Central Bank of India Personal Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]

By | October 31, 2023


 

About Central Bank of India: Central Bank of India, or Central Bank for short, is a major nationalized bank in India. It has been operational since 1911 and is currently owned by the Ministry of Finance, Government of India. The bank was founded by Sir Sorabji Ponchkanawala and its first chairman was Sir Ferozeshah Mehta.

Currently, the central bank operates in almost all cities of India and its headquarters are in Mumbai. Saint Bank Financial Services Co., Ltd. and Asset Management Arm are some of the subsidiaries of Central Bank of India. The bank is currently planning to expand to Singapore, Dubai, Doha and London and is seeking RBI approval for this.

As one of the oldest and most evolved banks, the Central Bank of India has launched many new products to meet the growing needs of its customers. Cent Pragati scheme is a loan for manufacturers and traders in MSME and agricultural production unit sectors. Moreover, schemes such as FCNR (B) Deposit Scheme and Cent FCNR (B) Premium Plus Deposit Scheme have been very popular since their inception.

The central bank also offers St. Gri Lakshmi home loans and St. Vahinin car loans on favorable terms. Vaccination will begin among Indian citizens in response to the coronavirus pandemic. Immune India deposit scheme has been launched.

Headquarters: Currently, the headquarters of the Central Bank of India is located in Mumbai, Maharashtra. Mumbai is the financial capital of India and the headquarters of the Bank of India. Number of 

employees: 4,444: Central Bank of India employs approximately 32,335 people across its branches. Tapan Ray is the Non-Exe Chairman and Matam Venkata Rao is the Md and CEO.

Number of Branches & ATM: As of the last fiscal year, 2021, the Central Bank of India operates a network of 4,608 bank branches. Additionally, there are 3644 functional ATMs and 10 satellite offices. CBI also has one extension counter alongside all these. The Bank is present overall 28 states and 7 of the Union Territories with a total of 574 district headquarters.

Interest rate: 9.85% to 10.05% per annum

Loan amount: Up to Rs 10 million

Maximum tenure: 5 years

Processing fee: 1% of loan amount

Upfront fee: NA

Minimum monthly salary: Requirements according to loan amount

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