Want to know your Equated Monthly Installment amount on loan? Here is the Central Bank of India EMI Calculator that aids you in finding the EMI amount on Central Bank of India loans. You can also find the latest Central Bank of India Rates of Interest on Personal, Home, and Car loans on this page. The Central Bank of India offers Personal loan EMI calculator, Central Bank of India home loan EMI calculators, Central Bank of India car loan EMI calculators. So, read the complete article to know more about the EMI rates in Central Bank of India and the calculators.
Central Bank of India EMI Calculator
The Central Bank of India is a government owned bank. It is one of the oldest and largest commercial banks in the country. The bank’s headquarters at Mumbai, the financial capital of India has over 4730 branches, 5319 ATMs across the country. It also has four extension counters across 27 Indian states and three Union territories. By now, the central bank of India has an office in the overseas at Nairobi, Hong Kong. The bank has a joint venture with Bank of India (BOI), Bank of Baroda (BOB), and Zambian government. Like many other banks, the Central Bank of India offers many financial products like term deposits, EMI, loans, etc.
The Central Bank of India EMI calculator is an online tool to help the customers to calculate their monthly instalment on their loans. Using this CBI EMI calculator is easy wherein, the customers should enter a few details of the Central Bank of India rates, loan tenures, etc. Then the calculator makes the number crunching and gives you the exact value of the monthly EMI payment. Since the bank provides EMI calculators for home, personal, and car loans. Below are the Central Bank EMI calculators for each of the type of loans.
To know more details on Central Bank of India Online EMI calculators, click the below link.
Central Bank of India Personal Loan EMI Calculator
The EMI or Equated Monthly Instalment is the amount which a borrower should pay every month in the bank until the personal loan amount is completely paid off. What consists of EMI is the interest, principal amount which is to be repaid. You can calculate the interest rate with a formula of EMI. Below is the manual method of calculating EMI amount.
EMI = Principal × Rate of Interest on monthly basis × (1 + rate of interest on monthly basis)loan tenure / (1+rate of interest on monthly basis)(loan tenure – 1)
Even though this formula gives you the correct results, but it is a time-consuming process. So, to solve this problem, we have provided you with the online Central Bank of India EMI calculator for personal loans. Below is the simple procedure of using Central Bank of India Personal Loan EMI calculator.
How to Use Central Bank of India Personal Loan Calculator?
- Click on the below link to Central Bank of India Online EMI Calculator for Personal loans.
- Then Central Bank of India Calculator for Personal loan appears on your screen.
- Enter your details of Central Bank of India Personal Loan rates of interest, loan tenure, loan amount.
- Recheck for any wrong details of your CBI personal loan.
- Then click “calculate.”
- Within a few seconds, the Central Bank of India EMI Calculator for the Personal Loan displays your EMI amount on the screen.
So, to make use of the Personal Loan EMI calculators of Central Bank of India, click the below link.
Central Bank of India Personal Loan Interest Rate 2017
|Personal Loan Interest Rates of Central Bank of India|
|rate of interest||MCLR (12 months) + 3.00% = 11.50% p.a.|
|Loan Amount||20 times the gross salary – maximum of Rs.10 lakh|
|Loan duration||48 months (maximum)|
|Processing Fee||Rs.500.00 + Service tax|
The CBI personal loan interest rates vary according to the borrower’s income, credit history, RBI rates, inflation, etc. So, Central Bank of India personal loan rate of interest for this annual year ranges from 13.5 percent to 14.4 percent. The Central Bank of India interest rate on a personal loan is imposed in a way that the customer faces no burden with the EMI payment amount.
Central Bank of India Personal Loan Eligibility
- The Central Bank of India, Personal Loan Scheme, is available for the permanent employees of corporates.
- Moreover, the corporates should be a client of Central Bank of India.
- The permanent employees of Railways, Central and state government institutions, schools, hospitals, etc. are also eligible for personal loan scheme of Central Bank of India.
- Also, the employees with at least five years of service can apply for a personal loan in Central Bank of India.
Central Bank of India Home Loan EMI Calculator
To check the on a whole cost of your Home loan in Central Bank of India, you can use our Home Loan EMI Calculator of Central Bank of India. It aids in understanding the Equated Monthly Instalments on home loan which you have taken from the Central Bank of India. So, we have provided the easy-to-use Central Bank of India EMI Calculator for Home loans in the below section. The following online calculator for Central Bank of India Home Loans has many benefits like,
- With the use of online housing loan EMI calculator of Central Bank of India, you can get every detail of your home loan.
- Moreover, it is a quick and accurate result yielding online tool.
- You can get information on Central Bank of India home loan, current home loan interest rates in Central Bank of India, EMI amount, schedule of amortisation, etc.
- It also helps you in planning your household budget and expenses accordingly.
- Additionally, the Central Bank of India EMI calculator for housing loan is also a cost-free tool.
How to Use Central Bank of India Home Loan Calculator?
- Click on the link below to use Central Bank of India Calculator for housing loans.
- The EMI calculator for Central Bank of India home loan appears on your screen.
- Enter the details of Central Bank of India home loan rate of interest, loan tenure, and loan amount.
- Recheck for any mistakes in your entrances and then click “calculate.”
- The Central Bank of India EMI calculator for home loan displays the EMI amount on your screen.
So, to make use of the home loan EMI calculator of Central Bank of India, click the below link.
