Central Bank of India Personal Loan Comes at a Low Cost
In India, Amazon has two different bodies, the e-tailing arm, and the India Production Centers (IDC). Amazon falls in super-category A with workers qualified for low interest rates. Amazon India employees have various loan options such as Central Bank of India personal loan, and others.
Central Bank of India Personal Loan Interest Rates January 2021
| Particulars | Details |
| Interest Rates | 9.85% – 10.05% |
| Loan Amount | Up to INR 500 Lakh |
| Tenure | 1-5 Years |
| Processing Fees | INR 500 |
Central Bank of India Personal Loan Eligibility Criteria
- An applicant age should be between 21 years to 58 years.
- An applicant either should be a salaried or self – Employed with regular source of income, earn more than the minimum income eligibility.
Know Your Eligibility for a Personal Loan from the Central Bank of India
Now, with the aid of an example below, let us understand the loan sum eligibility.
Suppose you work for a renowned business and receive an enticing monthly salary of INR 50,000. So, you’d save about 40 percent-50 percent of your income per month after deducting all your required monthly expenses.
Let’s say, if you can save about 50 percent of your monthly salary, you may be interested in learning about your eligibility for your loan.
It would mean, from the point of view of the bank, that you will save about Rs. 25,000 per month out of your monthly income of Rs.50,000. So, you can use your savings to repay the EMIs on your loan.
So, now, if you measure your number, tenure, and interest rate, you’re going to get to know your EMIs that you’re going to pay each month to repay the amount of loan you’re eligible for.
Amount- Rs. 1 lakh
Tenure of Loan- 5 years
Interest Rate- 9.70 percent p.a.
INR 2,110 will be your monthly EMI
Then your loan estimate will be
INR 1 lakh x 25,000/2110 = INR 11.84 Lakhs = Rs. 11.84 Lakhs
So, your eligibility for the personal loan number is Rs. 11.84 Lakhs
Central Bank of India Personal Loan EMI Calculator
EMI is nothing but the amount of the interest and principal due on a personal loan every month. So, now you have to wonder how your EMI is measured by the Central Bank of India when it comes to personal loans. Well, your EMI is measured in a very clear and easy way.
To measure your monthly payments, the EMI Calculator takes your loan number, interest rate, and tenure of the loan into account.
Besides, the interest component will first be calculated by the calculator and then the principal sum you will have to pay for the personal loan.
For eg, if you are interested in obtaining a 5-year loan of INR 5,00,000 from the Central Bank of India, the bank charges an interest rate of 10.15% per annum. What will the EMI, total outgoing interest, and the total sum payable out of your wallet be?
Currently, there is a table below for your reference, where you can also know your EMI, interest, and the total sum payable for various tenures on the same amount of loan.
EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Installment | Total Interest Amount | Total Amount |
| ₹ 5,00,000 | 10.15% | 1 | ₹ 43,993 | ₹ 27,914 | ₹ 5,27,914 |
| ₹ 5,00,000 | 10.15% | 2 | ₹ 23,107 | ₹ 54,570 | ₹ 5,54,570 |
| ₹ 5,00,000 | 10.15% | 3 | ₹ 16,169 | ₹ 82,078 | ₹ 5,82,078 |
| ₹ 5,00,000 | 10.15% | 4 | ₹ 12,717 | ₹ 1,10,432 | ₹ 6,10,432 |
| ₹ 5,00,000 | 10.15% | 5 | ₹ 10,660 | ₹ 1,39,628 | ₹ 6,39,628 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
| 1 | ₹ 80,868 | ₹ 47,057 | ₹ 4,19,131 |
| 2 | ₹ 89,470 | ₹ 38,456 | ₹ 3,29,660 |
| 3 | ₹ 98,985 | ₹ 28,940 | ₹ 2,30,675 |
| 4 | ₹ 1,09,513 | ₹ 18,412 | ₹ 1,21,161 |
| 5 | ₹ 1,21,250 | ₹ 6764 | ₹ 0 |
Common Document Required for Central Bank of India Personal Loan
- Prescribed application form duly completed
- Applicant & Guarantor’s Latest Photo, Photo Identity & Residence Evidence
- Income proof: salary slips for the last 3 months, for the last 3 years, ITR/Form 16
Features and Rewards
- High Loan Limit: You can borrow up to Rs. 10,00,000 or 40 percent of your bank’s gross annual income. The loan may be accessed by government workers or individuals employed in foreign or business offices.
- Attractive interest: Interest on the amount lent depends on the bank’s 1-year MCLR of 7.60 percent.
- A distribution of 3 percent over the MCLR is further applied by the MCLR. All that adds up to 10.60% p.a.
- Flexible EMI: A maximum of 48 installments of the loan which be paid. To repay the loan, you can pick from 12 to 48 months.
- Fast Approval: By submitting information and a few documents with a processing fee of Rs. 5,000 + GST, you can easily get the loan.
Conclusion:
Lastly availing a personal loan for Amazon India employees is simple and hassle-free. As mentioned above Central Bank of India personal loan comes at an attractive interest rate with low processing fees along with easy to meet
eligibility criteria.
More searches related to Central Bank of India:-
Central Bank of India (CBI) 24*7 Customer Care Helpline
Central Bank of India Personal Loan EMI Calculator
