Are you searching Central Bank of India Business Loan at a low interest rate?

The Central Bank of India is a government-owned organization that provides Micro, Small, and Medium Enterprises with a variety of business credit choices (MSMEs). Manufacturing and trading businesses can use these loans to grow their operations, buy equipment and inventory, and get extra working capital. The Central Bank of India’s business loan interest rates start at 7.35% per year and go up from there. Let us now look at the various business loan and credit card plans given by the Central Bank of India. 

Central Bank of India Business Loans for MSMEs  

The Central Bank of India offers the following MSME/business loan schemes: 

1. Cent-Business Gold Loan  

For commercial needs, new and existing customers are welcome. The loan is available to sole proprietorship and partnership businesses, as well as people, should have an age limit of 18 years to 60 years. 

• Amount of the loan: Rs 10,000 to Rs 20,00,000 
• From Rs. 10,000 to Rs. 10,00,000, the interest rate is 7.60%. 
• From Rs. 10 lakh to Rs. 20 lakh, the interest rate is 8.60%. 
• Repayment tenure of 12 to 36 months. 

1. Cent-Construction Equipment Finance Scheme  

This loan is available to construction companies, contractors, and firms for the purchase of new construction equipment, machinery, or vehicles. Loans of up to 5 crores with a repayment period of up to 5 years are available. 

• Interest Rate: 7.60% for loans up to Rs. 10 lakh. 
• From Rs. 10 lakh to Rs. 1 crore, the interest rate is 8.60%. 
• Amounts in excess of Rs. 1 crore will be depending on the customer’s credit rating. 
• Fee for processing: Rs. 200/-per lakh (maximum Rs.1 lakh) above Rs. 5 lakh Nil 
• 25% of the cost of machinery, equipment, and vehicles (margin) 
• Collateral is equal to 25% of the loan amount. 

1. Cent-Contractor 

Loans to civil and construction contractors and subcontractors with a strong reputation and rating who work for the federal and state governments, the public works department, public utilities, and reputable private sector firms. For 1 to 5 years, a maximum loan of 5 crores is available. 

• Interest Rates: The interest rates are offered at 7.60% for loans up to Rs. 10 lakh. 
• From Rs. 10 Lakh to Rs. 1 Crore, the interest rate is 8.60%. 
• Customer Credit Rating will be used to determine loan amounts greater than Rs. 1 crore. 
• The processing fee must be 1% of the loan amount, up to Rs. 2 lakh. 
• Collateral Security should be equitable mortgage immovable property with a value of up to Rs. 1 crore and a sanctioned limit of 100%. 

1. Cent-Doctor 

Loan for medical professionals with a recognized educational degree, such as doctors, dentists, radiologists, and physiotherapists, to open a clinic, X-Ray lab, Pathology lab, Nursing home, purchase equipment, ambulances, computers for hospitals/ clinics, and working capital to stock up on medicines and medical supplies. Cent Individuals, partnerships, corporations, and trusts are all offered doctors. 

• Depending on the purpose of the loan and the location of the firm, the loan amount ranges from 1 lakh to 5 crore rupees. 
• Tenure may last up to ten years. 
• The interest rate fluctuates from one applicant to the next. 
• 25% of people are opposed to the construction of a nursing home or clinic. 
• 15% of people are against equipment. 

1. Cent-Food Processing Plus  

Term loans or funding for agro-based food processing units and mills such as daal, rice, suji, and oil mills. 

• Need-based loans with terms ranging from one to seven years 
• Up to 1 crore rupees, the interest rate is 7.60 percent; above that, the rate is dependent on collateral security. 
• 25% margin 
• The term loan premium is 0.25% for loans up to three years and 0.50% for loans longer than three years. 

1. Cent-Mortgage  

Given for both personal and professional reasons. Cent Mortgage offers loans ranging from 1 lakh to 10 crores, depending on location and usage. Traders, business people, partnership businesses, companies, NRIs, professionals, and the self-employed are all eligible for a loan. 

• The maximum period of employment is 120 months. 
• Loan Amount: Up to Rs. 10 crores for properties in rural regions and up to Rs. 1 lakh for properties in other areas. 
• From 11.10% forward, the interest rate will be 11.10%. 
• Processing Fee is offered up to 0.50% of the loan amount, with a maximum of Rs. 20,000. 

1. Cent-Mortgage Educational Institution  

In semi-urban, urban, and metro cities, a loan is issued against the mortgage of institution buildings and other immovable properties. The private institutions must be either a society or a trust, and they must have been in operation for at least 5 years, with at least two batches of students graduating from the institution with a recognized board or university. 

• The loan amount ranges from Rs. 1 lakh to Rs. 5 crores, with a maximum term of 120 months. 
• From 12.10% onwards, the interest rate is 
• Processing Fee offered up to 0.50% of the loan amount, with a maximum of Rs. 20,000. 

Documents offered for Central Bank of India Business Loan  

• Identity Proof – Voter ID, Driver’s License, Passport, PAN Card, Signature Identification by Current Banker for Proprietor, Partner, or Director (if Company) 
• Recent telephone/electricity bills, voter ID, passport, and property tax receipts are all acceptable forms of proof of residence. 
• Business Incorporation Certificate Business Address Proof Last 12 Months Bank Statement 
• Any other documents that the bank requires.  

Conclusion  

In this article, the Central Bank of India 2021offers loan schemes to individuals at low interest rates. You can also check the Central Bank of India Business Loan status through Afinoz.com.