Central Bank of India Car Loan Key Features – Nov 08 2024
| Central Bank of India Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to 90% of On Road Price or 100% of Ex-showroom Price |
| Loan Tenure | 1 year to 7 years |
| Lowest EMI / Lac | ₹ 1,609 |
| Minimum Net Monthly Income | ₹ 15,000 |
| Minimum ITR for Self Employed | ₹ 180000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
| Processing Fee | Up to 0.40% |
| Foreclosure Charges | Nil from own sources; 1% in case of loan takeover |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Central Bank Car Loan
Central Bank of India is a government-owned bank that is one of the oldest and largest commercial banks in India. The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman and claims to have been the first commercial Indian bank completely owned and managed by Indians.
Central Bank provides Best Car Loan at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.
Advantages of Central Bank Car Loan
Central Bank Car Loan Eligibility
| Salaried Individual |
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| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
Central Bank Car Loan Interest Rate, Fees and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
| Processing fee | 0.40% | 0.40% |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
| Foreclosure Charges | Nil from own sources; 1% in case of loan takeover | Nil from own sources; 1% in case of loan takeover |
| Penal Interest | 2% per month | 2% per month |
| Part Payment charges | 5% of the paid amount | 5% of the paid amount |
| Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
| Documentation Charge | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
| Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
| Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
| Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Central Bank Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
| Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
| Signature Proof (Any 1) | Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
| Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
Central Bank Car Loan EMI Calculator
The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:
Central Bank Car Loan Types
Central Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car, this is the scheme for you. You can take Central Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.
Central Bank Car Loan Pre Calculated EMI
| Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
| 1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
| 3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
| 5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
| 10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Central Bank Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily Apply For a Car Loan through Dialabank and enjoy the best offers.
Central Bank Car Loan for Top Selling Cars
Other Available Products from Central Bank
| Central Bank Personal Loan | Central Bank Gold Loan | Central Bank Home Loan |
| Central Bank Credit Card | Central Bank Two Wheeler Loan | Central Bank Education Loan |
FAQs for Central Bank Car Loan
✅ What is Central Bank Car Loan?
Central Bank car loans is a loan amount provided to its customers on new cars or used cars.
✅ How can I get a Car Loan from Central Bank?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
✅ How does Central Bank Car Loan work?
When you will apply for a car loan, then you will get a call from our representative and then, there will a document verification process. Then, the loan amount will be credited to your account.
✅ What is the Car Loan Interest Rate in Central Bank?
The car loan interest rate in Central Bank is
7.35% per annum
.✅ How to Check Car Loan status in Central Bank?
You can track your car loan status online on the Car loan status website.
✅ How to Calculate Car Loan Interest in Central Bank?
✅ What is the maximum loan amount I can avail of on a Car Loan from Central Bank?
The maximum loan amount you can avail of on a car loan is up to 90% of On Road Price.
✅ What is the loan tenure of Central Bank Car Loan?
The loan tenure of the Central Bank Car Loan is 1 year to 7 years.
✅ Can I get a 100% Car Loan from Central Bank?
Yes, you can get a 100% of Ex-showroom Price car loan from Central Bank.
✅ How much Processing Fee is applicable to Central Bank Car Loan?
Central Bank charges a processing fee of a minimum of 0.40%.
✅ What are the EMI options available on the Central Bank Car Loan?
Central Bank Provides two EMI options Step-up EMI and Balloon EMI.
✅ What are the charges for Prepayment in Central Bank Car Loan?
You can prepay/foreclose your Central Bank Car Loan is Nil from your own sources; 1% in case of loan takeover
✅ Can I get a top-up loan on my existing Central Bank car loan?
You can get a top-up loan on your current car loan from Central Bank for up to 150% of its value.
✅ Do I need to provide a guarantor to avail myself a car loan from Central Bank?
Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfil the eligibility criteria for a car loan.
✅ How to get the Central Bank Car Loan Statement?
Get the statement in person by visiting your branch and requesting a detailed statement.
or
You can get the statement online. To do this, you should have Central Bank internet banking activated.
✅ How to Pay Central Bank Car Loan Interest Online?
Simply log on to online Central Bank payment to ‘see and pay’ your bills. You also get an electronic acknowledgement for every bill paid by you using e-PAY. You can also pay through Paytm.
✅ What if I can’t pay the interest on Central Bank Car Loan for 3 months?
Central Bank imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on Central Bank Car Loan?
You can apply for EMI Moratorium on Central Bank Car Loans directly from the Central Bank website’s Loan corner.
✅ What is the number for the Central Bank Car Loan agent?
Call Dialabank at 9878981166 as it is one of the most trusted Central Bank Car Loan agents. Dialabank even ensures the best offers on your Car Loan.
✅ Can I close the Central Bank car loan online?
Central Bank car loan can be closed by visiting the nearest branch and clearing off the outstanding amount.
✅ What is Central Bank Car Loan Customer Care Number?
Call 9878981166 and clear any of your queries with us anytime.
✅ How can I get NOC from Central Bank for a Car loan?
You can get NOC directly from the branch for Central Bank Car Loans.
✅ What is the Central Bank of India Car Loan closure procedure?
- Just go to the bank with the documents required for a car loan.
- Write a letter for pre-closure of the Central Bank of India Car Loan account.
- Pay the pre-closure charges as per the Central Bank of India Car Loan.
✅ What is the Central Bank of India Car Loan preclosure charges?
Central Bank of India Car Loan preclosure charges are 1% of the principal outstanding.
✅ What is the Central Bank of India Car Loan maximum tenure?
The Central Bank of India Car Loan maximum tenure is 7 years.
✅ What is the Central Bank of India Car Loan minimum tenure?
The Central Bank of India Car Loan minimum tenure is 1 year.
