loan can be availed as Overdraft facility (OD) or Term Loan
  • The maximum loan amount for the Central Bank of India Cent Mortgage Loan for MSME is Rs. 10 crore for property located in metro, urban and sub-urban areas and Rs. 1 crore for property located in rural area

Loan Amount

  • The minimum loan amount is Rs. 1 lakh. The maximum loan amount is Rs. 10 crore for this loan scheme

Interest

  • The interest rate for this loan is define as the sum of one-year Marginal Cost of Funds based Lending Rate of Central Bank of India and a Spread factor of 3.50%. Currently, the MCLR of Central Bank of India is 7.10% bringing the effective interest rate at 10.60%

Repayment & Moratorium

  • Term Loan: This loan must be repaid within 10 years in EMIs
  • Overdraft: This loan must be repaid within 12 months

Security Needed

  • The security needed for this loan is unencumbered residential house or flat, commercial or industrial property situated in metro, urban, semi-urban centres or rural centres. The value of the property must be equal to 200% of the loan amount
  • The bank may also ask for third-party guarantee

Processing Fee

  • The bank charges 0.50% of the loan amount as processing fee subject to a maximum of Rs. 20,000

Documents Needed for Individuals

  • 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: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • 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

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
  • 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: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

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