Name of service:- | Central Bank of India Vehicle Loans 2024 |
Post Date:- | |
Post Update Date:- | |
Beneficiaries:- | Indian Citizens |
Mode Of Apply:- | Online & Offline |
Short Information:- | Today we will talk about Central Bank of India Vehicle Loans. Do you want to fulfill your dream of buying a vehicle? By reading this post you will get all the important information related to Central Bank of India Vehicle Loan, so stay connected to this post till the end. |
Central Bank of India Vehicle Loans 2024
In today’s fast-paced life, it is difficult to imagine life without resources. Cars and bikes are such means which help us to go from one place to another in a very short time, which saves a lot of our time. Most of you must have had a desire to buy your own vehicle, but in today’s inflationary world, it is very difficult to raise money to buy your own car. Even in such difficult times, if you want to buy a car/bike, then Central Bank of India is providing you vehicle loan at a very low interest rate. Today in this post, we will learn about Central Bank of India’s vehicle loan, its eligibility, processing charge, document charge, interest rate and online apply process.
Objectives of Central Bank of India Vehicle Loan
The purpose of taking this vehicle loan is to purchase a two-wheeler or 4-wheeler for personal and commercial use.
Type of Central Bank of India Vehicle Loan
If you want to take a car/bike loan from Central Bank of India, then you can get this loan for three types of vehicles.
- For A New Car/Bike Loan
- For A Used Car/Bike Loan
- Loan Against Car/Bike
Loan Amount Limit of Central Bank of India Vehicle Loan
- Two-wheeler – Rs.10.00 lakh.
- New four wheeler – Rs.75 lakh (Indian/Foreign made vehicles)
Central Bank of India Vehicle Loan Margin
- Loan amount up to Rs 20 lakh – minimum 10%
- Loan amount up to Rs 20 lakh – minimum 20%
- Loan should be sanctioned on “On Road Cost” (Vehicle cost + Registration fee + Road tax + Insurance amount). Please note that the additional cost for fancy number will not be financed by the bank.
Central Bank of India Vehicle Loans Interest Rate
If you take any type of loan from any bank, your CIBIL score plays a very important role in it. The better your CIBIL score, the lower the interest rate your loan gets approved. If you are a salaried person then you get vehicle loan from Central Bank of India at interest rates ranging from 7.25% to 7.60%.
Age Limit in Central Bank of India Vehicle Loan
To apply for the loan, your minimum age must be more than 18 years, while the maximum age you can apply for this Central Bank of India vehicle loan is 65 years.
Loan Repayment time in Central Bank of India Vehicle Loan
If you are taking this loan to buy a new vehicle, then you have 84 months to repay it. That means you can repay the loan in installments within 7 years.
Type | repayment period |
2- wheel | 60 months |
4-wheeler (new) | 84 months |
Central Bank of India Vehicle Loan Elegibility Criteria
- For this loan, your age should be between 18 to 65 years.
- Whether you are a person with a private job or in the private sector, it is important to be a salaried person.
- A person who is self-employed and earning regular income is eligible for this loan.
- Both Indians and Indian NRIs can apply for this loan.
EMI According to Salary
- If your net annual income is up to ₹ 500000, then you can deposit 55% of it in EMI.
- If your net income is between ₹500000 to ₹1000000 then you can deposit 60% of your income as EMI.
- If your net income is more than ₹ 1000000, then you can deposit 65% of your annual income for this loan payment.
Net Annual Income (in Lakhs) | EMI/NMI – Not more than |
5 तक | 55% |
>5- 10 | 60% |
>10 | 65% |
Minimum Cibil Score Required
If you are a salaried person and your salary is coming into your bank account regularly then your minimum CIBIL score must be 675 If you are a self-employed person and are getting regular income in your account, then your CIBIL must be more than 700.
Name of CIC | paid customer | unpaid customer |
TransUnion CIBIL | 675 | 700 |
CRIF | 675 | 700 |
experian | 700 | 725 |
Documents Charges Central Bank of India Vehicle Loan
If you take this vehicle loan, Central Bank of India does not charge you any kind of document charge.
Processing Charges
- 0.50% of the loan amount + GST will be deducted for processing fee.
- The minimum processing fee amount is going to be ₹500.
- The maximum you can pay a processing fee for a vehicle loan is ₹20000.
- Central Bank of India Account Opening 2022
Loan Tenure
When you take a car/bike loan from Central Bank of India, you get a maximum time of 84 months to repay it. You can choose any loan tenure ranging from 1 year to 7 years.
Documents Required for Central Bank of India Vehicle Loan
- Identity card which can be one of the documents like passport, voter ID card, Aadhar card or driving license.
- Date of Birth Certificate: This can include passport, birth certificate, school mark sheet or driving license.
- Address proof can be Aadhaar card, driving license or electricity bill.
- Applicant must have Aadhar Card
- Passport size photo of the applicant
- Bank statement of last 6 months
- Screened signature copy
- Income certificate of the applicant
- applicant’s mobile number
- Applicant’s Email ID
- Voter ID of the applicant
Note:- |
Today in this post we are going to tell you about car/bike loan of Central Bank of India. Therefore, read the post till the end. At last we have given you information about the application process. |
Central Bank of India Vehicle Loan 2024 Online Apply
Central Bank of India Vehicle Loan Online Apply Process
- To take Central Bank of India car/bike loan, you have to first visit its official website.
- Here you will get the option of Vehicle Loan, click on it.
- After that you have to click on the option of Retail Loan.
- After that you have to click on Apply for Loan.
- An application form will open in front of you.
- Here you have to click on Cent Vehicle Loan in most loan types.
- Whatever personal and income details are being asked from you in the application form, fill it carefully.
- Complete the application form and submit.
- After some time, the bank representative will contact you on phone and get the further loan process completed.
Toll Free Number
We have provided you all types of information related to this loan in this post. Still, it may happen that you may have to face other types of problems while applying. For this you can contact on the toll free number given below.
- Toll-Free Number: 1800 22 1911, 24/7