Check Central Bank of India Personal Loan Eligibility Criteria 2021

Personal loans are available through the Central Bank of India, with interest rates starting at 9.85% per annum. You can get a personal loan of up to Rs.10 lakh under this scheme, with a loan repayment period of up to 48 months. Central Bank personal loan levies a processing fee of Rs.500 plus relevant service taxes. If you want to avail of Central Bank Personal Loan and personal loan schemes, you can read this article for more details and apply for the same offered by the bank.

Eligibility Criteria of Central Bank of India

Here are the key points of Central Bank of India Personal Loan eligibility criteria that help to avail the loan to the applicants in an easy way:

Documents Required for Central Bank of India

• Completed and signed application form.
• Proof of Identity: Passport, voter’s ID, Aadhaar Card, driving license, PAN Card, and other forms of identification are acceptable.
• Proof of address: driver’s license, passport, voter’s ID, Aadhaar card, and so on.
• Bank Statement: Last three months
• Salary Slip: The most recent salary slip with the most recent Form 16.
• Photograph Identity: Passport-sized photo.

Central Bank of India Personal Loan Interest Rate

Listed below are the highlights of Central Bank Personal Loan Interest Rate, maximum loan amount, repayment tenure, and processing fees. For availing of the loan, you can check these points which are as follows:

Factors affecting Central Bank of India Personal Loan Eligibility

• Occupational classification: A government employee or an employee of a commercial company that is a client of the Central Bank of India is required to apply for a personal loan.
• Should have a working connection with the Reserve Bank of India (RBI): To improve his or her chances of being eligible for the job, the candidate should ideally have salary account or a savings account with the Central Bank of India.
• Have all of the necessary paperwork: To be qualified for a personal loan, the applicant must present all relevant papers, including proof of identity and address, as well as proof of income.
• The EMI/NMI ratio is: The EMI of a personal loan is compared to the candidate’s net monthly income by the Central Bank of India. The EMI amount should not exceed 40% of your monthly income.
• Should have a solid payback history: If the applicant has failed to pay his or her loan dues in the past, this will have impacted his or her credit score and, as a result, their prospects of getting a personal loan.

How to improve Central Bank Personal Loan Eligibility?

• Check to see if your business is on the bank’s list: If you work for a private firm, see if your company has been listed with the Central Bank of India, as this would boost your chances of getting a loan.
• Select a loan amount that is appropriate for your income: Use a personal loan eligibility calculator to determine the loan amount you’re eligible for based on your income.
• Ensure that your paperwork is free of discrepancies: The documentation process must be clean, with all needed documents in place and no discrepancies.
• Choose a longer-term: If your income is modest, a longer-term will lower your EMI and raise your loan repayment eligibility.

Conclusion

Lastly, the Central Bank of India offers personal loan 2021 at a low interest rate, flexible loan tenure, and eligibility checks for the applicants according to their best suits. You can also use the Afinoz personal loan eligibility calculator to check the loan amount. If you still facing the issue, then visit the website of Afinoz.com or contact the expert.