Central Bank of India Home Loan Interest Rate 2017
|Cent Bank Home Loan Rate of Interest|
|Cent Home Loan Scheme||9.7% _ Base rate|
|(overdraft) Cent Home Loan Double Plus Scheme||9.7% _ Base rate|
|Repairs and Renovation – Cent Home Loan Double Plus||9.95% _ Base rate + 0.25%|
|Refurbishment – Cent Home Loan Plus||10.7% _ Base rate + 1%|
Features of Central Bank Home Loan Scheme
- Central Bank of India offers house loans at the margins of up to 20 lakhs (10%) and above 20 lakhs (20%).
- The bank provides a 90% of the loan for less than Rs.20 lakhs and more than 20 lakhs, 80% of the loan.
- Central Bank of India calculates percentage from the construction host, purchase price or house, an extension of flat or house.
- The total cost does not contain registration charges, documentation charges, stamp duty and life insurance cover charge.
- Loans to cover 75% of the renovation or modification or repair cost of an existing house up to a maximum of Rs.10 lakh.
- The bank also provides a loan of 75% of the plot registration value depending on the net income. However, the cost of your plot should not cross 75% of the total unit price of the house.
Eligibility Criteria for Central Bank of India Home Loan
The following persons and factors are eligible for applying for a home loan in Central Bank of India.
- Salaried individuals.
- Self-employed individuals.
- An individual with a regular or a valid income source.
- The age of an applicant should be above 18 years by the time of house loan application.
Documents Required for Central Bank of India Home Loan
One should carry some of the important documents while applying for a central home loan.
- Original employment certificate, income tax return, form 16 for salaried individuals.
- Yearly or monthly income certificate from state gazetted officers for self-employed applicants.
- The agriculturist applicants should submit their income certificate from state level gazetted officers. Like Tahsildar, Revenue Department officer or the Mandal Revenue Officer.
- To avail a loan above Rs.10 lakh, you should submit the income proof for the last years.
Central Bank of India Car Loan EMI Calculator
Owning a car is a dream come true for many people. It became a very simple task of buying a new car with the help of Central Bank of India car loans. Central Bank of India offers loans on cars and all types of vehicles which range from Minis to sports utility vehicles to Sedans. Moreover, the Central Bank of India car loan EMI interest rates are also attractive. You can make the repayments within the maximum loan tenure of 84 months. This involves less documentation process too. So, look at the Central Bank of India EMI calculator for car loans in the following section.
You should just enter some Central Bank of India car loan details in the EMI calculator for Central Bank of India car loans. Then our calculator does the number crunching and displays the exact value of Equated Monthly Instalment. So, we have provided the simple steps to use Central Bank of India EMI calculator for car loans on this page.
How to Use Cent Car Loan EMI Calculator?
- Click the below link to Central Bank of India Car Loan Calculator.
- The Central Bank of India Car Loan Eligibility Calculator appears on the screen.
- Enter your details of Cent bank car loan rates, loan tenure, and loan amount.
- Before clicking “calculate”, once check for any mistakes in your details.
- Then click on the Calculate button.
- The Central Bank of India calculator for car loan EMI displays the Equated Monthly Installment amount on your screen.
So, to use the Central Bank of India EMI calculator for car loans, click the below link.
Central Bank of India Car Loan Interest Rate
|Car Loan Rate of Interest Central Bank of India|
|Interest Rate on Cent car loan||Fixed Rate – 9. 70 (Base Rate) + 0.40% = 10.10% Floating Rate – 9.70 (Base Rate) + 0.40% = 10.10%|
|Loan amount||up to Rs. 75 lakhs|
|Car Loan Tenure (Minimum & Maximum)||12 months and 84 Months (7 years)|
|Documentation charges||Up to Rs. 1 lakh – Rs. 100 Rs.1 lakh up to Rs. 10 lakh – Rs.300 Above Rs.10 lakh – Rs. 500|
|Foreclosure/ Pre-payment Charges||1% of the outstanding principal amount.|
|Lowest EMI per Lakh (for maximum loan tenure of 5 years)||Rs. 2174|
Features of Central Bank of India Car Loan
- One can avail loans for new or old or pre-used cars.
- The bank provides car loans only for personal cars but not for passenger vehicles.
- Central Bank of India offers finance for buying a new four wheeler car is Rs.75 lakhs whereas, for second-hand cars, it provides a quantum of finance of Rs.10 lakhs.
- The bank sanctions car loan for the car’s on-road price. A cost of car + Registration charges + Insurance + Road Tax is the on-road price of the car. The bank does not provide any finance for other than above accessories.
- The cars financed by Central Bank of India must have Hypothecation. It should be registered with the authorities of Regional Transport Office.
Central Bank of India Car Loan Eligibility
People who apply for a car loan in Central Bank of India should be with an age of at least 18 years or above. Central Bank of India avails car loans for the applicants who are,
- Permanent employees of Central / State government.
- Employees of PSUs.
- Defence staff and Independent entrepreneurs with a regular income source.
- Staff members of Central Bank of India.
- Corporate / propritorships / partnership firms.
- Agriculturists or the farmers who are engaged in production.
- Non Residential Indians who have a joint loan with a resident of India locality.
The individuals who get a minimum monthly income of Rs.15,000/- are eligible for Central Bank of India car loan application. Other applicants should provide a proof of Rs.1,80,000/- annual income. The borrowers can avail a joint loan with his/her family member with a regular source of income. Since the bank calculates the eligibility criteria by clubbing the income of co-borrower with the use of Central Bank of India EMI calculator for eligibility.
Central Bank of India Car Loan Documents
- Original salary slip of a month.
- Undertakings from the employer.
- Consent letter of the guarantor.
- Fro monthly loan deductions and salary remittance, you should submit the authority letter to the employer.
- Income tax returns and assessment order.
- Form 16.
- Dealer’s proforma invoice.
- Bank account statements.
- If the applicant is a farmer, then he/she should submit landholding details.