Best Central Bank of India Business Loans for MSMEs

Central Bank of India Business Loan | Central Bank of India is a government-owned company with multiple ranges of business loan options offers to Micro, Small, and Medium Enterprises (MSMEs). These loans are offered to manufacturing and trading sectors for expanding operation, purchasing equipment, and inventory. Business loan 2021 interest rates offered by the Central Bank of India start from 7.35% onwards p.a. Further information, let’s discuss different business loan and business credit card schemes provided by the Central Bank of India.  

Central Bank of India Business Loans for MSMEs -2021  

The Central Bank of India Business Loan schemes/MSMEs offered by the Central Bank of India are listed below:  

• Cent Business Gold Loan 

If the applicant is a new or an existing customer for a Central Bank of India Business Loan, it is offered to proprietorship and partnership firms and also to individuals at the minimum age of 18 years and maximum age of 60 years.  

• Loan Amount: From Rs. 10,000 up to Rs. 20 Lakh  
• Interest Rate: From Rs. 10,000 up to Rs. 10 lakh, for 7.6% onwards.  
• Rs. 10 Lakhs up to Rs. 20 Lakhs at 8.60% onwards.  
• Tenure is offered at 12 months up to 36 months.  

• Cent-Construction Equipment Finance Scheme  

The applicant such as companies, contractors, or firms involved in construction is eligible for the loan procurement of new equipment, machinery or vehicles, related to construction. The loan amount offered a maximum of Rs. 5 crores with a repayment tenure of up to 5 years.  

• Interest rates offered up to Rs. 10 lakhs for 7.60% onwards.  
• Above Rs. 10 lakh up to Rs. 1 crore for 8.60% onwards.  
• The loan amount offered above Rs. 1 crore should be based on customer credit rating.  

Processing fee: Nil up to Rs. 5 lakhs  

Rs. 200/- per lakh with a maximum of Rs. 1 lakh above Rs. 5 Lakhs.  

• Cent-Contractor  

Loans offered to civil and construction contractors and subcontractors with good reputations and ratings. The applicants who work for Central and State Government, PWD, PSU, and renowned organizations in private sectors. The loan amount offered for a maximum of Rs. 5 Crores of 1 to 5 years.  

• 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 over Rs. 1 crore will be depending on the customer’s credit rating. 
• Fee for processing: 1% of the loan amount, up to a maximum of Rs. 2 lakh 
• Collateral Security: Equitable mortgage immovable property worth up to Rs. 1 crore with a 100 percent loan ceiling sanctioned. 

• 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. 
• Margin: 25% of people are opposed to the construction of a nursing home or clinic. 
• 15% of people are against equipment. 

• 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 percent margin 
• The term loan premium is 0.25% for loans up to three years and 0.50 percent for loans longer than three years. 

• 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. 
• The interest rate will be 11.10%. 
• Fee: 0.50% of the loan amount, with a maximum of Rs. 20,000. 

• 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. 
• The interest rate is charged from 12.10% onwards. 
• Fee: 0.50% of the loan amount, with a maximum of Rs. 20,000.  

• Cent-Kalyani  

Women entrepreneurs and self-employed people can get a loan to help them fund and build their businesses. Doctors, accountants, engineers, beauticians, nutritionists, tailors, art and craft businesses, tiny canteens, mobile restaurants, day creches, typewriters, STD, and Xerox booths, and transportation operators are just a few examples. With a variable tenure, the maximum loan amount is one crore rupees. 

Features: 

• Rate of interest on the loan amount From Rs. 10 lakh onwards, 7.35% 
• No collateral is required, and there is no processing fee. 
• 20% margin 
• Cent Trade: Loan offered to all kinds of traders such as retailers, commission-based agents, distributors, arthritis, and dealers of major components.  
• The maximum loan offered for Rs. 5 crores at the interest rate of 11.05% onwards.  

• Cent-Warehouse Receipt Scheme — Financing for farmers, dealers, commission agents, and food and agro product processing companies based on warehouse and cold storage receipts. 
• Base financing is required, with a maximum term of 12 months. 
• Agri-loan of up to Rs. 10 lakh is available. 
• Margin: 35% of the Market Price/Value as reported on the Warehouse Receipt 

• Cent-Weaver Credit Card — Loans for weavers and others who work in the weaving industry. 
• A maximum loan of 2 lakh is available, which must be paid back within 1-3 years. 
• Rates start at 9.20% and go up from there. 

• Cent-Laghu Udyami Credit Card — For workers in the manufacturing and service industries who are covered by the MSMED Act of 2006. 
• The loan is good for three years and has a limit of ten lakh rupees. 
• Interest rate: Starting at 9.20% the Base Rate 

Conclusion  

At last, the Central Bank of India offers the main of providing the loan at low-interest rates. Central Bank of India Business Loan required a minimum documentation process of availing the Central Bank of India Business Loan at flexible repayment tenure. For more details contact Afinoz.com and get the loan simply.